海缆行业深度报告：海内外需求共振，海缆迎量价齐增

Investment Rating - The report maintains an "Accumulate" rating for the power equipment industry [7]. Core Insights - The demand for submarine cables is expected to grow due to accelerated offshore wind construction both domestically and internationally, with significant increases in installed capacity projected for the coming years [4][5]. - The industry is characterized by high barriers to entry, leading to a concentrated market with major players like Dongfang Cable, Zhongtian Technology, and Hengtong Optic-Electric dominating the market [4][5]. - The trend towards higher voltage levels and flexible direct current technology in submarine cables is evident, enhancing the unit value of these products [4][5]. Summary by Sections 1. Offshore Wind Construction and Cable Demand Growth - Global offshore wind capacity is projected to exceed 410 GW from 2024 to 2033, with a compound annual growth rate of 20% [4][15]. - Europe is identified as a key market, with expected new installations of 5.6 GW in 2025, representing a year-on-year growth of over 51% [4][17]. - Domestic offshore wind projects are accelerating, with an anticipated addition of nearly 15 GW by 2025, more than doubling the previous year's figures [4][23]. 2. Trends in Submarine Cable Technology - The voltage levels for array cables are transitioning from 35 kV to 66 kV, while outgoing cables are moving from 220 kV to 330/500 kV [4][35]. - Flexible direct current technology is increasingly being utilized for long-distance transmission, with several offshore wind projects already employing this technology [4][35]. 3. High Barriers and Market Concentration - The submarine cable industry has significant technical and performance requirements, creating high entry barriers [4][35]. - Major players in the domestic market, such as Dongfang Cable, Zhongtian Technology, and Hengtong Optic-Electric, hold substantial market shares due to their established reputations and project delivery experiences [4][5]. 4. Investment Recommendations - The report suggests focusing on leading domestic companies like Dongfang Cable, Zhongtian Technology, and Hengtong Optic-Electric, which are expected to benefit from the improving domestic offshore wind market [5]. - Companies that have secured overseas orders since 2023, such as Dongfang Cable and Zhongtian Technology, are also highlighted as potential investment opportunities [5].