风电叶片深度：提价逻辑顺畅，看好行业量利齐升

Investment Rating - The industry is rated as "Buy" with expectations of an increase exceeding 15% over the next 3-6 months [60] Core Viewpoints - The wind turbine blade segment is expected to benefit from a favorable supply-demand relationship, a relatively stable industry structure, and price recovery driven by rising raw material costs, leading to price and profit recovery [1][3][57] - The demand for wind power is projected to grow significantly, with an expected installation of 115GW in 2025, representing a year-on-year increase of 32% [1][15] - The supply of blades is anticipated to be tight, with a production capacity of approximately 117GW by 2024, indicating a balanced supply-demand scenario [1][16] Summary by Sections Section 1: Wind Power Blades - Smooth Price Increase Logic, Optimistic About Industry Volume and Profit Growth - Wind blades account for the highest value in wind turbine components, comprising about 20-30% of the turbine cost [1][13] - The industry is expected to experience a supply-demand balance and structural shortages in the blade segment by 2025 [1][5] Section 2: Supply-Demand Balance and Structural Shortage of Large Blades Expected to Drive Price Increases - The trend towards larger wind turbines is accelerating, with the proportion of 8MW and above installations expected to reach over 30% by 2025 [2][22] - The average installation capacity of onshore wind turbines is projected to double compared to 2020, with significant increases in the proportion of larger models [19][20] Section 3: Enhanced Bargaining Power, Cost Transmission, and Structural Optimization, Blade Manufacturers' Profits Enter Recovery Channel - The glass fiber used in wind blades is a critical material, accounting for 21% of blade costs, and is concentrated among a few major suppliers [3][40] - The price of wind fiber is expected to rise by 15-20%, which will positively impact the profitability of blade manufacturers [3][53] Section 4: Investment Recommendations - It is suggested to focus on leading third-party blade manufacturers with a high proportion of large blade capacity and strong customer resource accumulation, such as Zhongcai Technology [57]