周观点：海风项目加速启动

Investment Rating - The report maintains a "Buy" rating for Ningde Times (300750 CH) with a target price of 357.49 CNY and an "Overweight" rating for Goldwind Technology (002202 CH) with a target price of 12.00 CNY [2][32]. Core Views - The report expresses a bullish outlook on the offshore wind projects, indicating that the acceleration of these projects will drive significant growth in installed capacity by 2025, positively impacting the supply chain [4]. - The report highlights the strong demand for new energy vehicles, particularly focusing on the battery exchange model promoted by Ningde Times, which is expected to benefit related equipment manufacturers [5][8]. - The solar power sector is also viewed positively, with a significant increase in planned solar power generation in Xinjiang, amounting to 181.85 billion kWh by 2025 [11]. Summary by Sections Industry Overview - The report notes that the electric equipment and new energy sector experienced mixed performance, with wind power and solar power leading gains, while lithium batteries and new energy vehicles saw declines [35]. Key Companies and Developments - Ningde Times is recognized for its strong market position in battery technology and its recent initiatives in promoting battery exchange systems [6][33]. - Goldwind Technology is noted for its leading market share in wind turbine manufacturing and high-margin power station operations [6]. Sub-industry Insights - New Energy Vehicles: Ningde Times is accelerating the promotion of battery exchange models, focusing on the equipment segment [5][8]. - Solar Power: Xinjiang's 2025 priority generation plan includes a substantial solar power target, indicating robust domestic demand [11]. - Wind Power: The report highlights the successful procurement results for offshore wind turbine equipment, signaling a positive outlook for domestic offshore wind development [16]. Market Trends - The report indicates a significant increase in energy storage installations in the U.S., with a year-on-year growth of 317% in October 2024 [20]. - Domestic energy storage registrations also show strong growth, with a year-on-year increase of 203% in October 2024 [24]. Price Trends - The report notes that the prices of key materials in the battery supply chain have stabilized, with some materials reaching near cash cost levels, suggesting a potential price floor [15][37].