Investment Rating - The industry investment rating is maintained at "Overweight" [1] Core Insights - The wind power equipment industry is experiencing a rebound in demand, with significant tendering activity in November 2024, indicating a potential stabilization and recovery in turbine prices [1] - The modification of wind power tendering rules is expected to support a recovery in turbine pricing, as the new evaluation method encourages competitive pricing while maintaining quality [1] - Global offshore wind power installations reached 10.8 GW in 2023, a 24% year-on-year increase, with projections of an additional 410 GW of capacity over the next decade [1] Summary by Sections Tendering and Pricing - On November 29, 2024, the results of a major offshore wind turbine tender in Guangdong were announced, with average winning bids around 4014 RMB/KW [1] - The new tendering rules implemented by State Power Investment Corporation are designed to stabilize turbine prices by adjusting the scoring system based on bid prices relative to a benchmark [1] Demand Recovery - Since Q3 2024, there has been a notable increase in wind power tendering, with several large projects announced, including a total of 8.40 GW from the latest land-based wind turbine procurement [1] - The announcement of multiple offshore wind projects in Fujian province, totaling 2.4 GW, further indicates a recovery in demand [1] Global Trends and Opportunities - The trend towards larger offshore wind turbine models is evident, with the average capacity of new installations increasing to 14.9 MW, a 22% rise from 2022 [1] - Chinese wind power companies are actively pursuing international projects, exemplified by a partnership between Mingyang Smart Energy and Renexia for a 2.8 GW floating wind farm in Sicily [1] - Investment opportunities are highlighted in various segments, including submarine cables and turbine components, with specific companies recommended for investment [1]
风电设备行业：11月风电招标持续放量，风机价格有望企稳回升
Jianghai Securities·2024-12-03 05:48