Industry Overview - The global wind power market is expected to grow from 116.6GW in 2023 to 182GW by 2028, with a CAGR of 9.31%. Onshore wind installations are projected to increase from 105.8GW to 145GW, while offshore wind installations are expected to surge from 10.8GW to 37GW, with a CAGR of 27.93% [16] - The Asia-Pacific region (excluding China) is a key growth area, with onshore wind installations expected to grow from 6.5GW in 2023 to 14.4GW by 2028, driven by India and other emerging markets [16] - Africa and the Middle East are also significant growth markets, with onshore wind installations projected to grow at a CAGR of 41.47% and 43.10%, respectively, from 2023 to 2028 [19] - In China, wind power installations reached 72.19GW for onshore and 7.18GW for offshore in 2023, with a CAGR of 30.04% and 32.94%, respectively, from 2018 to 2023 [27] Market Trends - Wind turbine manufacturers are increasingly focusing on larger turbines to reduce costs and improve efficiency. In 2023, the average capacity of newly installed wind turbines in China was 5.60MW, with offshore turbines averaging 9.60MW and onshore turbines averaging 5.37MW [36] - The wind turbine industry in China is highly concentrated, with the top five manufacturers (Goldwind, Envision, Windey, Mingyang, and Sany) accounting for 73.8% of the market share in 2023, up from 64.7% in 2020 [44] - Domestic wind turbine prices in China have stabilized, with onshore turbine prices (including towers) rising from an average of 1,556 yuan/kW in April 2024 to 1,700-1,900 yuan/kW by the end of 2024 [50] Export Opportunities - Chinese wind turbine manufacturers are expanding their presence in international markets, particularly in Asia, Africa, and Latin America. In 2023, China exported 3.67GW of wind turbines, a 60.2% increase year-on-year, with onshore turbines accounting for the majority of exports [4] - Goldwind, a leading Chinese wind turbine manufacturer, had 5.54GW of overseas orders as of September 2024, with significant projects in India and other emerging markets [4] - Sany Renewable Energy secured a major order of over 1GW in India in October 2024, marking a significant breakthrough in its overseas business [4] Key Companies - Goldwind: The company reported revenue of 35.84 billion yuan in Q1-Q3 2024, up 22.24% year-on-year, with a net profit of 1.79 billion yuan, up 42.15%. Goldwind's overseas revenue accounted for 23.66% of total revenue in H1 2024, with cumulative overseas installations reaching 8.05GW [77][88] - Sany Renewable Energy: The company reported revenue of 9.07 billion yuan in Q1-Q3 2024, up 21.06% year-on-year, but net profit declined by 33.55% due to delays in wind farm construction. Sany secured a 1.32GW order in India in October 2024, marking a significant step in its global expansion [90][95] - Windey: The company reported revenue of 13.93 billion yuan in Q1-Q3 2024, up 24.01% year-on-year, with a net profit of 267 million yuan, up 6.25%. Windey's order backlog reached 34.20GW as of June 2024, with 59.20% of orders for turbines with capacities of 6MW or higher [99][106] - Mingyang Smart Energy: The company reported revenue of 20.24 billion yuan in Q1-Q3 2024, down 4.14% year-on-year, with a net profit of 809 million yuan, down 34.58%. Mingyang's order backlog reached 45.36GW as of June 2024, with a 28.36% increase in new orders year-on-year [107][116] Investment Recommendations - The report recommends focusing on leading wind turbine manufacturers with stable profitability and strong export potential, such as Goldwind, Sany Renewable Energy, Windey, and Mingyang Smart Energy [5][116]
风机行业深度报告：行业盈利能力回升，陆风风机具备出口潜力
甬兴证券·2024-12-02 08:12