风电行业周报（20250512-20250518）：周内广东海风招标0.5GW，陆风中标均价为1619元/kW-20250519

Investment Rating - The report maintains a "Recommended" rating for the wind power industry, indicating an expectation of growth exceeding the benchmark index by more than 5% in the next 3-6 months [32]. Core Insights - The report highlights significant developments in the wind power sector, including a total of 2GW of wind turbine bids this week, with 0.5GW for offshore wind and 1.5GW for onshore wind. Cumulatively, 37.8GW has been bid this year, with offshore and onshore projects accounting for 3.6GW and 34.3GW respectively [8][11]. - The average bid price for onshore wind turbines is reported at 1619 yuan/kW, while offshore wind turbines have an average bid price of 2818 yuan/kW. Notably, some bids for onshore turbines exceeded 2000 yuan/kW [13][14]. - The report emphasizes the acceleration of offshore wind projects in Jiangsu, with a total of 68GW in various stages of development across the country, indicating a robust pipeline for future growth [14][15]. Summary by Sections Industry Basic Data - The wind power sector comprises 300 listed companies with a total market capitalization of 49,560.12 billion yuan and a circulating market value of 43,536.44 billion yuan [3]. Company Earnings Forecast and Valuation - Key companies in the sector, such as Dongfang Cable, Zhongtian Technology, and Mingyang Smart Energy, are projected to have earnings per share (EPS) growth, with respective PE ratios indicating favorable valuations. For instance, Dongfang Cable is expected to have an EPS of 2.29 yuan in 2025 with a PE ratio of 21.92 [2]. Investment Recommendations - The report suggests focusing on three main investment themes: 1. High reserves of domestic offshore wind projects and supportive policies for long-term development, anticipating concentrated construction and high-value order bidding in 2025. 2. High bidding activity for onshore wind in 2024, with expectations for increased volume and profitability for manufacturers and component suppliers. 3. Regional growth in overseas offshore and onshore installations, with opportunities for domestic cable, main engine, and component manufacturers to expand internationally [15][18].