Ping An Securities·2025-04-28 10:20Investment Rating - The report maintains a "Strong Buy" rating for the industry, indicating a positive outlook for investment opportunities in the sector [2]. Core Insights - The offshore wind industry is experiencing significant opportunities for expansion, particularly in international markets such as the UK and Azerbaijan, where Chinese companies are expected to play a crucial role in local manufacturing and project supply [6][11]. - The energy storage and hydrogen sectors are poised for growth, with CATL's introduction of sodium-ion batteries marking a significant technological advancement that could reduce reliance on lithium [6][7]. Summary by Sections Wind Power - The offshore wind industry is seeing increased investment, with the UK government committing £300 million to enhance its offshore wind manufacturing capabilities [6][28]. - A memorandum was signed between Azerbaijan and Chinese companies for a 2 GW offshore wind project, indicating a growing demand for offshore wind in emerging markets [6][28]. - The wind power index rose by 3.73% in the week of April 21-25, outperforming the CSI 300 index by 3.35 percentage points, with a current PE_TTM of approximately 19.70 times [5][12]. Solar Power - The solar power sector is witnessing a mixed performance, with the photovoltaic equipment index increasing by 0.74%, while the solar cell component index slightly decreased [5]. - The current PE_TTM for the solar sector stands at about 30.51 times, reflecting ongoing interest and investment in solar technologies [5]. Energy Storage and Hydrogen - CATL launched new battery products, including sodium-ion batteries, which are expected to accelerate the development of the sodium-ion battery industry due to their advantages over lithium-ion batteries [6][7]. - The energy storage index increased by 2.07%, with a current PE_TTM of 24.34 times, indicating strong growth potential in this segment [5]. Investment Recommendations - For wind power, focus on companies like Mingyang Smart Energy, Dongfang Cable, and Yaxing Anchor Chain, as the domestic offshore wind market is expected to thrive [7]. - In solar power, companies such as Dier Laser and Longi Green Energy are highlighted for their growth potential, especially in the context of policy support and industry self-regulation [7]. - In energy storage, companies like Sungrow Power Supply and Shuneng Electric are recommended due to their strong competitive positions and growth prospects [7]. - For hydrogen energy, attention is drawn to Huaguang Huaneng and Yihua Tong, which are positioned well in the electrolyzer and fuel cell system markets [7].