风电行业2024年三季报总结：行业需求上行，整机环节盈利改善

Investment Rating - The report maintains an "Accumulate" rating for the electric power equipment industry [7]. Core Viewpoints - The wind power installation demand remains robust, with significant increases in domestic wind turbine bidding volumes. In the first three quarters of 2024, domestic wind power installations reached 39.12 GW, a year-on-year increase of 16.8% [4][15]. - The profitability of the wind power sector is under pressure, with the operating income of the SW Wind Equipment sector in Q3 2024 at 50.707 billion yuan, a year-on-year increase of 0.62%, but the net profit attributable to shareholders decreased by 34.87% [4][17]. - The industry is experiencing high inventory levels, with inventory reaching 75.436 billion yuan, a year-on-year increase of 11.82% [4][29]. Summary by Sections 1. Demand Review - Wind power installation demand is stable, with a total of 39.12 GW added in the first three quarters of 2024, including 36.65 GW from onshore and 2.47 GW from offshore sources [4][15]. - The bidding volume for wind turbines in the domestic market increased significantly, reaching 119.1 GW, a year-on-year growth of 93.0% [4][15]. 2. Overview - The overall profitability of wind power companies is under pressure, with operating income and net profit for the SW Wind Equipment sector in the first three quarters of 2024 at 120.317 billion yuan and 4.891 billion yuan, respectively, reflecting declines of 8.28% and 35.34% year-on-year [17]. - In Q3 2024, the SW Wind Equipment sector's operating income was 50.707 billion yuan, with a net profit of 1.319 billion yuan, showing a significant decline in profitability [4][17]. 3. Improvement in Complete Machine Segment - The profitability of complete machine manufacturers is showing signs of improvement, with Goldwind's gross margin at 16.43%, an increase of 2.21 percentage points year-on-year [4][37]. - The report highlights that companies like Goldwind, Mingyang Smart Energy, Sany Heavy Energy, and Unida are expected to benefit from improving profitability trends [5]. 4. Investment Recommendations - The report suggests focusing on three main lines: companies benefiting from domestic offshore and overseas market demand, those with improving profitability in the wind turbine manufacturing sector, and those in the component segment that may see a recovery in profitability due to supply-demand dynamics [5].