风电及电网设备行业2025年度策略：国内外需求有望共振，产业链出海正当其时

Investment Rating - The report maintains an "Outperform" rating for the wind power and power grid equipment industry for 2025 [1]. Core Insights - Domestic wind power installations are expected to exceed 100GW in 2025, driven by favorable demand and policy support, leading to a recovery in profitability for both complete machines and components [1]. - The report highlights the commencement of domestic offshore wind project tenders and anticipates high growth in offshore wind installations in Europe starting from 2025, creating significant market opportunities for Chinese manufacturers [1]. - The domestic power grid construction and renovation demand is expected to remain robust, with high investment levels continuing, benefiting related power equipment companies [1]. Summary by Sections Wind Power - The report forecasts that domestic wind power installations will reach approximately 88GW and 105GW in 2024 and 2025, respectively, with year-on-year growth rates of 15.94% and 19.32% [1]. - The "Thirteenth Five-Year Plan" for offshore wind installations indicates a potential market gap of about 36GW, prompting increased tendering activity in 2024 to support growth in 2025 [1]. - The report emphasizes the importance of policy measures such as the "Thousand Villages and Ten Thousand Villages Wind Action Plan" to ensure steady growth in new energy installations [1]. Power Equipment - The report notes that the investment in the domestic main grid is expected to continue its high growth trajectory, with significant projects planned for 2025 utilizing flexible DC transmission technology [1]. - There is a strong correlation between domestic and international demand for power equipment, with increasing opportunities for exports as global utility companies ramp up capital expenditures [1]. - The report suggests focusing on companies benefiting from high demand in ultra-high voltage projects and those with export potential in the distribution and transformation equipment sector [1].