风光储电业24年及25Q1业绩总结：风光储盈利修复，电网景气持续兑现

Investment Rating - The report maintains a "Buy" rating for the power equipment and new energy industry [4]. Core Viewpoints - The wind power sector is expected to reach a profit turning point in 2025, driven by both onshore and offshore wind projects [6][9]. - The solar and energy storage sectors are at a bottoming phase, awaiting recovery, with structural opportunities arising from supply-side reforms and new battery technologies [6][9]. - The grid sector shows sustained prosperity, with a focus on ultra-high voltage, digitalization, and export growth [6][9]. Summary by Sections Wind Power - The wind power industry is projected to have a revenue of 227.39 billion yuan in 2024, a year-on-year increase of 4.9%, but with a net profit decline of 21.1% [6][24]. - In Q1 2025, revenue reached 45.43 billion yuan, with a year-on-year increase of 30.1% and a net profit of 2.23 billion yuan, marking an 18.3% increase year-on-year [6][25]. - The report highlights a significant increase in bidding volumes, with 164.1 GW of new bids in 2024, a 90.15% year-on-year increase [9]. Solar and Energy Storage - The solar sector is expected to generate 879.85 billion yuan in revenue in 2024, a decrease of 24.1% year-on-year, with a net loss of 26.49 billion yuan [6][9]. - In Q1 2025, revenue was 166.79 billion yuan, down 17.4% year-on-year, with a net loss of 4.51 billion yuan [6][9]. - The energy storage market is anticipated to grow in emerging markets, with potential in commercial storage and household storage [6][9]. Grid Sector - The grid sector is projected to achieve a revenue of 532.6 billion yuan in 2024, an 8.2% year-on-year increase, with a net profit of 38.11 billion yuan [6][9]. - In Q1 2025, grid revenue was 112.47 billion yuan, with a year-on-year increase of 5.2% [6][9]. - The report emphasizes the expected domestic grid investment exceeding 825 billion yuan in 2025, focusing on ultra-high voltage and cross-regional transmission [6][9]. Investment Recommendations - For wind power, companies such as Dongfang Cable, Dajin Heavy Industry, and Goldwind Technology are recommended [6][9]. - In the energy storage sector, leading companies like Sungrow Power, Dewei Co., and Gotion High-Tech are highlighted [6][9]. - The solar sector suggests attention to GCL-Poly Energy, Tongwei Co., and JinkoSolar [6][9]. - For the grid sector, recommended companies include State Grid Corporation, XJ Electric, and China XD Electric [6][9].