风电/电网产业链周评（11月第5周）：海风招标持续释放，2025年装机高增可期

Investment Rating - The report maintains an "Outperform" rating for the wind power and power grid sectors [2]. Core Views - The wind power sector is experiencing a significant increase in bidding capacity, with a cumulative public bidding capacity of 98.4 GW in 2024, representing a 57% year-on-year increase. Onshore wind bidding capacity reached 90.9 GW (+65%), while offshore wind capacity was 7.5 GW (+3%) [4]. - The power grid sector shows robust investment growth, with a total investment completion of 1,222 billion yuan in October 2024, up 12.8% year-on-year, and a cumulative completion of 7,181 billion yuan from January to October, up 8.5% [5]. - The report highlights the potential for dual prosperity in both onshore and offshore installations in 2025, driven by a strong bidding environment and upcoming project approvals [4][5]. Summary by Sections Wind Power - In 2024, the average winning bid price for onshore wind (excluding towers) is 1,339 yuan/kW. The top three wind turbine manufacturers by bidding scale are Goldwind Technology (24.4 GW), Yunda Co. (19.6 GW), and Envision Energy (18.2 GW) [4][26]. - The wind power sector has seen a general increase in stock prices, with the top three sectors being complete machines (+15.0%), towers (+8.0%), and castings (+4.9%) [4]. - The report suggests focusing on four key areas for investment: leading companies in tower/pile production, cable manufacturers, domestic turbine manufacturers, and component suppliers [6]. Power Grid - The report notes that the investment in power grid projects is expected to remain high, particularly in ultra-high voltage and main network equipment, with a forecasted continuation of high prosperity through 2025-2026 [5]. - The report emphasizes the increasing demand for upgrading distribution networks and rural grids, suggesting a focus on related equipment [5]. - Key investment opportunities are identified in ultra-high voltage direct current applications, main network investment orders, and overseas expansion of power equipment [6].