电力设备及新能源行业10月行业动态报告：风电边际改善明显，积极把握配置机会

Investment Rating - The report maintains a recommendation for the electric equipment and new energy industry [4] Core Viewpoints - The bidding for wind turbines has rebounded significantly, laying the foundation for high installation growth in 2025, with a total of 109.3GW of wind turbine procurement in the first three quarters of 2024, a year-on-year increase of 46% [1][22] - The trend of large-scale wind turbines continues, with the largest offshore wind turbine reaching 26MW, which is expected to improve profitability for manufacturers as unit costs decrease [1][23] - The global demand for wind power remains strong, with a forecasted total of 781GW of new installations from 2024 to 2028, representing a CAGR of 9.4% [2][30] Summary by Sections Wind Power Developments - The wind turbine bidding volume has seen a significant increase, with major manufacturers maintaining a stable market share [1][22] - The trend towards larger offshore wind turbines is expected to create temporary supply-demand tensions for large components, benefiting component manufacturers [1][23] - Domestic deep-sea wind power trends remain unchanged, with a likely surge in grid connections expected in Q4 [1][28] Electric Grid Investment - National electricity investment reached 994.1 billion yuan in the first nine months of 2024, a year-on-year increase of 12.65%, with grid investment growing by 21.10% [7][47] - The digital transformation of the grid is highlighted as a key focus area for the 14th Five-Year Plan, indicating structural growth opportunities [7][47] Renewable Energy Market Trends - The domestic new energy vehicle sales reached 1.287 million units in September 2024, reflecting a year-on-year growth of 42.37% [3][32] - The solar power sector saw an addition of 20.89GW in September 2024, maintaining a high growth rate [3][9] - The wind power sector added 5.51GW in September 2024, with a total of 39.12GW added in the first nine months, a year-on-year increase of 16.85% [3][43] Investment Recommendations - The report suggests focusing on three key areas benefiting from grid construction: state-owned grid companies, overseas electric equipment exports, and digital transformation opportunities within the grid sector [7][48] - Specific companies to watch include Goldwind Technology, Sany Heavy Energy, and various component manufacturers in the wind power sector [1][11]