Investment Rating - The report maintains an "Outperform" rating for the renewable energy sector, indicating a positive outlook for future growth [12]. Core Insights - The offshore wind power sector is experiencing a resurgence with competitive project allocations in Jiangsu and Liaoning provinces, which are expected to accelerate project development and provide additional capacity for domestic offshore wind projects [45][47]. - Domestic photovoltaic (PV) manufacturers are increasingly investing in production capacity in the Middle East, driven by favorable market conditions and the need to diversify export markets amid trade tensions [5][37]. - The energy storage and hydrogen sectors are witnessing new policy opportunities in Italy and India, which could lead to significant growth in these markets [14]. Summary by Sections Wind Power - Jiangsu and Liaoning provinces have initiated competitive allocations for offshore wind projects, with a total capacity of 7.65 million kilowatts planned for Jiangsu and 7 million kilowatts for Liaoning [25][47]. - The wind power index has decreased by 3.08% recently, underperforming the CSI 300 index by 2.94 percentage points, with a current PE_TTM valuation of approximately 21.02 times [48]. Photovoltaic - Major PV companies are accelerating their capacity expansion in the Middle East, with plans from JinkoSolar to establish a 6GW solar cell and 3GW module production facility in Oman [5][37]. - The report highlights the importance of policy guidance and industry self-regulation in optimizing competition within the PV supply chain, particularly in the components and silicon material sectors [6]. Energy Storage & Hydrogen - Italy has allocated €320 million to subsidize small and medium enterprises for solar and storage equipment, aiming to enhance energy independence and environmental benefits [14]. - India is considering mandatory energy storage requirements for new solar and wind projects, which could significantly boost the domestic energy storage market [14].
电力设备及新能源行业周报：两省启动海风项目竞配，光伏企业加快中东产能布局
Ping An Securities·2024-12-23 07:08