风电行业报告：需求引擎驱动，风电设备板块有望开启新一轮上升周期

Investment Rating - The report indicates a positive outlook for the wind power equipment sector, suggesting that it is likely to enter a new upward cycle driven by increasing demand and improving profitability [68][72]. Core Insights - Historically, demand has been the core driver of the wind power equipment sector's market performance, with the wind power equipment index experiencing four major uptrends primarily driven by demand [42][72]. - In 2023, demand began to recover, with new installation capacity reaching 79GW, a year-on-year increase of 59%. However, the sector's market performance has not yet improved, mainly due to rapid declines in wind turbine prices and slow installation progress in the offshore wind segment [2][42]. - The offshore wind segment has faced stagnation, with installation volumes consistently falling short of expectations. As of 2023, the cumulative installed capacity reached 37.70GW, but various restrictive factors have hindered progress [11][3]. - The report highlights that the wind power installation demand continues to grow, with a total of 119.1GW of wind power tenders in the first three quarters of 2024, representing a 93% year-on-year increase [68][72]. Summary by Sections Demand and Market Performance - The wind power equipment index has seen a significant decline from 2963 to 1496 points between February 2023 and January 2024, a drop of 49% [2]. - Despite the recovery in demand, the short-term profitability of the sector remains under pressure due to previous price declines and slow offshore wind installation [42][68]. Offshore Wind Segment - The offshore wind installation capacity has been a critical component since 2021, but it has not met expectations due to various limitations, impacting profitability across the supply chain [3][11]. - The average capacity of offshore wind turbines has increased, but the production and transportation requirements for larger components have created challenges [6][57]. Financial Performance and Projections - The report notes that companies in the sector are experiencing high inventory and contract liabilities, with inventory reaching 16.91 billion yuan and contract liabilities at 3.19 billion yuan, reflecting increases of 180.39% and 559.39% year-on-year, respectively [26]. - The report anticipates that as offshore wind projects begin to ramp up, companies involved in the offshore foundation and cable segments will significantly benefit from the growth in offshore wind [11][26]. Key Recommendations - The report recommends focusing on companies that are expected to benefit from the growth in offshore wind, such as Hai Li Wind Power, Tian Shun Wind Energy, and Da Jin Heavy Industry, as well as cable companies like Dongfang Cable and Zhongtian Technology [48][72]. - It also highlights the potential for companies with scarce high-capacity production capabilities, such as Jin Lei Co. and Ri Yue Co., to benefit from the anticipated demand surge [48][72].