电力设备及新能源行业双周报（2025/4/4-2025/4/17）：一季度国内风机设备市场定标量同比增长1.1倍-20250418

Investment Rating - The industry investment rating is "Overweight" [46] Core Viewpoints - In the first quarter of 2025, the domestic wind turbine equipment market saw a significant increase in bidding volume, with a year-on-year growth of 112% [3][39] - The report highlights the strong performance of leading companies in offshore wind development, emphasizing their scale, technological advantages, and cost control capabilities [39] Market Review - As of April 17, 2025, the Shenwan Electric Equipment industry has declined by 8.51% over the past two weeks, underperforming the CSI 300 index by 6.20 percentage points, ranking 30th among 31 industries [10] - The electric equipment sector has experienced a year-to-date decline of 10.60%, also ranking 31st among 31 industries [10] - The wind power equipment sector fell by 7.37%, while the photovoltaic equipment sector dropped by 10.89% in the same period [17] Valuation and Industry Data - As of April 17, 2025, the price-to-earnings (PE) ratio for the electric equipment sector is 23.03 times, with sub-sectors showing varied valuations: - Electric motor II: 54.07 times - Other power equipment II: 43.14 times - Photovoltaic equipment: 19.65 times - Wind power equipment: 28.62 times - Battery: 26.37 times - Grid equipment: 24.35 times [22] Industry News - In Q1 2025, domestic wind turbine manufacturers secured a total of 38.57 GW of wind turbine equipment orders, with domestic orders accounting for approximately 36.13 GW, marking a significant increase from 2024 [36] - The National Bureau of Statistics reported a 23.6% year-on-year increase in solar cell production in March 2025, with a total output of 78.44 million kilowatts [36] Company Announcements - The report includes various company announcements, highlighting revenue and profit changes for several firms in the electric equipment sector, such as: - Sun Cable reported a revenue of 13.72 billion yuan, up 1.30% year-on-year [41] - Zhongxin Bo reported a revenue of 9.03 billion yuan, up 41.25% year-on-year [41] Weekly Perspective - The report suggests focusing on leading companies benefiting from offshore wind development, which have strong technological capabilities and cost control [39][40]