风电行业周报（20250519-20250525）：周内0.8GW海风项目启动海缆招标-20250526

Investment Rating - The report maintains a "Recommended" rating for the wind power industry, expecting the industry index to outperform the benchmark index by over 5% in the next 3-6 months [33]. Core Viewpoints - The report highlights three main investment themes in the wind power sector: 1. High domestic offshore wind project reserves and supportive policies for long-term development, with expectations for concentrated offshore wind project commencements and high-value order tenders in 2025. 2. High land wind tenders in 2024, with optimism for main engine manufacturers and components to experience simultaneous volume and profit growth. 3. Significant regional growth in overseas land and offshore installations, with a positive outlook for domestic submarine cables, main engines, and components to expand internationally [3][19]. Summary by Sections Industry Data - The report indicates that there are 300 listed companies in the power equipment and new energy sector, with a total market capitalization of approximately 49,705.82 billion and a circulating market capitalization of about 43,337.14 billion [5]. Key Company Earnings Forecasts and Valuations - The report provides earnings per share (EPS) and price-to-earnings (PE) ratios for key companies: - Dongfang Cable: EPS of 2.29 in 2025E, PE of 20.76, rated as "Recommended" - Zhongtian Technology: EPS of 1.04 in 2025E, PE of 12.69, rated as "Recommended" - Mingyang Smart Energy: EPS of 0.71 in 2025E, PE of 14.18, rated as "Strongly Recommended" - Times New Material: EPS of 0.92 in 2025E, PE of 12.40, rated as "Recommended" [4]. Wind Power Tender Data - In the week, 1.4GW of land wind projects were tendered, with an average winning bid price of 1519 yuan/kW. Year-to-date, a total of 38.7GW has been tendered, with 3.6GW offshore and 35.2GW onshore [10][12]. - The report notes that as of May 25, 2025, there are 68GW of offshore wind projects in various stages, with significant reserves in provinces like Guangdong and Shandong [15][18]. Investment Recommendations - The report suggests focusing on companies such as Mingyang Smart Energy, Dongfang Cable, Zhongtian Technology, and others, which are well-positioned to benefit from the anticipated growth in the wind power sector [3][19].