电力设备及新能源行业周报：通威HJT组件效率创纪录，2024国内风机订单集中度下降

Investment Rating - The report maintains a "Strongly Outperform" rating for the industry [2] Core Insights - The report highlights a significant increase in domestic wind turbine orders, with a total of 180 GW signed in 2024, representing an 83% year-on-year growth. However, the concentration of orders among the top manufacturers has decreased compared to 2023 [10][18] - In the photovoltaic sector, Tongwei has set a new record for HJT module efficiency, achieving a power output of 783.2 watts and a conversion efficiency of 25.21% [11][12] - The report discusses the positive outlook for offshore wind power and the increasing competitiveness of state-owned enterprises in the wind turbine manufacturing sector [19][20] Summary by Sections Wind Power - The report notes a decline in the concentration of wind turbine orders in 2024, with the top three manufacturers' share dropping below 50% and the top five below 75% [10][18] - The average bidding prices for onshore and offshore wind turbines have increased by 6% and 2% respectively in Q4 2024 [19] - The wind power index has decreased by 0.03% in the week of February 17-21, 2025, underperforming the CSI 300 index by 1.03 percentage points [20] Photovoltaics - Tongwei's HJT technology has led to a significant increase in efficiency, with the company focusing on cost reduction and efficiency improvement through innovative technologies [11][12] - The report indicates a substantial growth in the domestic HJT module bidding scale, reaching 17.6 GW in 2024 [11] Energy Storage and Hydrogen - The report mentions a new action plan issued by eight departments to promote high-quality development in the new energy storage manufacturing industry, aiming for enhanced performance and safety by 2027 [12] - The energy storage index has risen by 7.91%, with the overall sector's price-to-earnings ratio at 28.12 times [5] Investment Recommendations - For wind power, the report suggests focusing on companies like Mingyang Smart Energy, Dongfang Cable, and Yaxing Anchor Chain due to the positive outlook for offshore wind and stable pricing trends [12] - In the photovoltaic sector, it recommends monitoring companies such as Longi Green Energy and Tongwei, especially in light of policy guidance and industry self-regulation [12] - For energy storage, the report highlights the strong growth potential and suggests focusing on companies like Sungrow Power Supply and Shuneng Electric [12]