风机价格延续稳步上升趋势，国内氢能产业发展有望提速

Investment Rating - The report maintains an "Outperform" rating for the industry [1] Core Insights - Wind turbine prices continue to rise steadily, with the average bidding price reaching 1590 CNY/kW in March 2025, up 4.1% from December 2024 and 7.8% from September 2024 [5][10] - The domestic hydrogen energy industry is expected to accelerate its development, supported by new policies and guidelines from the government [6] Wind Power - Wind turbine average bidding prices have shown a recovery trend since Q4 2024, driven by self-discipline agreements among major wind turbine manufacturers and adjustments in bidding strategies by developers [11] - The wind power sector's PE_TTM valuation is approximately 18.37 times as of the latest week [12] - The report anticipates that the profitability of wind turbine manufacturers will improve significantly in 2026 due to a more favorable supply-demand situation for components [11][12] Photovoltaics - Major photovoltaic companies are facing significant losses due to high fixed asset depreciation, with TCL Zhonghuan reporting a net loss of 10.806 billion CNY in 2024 [6] - The overall PE_TTM for the photovoltaic sector is around 30.55 times, indicating a challenging environment for profitability [4] - The report suggests that while asset impairment impacts may decrease, the large scale of fixed asset depreciation will continue to pose challenges for profitability in the photovoltaic manufacturing sector [6] Energy Storage & Hydrogen Energy - The domestic hydrogen energy industry is poised for rapid growth, with new policies expected to support its development in various transportation sectors [6] - The hydrogen energy sector's PE_TTM is currently at 34.47 times, reflecting investor interest and potential growth [4] - The report highlights the importance of upcoming policies that will further promote the hydrogen energy industry [6] Investment Recommendations - For wind power, focus on companies like Mingyang Smart Energy, Dongfang Cable, and Yaxing Anchor Chain, particularly in offshore wind power [6] - In photovoltaics, attention is drawn to companies such as Dier Laser, Longi Green Energy, and Aiko Solar, with a focus on the BC battery industry trend [6] - In energy storage, key players include Sungrow Power Supply and Shuneng Electric, with a strong demand outlook [6] - For hydrogen energy, companies like Huaguang Huaneng and Yihua Tong are recommended for their positions in the electrolyzer and fuel cell systems [6]