电力设备：Vestas 2024Q4业绩高增，机组订单均价上涨

Investment Rating - The industry investment rating is "Increase" [6] Core Viewpoints - Vestas achieved a revenue of €17.295 billion in 2024, representing a year-on-year growth of 12%, and a net profit of €494 million, with a growth exceeding 500% [2] - In Q4 2024, Vestas reported a revenue of €6.141 billion, a 29% increase year-on-year, and a net profit of €598 million, showing approximately 300% growth [2] - The average order price for Vestas' units in Q4 2024 was €1,180 per kW, an 18% increase year-on-year and a 7% increase quarter-on-quarter [3] - Domestic wind turbine prices show a significant advantage over international prices, with the highest bid price for domestic onshore wind turbines at ¥2,199 per kW, and ¥1,598 per kW excluding the tower [3] - Domestic companies are accelerating their overseas expansion, securing 34.3 GW of overseas orders in 2024, a year-on-year increase of 345%, primarily in Asia, Africa, and Latin America [3] Summary by Sections Company Performance - Vestas' Q4 2024 operating performance included new orders of 6.5 GW, with 4.2 GW from onshore wind turbines (down 44% year-on-year) and 2.3 GW from offshore wind turbines (up 198% year-on-year) [3] - The EBIT margin for Vestas' Power Solution segment reached 12.9% in Q4 2024, an increase of nearly 10 percentage points year-on-year [3] Investment Recommendations - The report suggests focusing on leading turbine manufacturers, including Goldwind Technology, Sany Heavy Energy, Yunda Shares, and Mingyang Smart Energy, due to expected high growth in orders driven by domestic and international wind power installation demand [4]