风电行业周报（20250512-20250518）

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 in 2025, with offshore and onshore projects accounting for 3.6GW and 34.3GW respectively [8][11]. - The average winning bid price for onshore wind turbines is reported at 1619 yuan/kW, while offshore wind turbines have an average price of 2818 yuan/kW. Notably, some onshore bids 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 report notes that there are 300 listed companies in the power equipment and new energy sector, 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 are projected to have the following earnings per share (EPS) and price-to-earnings (PE) ratios: - Dongfang Cable: EPS of 2.29 yuan in 2025E, PE of 21.92 [2] - Zhongtian Technology: EPS of 1.19 yuan in 2025E, PE of 11.47 [2] - Mingyang Smart Energy: EPS of 1.11 yuan in 2025E, PE of 9.53 [2] - Times New Material: EPS of 0.87 yuan in 2025E, PE of 13.39 [2] Market Performance - The report provides a performance overview, indicating an absolute performance of 8.3% over the past month, with a relative performance of 5.2% compared to the benchmark index [4]. Investment Recommendations - The report suggests focusing on three main investment themes in the wind power sector: 1. High reserve projects in domestic offshore wind, with policies supporting long-term development and a concentration of project launches expected in 2025 [15]. 2. High bidding activity for onshore wind in 2024, benefiting main engine manufacturers and component suppliers [15]. 3. Regional growth in overseas offshore and onshore installations, with opportunities for domestic cable, main engine, and component manufacturers to expand internationally [15][18].