风电行业2024年三季报综述：Q3风电景气度已显著回升，看好25年订单交付业绩放量

Investment Rating - The report maintains a "Buy" recommendation for the wind power industry, indicating a positive outlook for 2025 orders [1]. Core Insights - The wind power industry is experiencing a significant recovery, with a projected increase in installed capacity for 2025. The report anticipates a total of 131 GW of new installations, representing a year-on-year growth of 42.4% [1][8]. - The report highlights a substantial increase in wind turbine bidding volume, which rose by 93% year-on-year in the first three quarters of 2024, indicating strong market demand [1][8]. - Revenue growth is observed in the wind power sector, with total revenue reaching 293.96 billion yuan in the first three quarters of 2024, a 5.1% increase year-on-year, although net profit has faced pressure [1][17]. Summary by Sections Industry Overview - The wind power sector is on an upward trend, with new installed capacity reaching 39.1 GW in Q1-Q3 2024, a 16.8% increase year-on-year. The expected total for the year is 92 GW, with offshore and onshore contributions of 7 GW and 85 GW, respectively [1][8]. - The bidding volume for wind turbines has surged, with 119.1 GW of bids recorded in the first three quarters of 2024, reflecting a robust market environment [1][8]. Company Performance - The wind power sector's revenue has shown positive growth, with Q3 2024 revenue at 113.49 billion yuan, up 9.8% year-on-year. However, net profit for the same period was 4.26 billion yuan, down 11.7% year-on-year [1][17]. - Various segments within the wind power industry, such as casting and forging, complete machines, and submarine cables, have reported significant revenue growth, with increases of 19.5%, 16.4%, and 12.8%, respectively [1][17]. Investment Recommendations - The report suggests focusing on three main investment themes: domestic offshore wind installations, expansion of the wind power supply chain into international markets, and stabilization of turbine prices, which may lead to improved profitability [1][27]. - Specific companies to watch include Dongfang Cable, Mingyang Smart Energy, Zhongtian Technology, and others, which are positioned to benefit from these trends [1][27]. Inventory and Contract Liabilities - As of Q3 2024, the wind power sector's inventory reached 102.63 billion yuan, a year-on-year increase of 11.9%, while contract liabilities grew by 29.1% to 55.05 billion yuan, indicating a solid foundation for future growth [1][24].