电力设备与新能源御风系列二十八期：遇见新周期

Investment Rating - The report maintains a "Positive" investment rating for the industry [2] Core Insights - The offshore wind power projects in Guangdong and Jiangsu are progressing positively, with expectations for significant installation capacity in 2025 [30][33] - The cumulative bidding for offshore wind power has reached 9.9 GW in 2024, reflecting a year-on-year increase of approximately 9.1% [8][26] - The average bidding price for offshore wind (including towers) has stabilized above 3000 CNY/KW, with November's price at approximately 3222 CNY/KW [11][21] Summary by Sections Offshore Wind: Positive Progress in Jiangsu and Guangdong - Cumulative bidding for offshore wind reached 9.9 GW in 2024, a 9.1% increase year-on-year [8] - The bidding for offshore wind projects is expected to release more capacity as construction starts [8][26] - The average bidding price for offshore wind remains stable above 3000 CNY/KW [11] Offshore Wind: Wind Turbine Profitability Recovery - The profitability of wind turbines is expected to recover as bidding prices stabilize and costs decrease [21] - The report highlights the successful bidding results for the Fan Stone I offshore wind project, with prices around 4000 CNY/KW [21] Investment Recommendations - The report suggests that the offshore wind sector is poised for growth, with a projected installation capacity of approximately 20.42 GW by 2025 [33] - The cumulative capacity of offshore wind projects that are approved, tendered, and under construction supports the optimistic outlook for future installations [33][34]