风电设备行业深度：交付大年，关注“两海”和零部件多元化

Investment Rating - The industry investment rating is "Buy," indicating an expected investment return exceeding 15% compared to the CSI 300 index [30]. Core Insights - The report emphasizes that 2025 is anticipated to be a significant year for wind power, particularly offshore wind, with a focus on companies closely related to domestic offshore wind installations [55]. - The report highlights the importance of diversifying into other sectors, such as new energy vehicle components and humanoid robots, which are expected to yield substantial returns [23][55]. Summary by Sections Section 1: Industry Data - In the first three quarters of 2024, the total newly installed wind power capacity reached 39.12 million kW, a year-on-year increase of 16.8%, with offshore wind growing by 73% [43]. - The report notes that the third quarter saw a significant increase in offshore wind installations, with a year-on-year growth of 397% [43]. Section 2: Performance Analysis - The report indicates that the wind power equipment industry experienced a decline in net profit, with a total of 13.915 billion yuan, down 18.74% year-on-year [67]. - The average gross margin for the wind power equipment industry was reported at 20%, reflecting a decrease of 2.35 percentage points compared to the previous year [68]. Section 3: Future Outlook - The report anticipates that the massive tendering in 2024 will lead to a significant increase in installed capacity in 2025, with over 20 GW of offshore wind projects expected to be connected to the grid [33]. - It is projected that the wind power equipment industry will transition from passive inventory reduction to active replenishment in 2025 [64]. Section 4: Policy Developments - The report discusses the implementation of layered rights for sea area usage, which is expected to facilitate the sustainable development of offshore wind projects [54]. - Various government policies have been introduced to address the challenges related to sea area usage rights, which are crucial for the development of offshore wind projects [20][54]. Section 5: Key Companies - The report recommends several companies for investment, including Dongfang Cable, Jinlei Co., and Haili Wind Power, which are expected to benefit from the growth in offshore wind installations [55].