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风电设备行业跟踪：海风持续性超预期，高装机带来盈利修复
GF SECURITIES·2025-01-15 04:46

Investment Rating - The industry investment rating is "Buy" [2] Core Viewpoints - The offshore wind power sector is expected to exceed expectations, with significant growth in domestic and international orders for wind turbine manufacturers [7][18] - The high bidding environment indicates a strong certainty for installation in 2025, with domestic wind turbine bidding reaching 119.1GW in the first three quarters of 2024, a year-on-year increase of 93% [7][46] - The industry is entering a phase of profit recovery due to high installation volumes, which is anticipated to improve asset return rates [7][18] Summary by Sections 1. Domestic Wind Power - The bidding volume for wind power in 2024 is expected to exceed expectations, with a total of 119.1GW bid, including 111.5GW for onshore and 7.6GW for offshore, marking increases of 101% and 25% respectively [7][46] - The average bidding price for onshore wind turbines has stabilized after a decline, indicating a potential easing of competition within the industry [7][49] 2. Offshore Wind Power - The offshore wind power market is projected to continue its growth trajectory, with significant projects in Jiangsu and Shandong provinces [7][18] - In 2024, seven turbine manufacturers secured a total of 13.66GW in offshore wind orders, with the leading companies being Envision Energy and Goldwind [7][62] 3. Market Dynamics - The global wind power market is expected to grow significantly, with an estimated CAGR of 7.69% from 2023 to 2028, driven by energy transition and decarbonization goals [18][22] - China remains the largest contributor to global wind power installations, accounting for 65.38% of new onshore installations in 2023 [22][37] 4. Key Companies and Financial Analysis - Sany Heavy Energy and Zhongji United are highlighted as key players with strong market positions and growth potential, with both companies rated as "Buy" [8] - The report provides detailed financial metrics for these companies, including projected EPS and PE ratios for 2024 and 2025 [8]