风电行业2025年度策略报告：行业景气度持续提升，盈利拐点已现

Investment Rating - The report maintains a "Buy" rating for Dongfang Cable and "Hold" ratings for Ha Li Wind Power, Jin Lei Co., Tai Sheng Wind Power, and Yun Da Co. [3][4][5][6][7] Core Viewpoints - The wind power industry is experiencing a recovery in construction activity, with significant growth expected in both offshore and onshore wind installations. The overall industry valuation is anticipated to improve as domestic offshore wind projects accelerate and new opportunities arise in deep-sea projects. [8][9] - The demand for wind power is projected to remain strong, with a notable increase in export orders. The domestic wind turbine price war is nearing its end, leading to a potential turnaround in profitability for wind turbine manufacturers by 2025. [8][9] - The report emphasizes the importance of both domestic and international markets, highlighting the expected growth in offshore wind installations and the increasing competitiveness of domestic companies in the global market. [9][52] Summary by Sections 1. Market Review - The wind power index has outperformed the photovoltaic equipment index in 2024, indicating a recovery in the wind power sector. The upcoming construction wave is expected to drive new growth in the industry. [17] 2. Wind Power Installation Trends - In 2023, China's wind power installations reached 75.7 GW, a 101% increase year-on-year. The first ten months of 2024 saw an additional 45.8 GW installed, marking a 23% increase compared to the previous year. [30] 3. Domestic Offshore Wind - The offshore wind market is set for significant growth, with various provinces ramping up construction. The report forecasts that offshore wind installations will reach 7 GW in 2024 and 12 GW in 2025. [36][39] 4. Domestic Onshore Wind - The trend of larger wind turbine models is slowing down, with a focus on 6-8 MW models expected to dominate the market. Profitability for onshore wind turbines is anticipated to improve by 2025. [43][49] 5. Export Market - The global wind power market is experiencing robust growth, with 2023 seeing a record 116.6 GW of new installations. The report predicts continued strong demand in international markets, particularly in Europe and Asia. [52][59]