风电/电网产业链周评（12月第2周）：陆风招标持续高增，背靠背直流提供换流阀增量市场

Investment Rating - The investment rating for the wind and grid industry is "Outperform the Market" (maintained) [2] Core Views - The wind power sector has seen a cumulative public bidding capacity of 102.6 GW in 2024, representing a 59% increase year-on-year, with onshore wind capacity at 95.1 GW (+69%) and offshore wind capacity at 7.5 GW (-10%) [4] - The average winning bid price for onshore wind turbines (excluding towers) in 2024 is 1,339 CNY/kW [4] - The grid sector's investment completion amount reached 1,222 billion CNY in October 2024, a year-on-year increase of 12.8% [5] - The report anticipates a dual boom in both onshore and offshore installations in 2025, with significant opportunities for key component manufacturers [4][5] Wind Power Summary - In 2024, the top three wind turbine manufacturers by bidding scale are Goldwind Technology (23.7 GW), Yunda Co., Ltd. (21.6 GW), and Envision Energy (20.0 GW) [4][26] - The report highlights a recovery in domestic onshore wind turbine pricing, with a rapid increase in export orders providing future profit flexibility [4] - The offshore wind power sector is poised for a surge in construction, with approved project capacity exceeding 25 GW, expected to enter a concentrated construction phase in the coming year [4] Grid Summary - The report projects that the bidding for UHV/main grid equipment will remain high in 2024, with sustained high investment levels during the 14th Five-Year Plan period [5] - The demand for upgrading distribution networks and rural grids is increasing, driven by the development of new power systems [5] - The report suggests that Chinese companies have significant room for growth in overseas penetration, driven by multiple demands such as overseas renewable energy development and the need for old grid renovations [5] Investment Recommendations - For wind power, the report recommends focusing on four key areas: leading manufacturers of towers and piles with high export potential, cable manufacturers with improving profit expectations, domestic turbine manufacturers with stabilizing profits, and component manufacturers with growth opportunities in 2025 [6] - For the grid sector, the report suggests focusing on UHV DC applications, main grid investment orders, overseas expansion of power equipment, and distribution network upgrades [6]