新能源行业-风电24Q3总结：Q3下游交付陆续起量，风机毛利率环比改善

Investment Rating - The report maintains a positive outlook on the wind power sector, with expectations of significant growth in both onshore and offshore wind installations in 2024 and 2025 [4][11]. Core Insights - In the first ten months of 2024, new wind power installations reached 45.8 GW, a year-on-year increase of 22.8%. The total grid-connected capacity is projected to reach 85 GW in 2024 and 110 GW in 2025 [3][11]. - The revenue of the wind power sector remained stable year-on-year in Q3 2024, with total revenue of 778 billion yuan, while net profit decreased by 12% year-on-year [4][30]. - The report highlights the improvement in the gross margin of wind turbines, which was 15.7% in Q3 2024, although it showed a decline compared to previous quarters [32][37]. Summary by Sections Wind Power Sector Performance - The wind power sector's revenue in Q3 2024 was 778 billion yuan, showing a year-on-year stability and an 11% increase quarter-on-quarter. However, the net profit was 31 billion yuan, reflecting a 12% decrease year-on-year [4][30]. - The gross margin for the wind power sector was reported at 15.7%, down 2.3 percentage points year-on-year and 1.5 percentage points quarter-on-quarter [32][37]. Onshore and Offshore Wind Installations - Onshore wind installations are expected to enter a prosperous phase in 2025, while offshore wind is anticipated to experience high growth, with projected installations of 7-8 GW in 2024 and 13-15 GW in 2025 [4][11]. - The report notes that the average bidding price for onshore wind projects remains stable at 1800-1900 yuan/kW, while offshore wind projects are priced at 3300-3500 yuan/kW [6][14]. Financial Performance of Key Companies - The report identifies several companies with strong performance in Q3 2024, including: - The turbine manufacturing segment saw a revenue increase of 16% year-on-year, with a net profit growth of 35% [51]. - The cable segment maintained stable profitability, with a revenue of 155.3 billion yuan and a net profit of 11.4 billion yuan [4][51]. - The report recommends several companies for investment, including Dongfang Cable, Qifan Cable, and others, highlighting their potential for growth in the upcoming years [4][19].