风电行业2025年年度策略：聚焦海风、出海，重视盈利能力修复

Investment Rating - The report rates the wind power industry as "Positive" [1] Core Insights - The wind power industry is expected to experience a significant increase in installed capacity in 2025, focusing on offshore wind and the recovery of profitability within the industry [5][37] - The bidding volume for wind power projects remains high, with a 93% year-on-year increase in new bidding volume from January to September 2024, totaling approximately 119 GW [6][11] - The offshore wind sector is showing upward momentum, with project approvals and bidding accelerating since the second half of 2024, indicating a potential surge in installed capacity in 2025 [5][40] Summary by Sections Installed Capacity and Market Growth - The report forecasts an average annual increase of 100 GW in new wind power installations from 2024 to 2026, with a compound annual growth rate (CAGR) of 11% [6][21] - The offshore wind segment is projected to grow at a CAGR of 41% during the same period, significantly outpacing onshore wind growth, which is expected to grow at a CAGR of 6% [6][21][37] Pricing and Cost Trends - The average bidding price for wind turbines has decreased from 3,081 CNY/kW in January 2021 to 1,475 CNY/kW by September 2024, marking a 52% decline [11][31] - The rate of price decline is expected to slow, with a minimal decrease of 0.1% observed from December 2023 to September 2024 [11][31] Investment Recommendations - The report suggests prioritizing investments in the offshore wind sector and companies involved in the supply chain, particularly those focusing on domestic substitution and new technologies [6][37] - Key companies to watch include SANY Renewable Energy, Yunda Co., Mingyang Smart Energy, and Goldwind Technology, which are expected to benefit from the recovery in profitability and increased demand [6][37]