风电行业2025年投资策略报告：量利齐升，出海加速

Investment Rating - The report suggests a positive investment outlook for the wind power industry, highlighting significant growth potential in both onshore and offshore wind installations [3]. Core Insights - The domestic wind power market is experiencing unprecedented growth, with a record high in bidding volumes and expected rapid increases in installed capacity [2][5]. - The report emphasizes the acceleration of overseas market expansion for domestic wind power companies, particularly in response to rising demand in Europe and other regions [3][10]. - The offshore wind sector is entering a new growth cycle, with substantial increases in installed capacity projected for the coming years [22][23]. Summary by Sections 1. Domestic Market - The domestic wind turbine bidding volume reached 127.00 GW from January to November 2024, a year-on-year increase of 108.14%, with onshore bids at 118.21 GW and offshore bids at 8.79 GW [2][5]. - Installed capacity for onshore wind is expected to reach 100 GW in 2025, a 25% increase year-on-year, while offshore wind installations are projected to grow by 107% to 15.43 GW [2][18]. 2. International Market - Global onshore wind installations are forecasted to grow from 106 GW in 2023 to 146 GW by 2028, with a compound annual growth rate (CAGR) of 7% [10][52]. - Offshore wind installations globally are expected to increase from 11 GW in 2023 to 66 GW by 2033, with a CAGR of 20% [10][50]. 3. Submarine Cables - The report highlights the strong market position of submarine cable manufacturers, with expectations of sustained high profitability due to the increasing demand for offshore wind projects [10][77]. 4. Wind Turbines - The report notes a recovery in profitability for wind turbines, with signs of price increases in onshore wind bids starting in the second half of 2024 [10][75]. 5. Components - The profitability of components such as piles and castings is expected to recover, driven by the growth in offshore wind and a decrease in raw material prices [10][75]. 6. Investment Recommendations - The report advises focusing on the acceleration of overseas expansion and the recovery of profitability in the wind power sector, particularly in submarine cables, wind turbines, and component manufacturing [3][10].