风电行业2025年度投资策略：陆海风并进，海内外需求共振

Investment Rating - The report maintains an "Overweight" rating for the wind power industry [1]. Core Insights - The domestic market is experiencing significant growth in land-based wind power bidding and accelerated offshore wind installations, with land-based wind power bids increasing by 93% year-on-year to 119.1GW in the first three quarters of 2024 [5][15]. - The overseas market, particularly in Europe, is expected to see substantial growth in offshore wind installations, with a projected CAGR of 25.27% from 2024 to 2033 [29][32]. - Domestic wind turbine manufacturers are recovering profitability and expanding their international business, with a 345% year-on-year increase in international orders [5][53]. Summary by Sections 1. Domestic Market - The domestic wind power market is set for continued growth, with land-based wind power installations reaching 36.65GW in 2024, a 14.4% increase year-on-year [9]. - Offshore wind projects in Jiangsu and Guangdong are progressing, with expectations of nearly 18GW of new offshore capacity by 2025 [21][23]. 2. Wind Turbines - The domestic wind turbine market is seeing a recovery in profitability, with major manufacturers signing a self-discipline agreement to stabilize market conditions [44][50]. - The average price of land-based wind turbines has stabilized and is showing signs of recovery, which is expected to improve the profitability of turbine manufacturers [49][50]. 3. Submarine Cables - Domestic demand for high-voltage submarine cables is increasing, with several projects expected to enter a sustained delivery phase [5][61]. - Leading domestic submarine cable companies are likely to benefit from overseas demand, with significant order backlogs reported [5]. 4. Components - The demand for components is expected to rise due to the increasing bidding for wind turbines, with some large-scale components likely to see price increases [5]. 5. Investment Recommendations - The report suggests focusing on three investment themes: companies benefiting from domestic offshore and international market demand, turbine manufacturers with stabilizing profitability, and component manufacturers poised for recovery [5].