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景气提速,展望乐观——从海外财报看海外风电市场
Changjiang Securities·2025-06-03 00:25

Investment Rating - The report maintains a "Positive" investment rating for the industry [5]. Core Viewpoints - The overseas wind power market is experiencing a recovery, with most companies reporting revenue growth and improved profitability in Q1 2025. The report highlights the optimistic outlook for the wind power sector, particularly in the offshore wind segment [15][19][55]. Summary by Sections 1. Wind Turbines - Most companies in the wind turbine segment reported revenue growth in Q1 2025, with Vestas, Nordex, and Siemens Energy achieving revenues of €3.5 billion, €1.4 billion, and €10 billion respectively, reflecting year-on-year changes of +29%, -9%, and +20% [24]. - Vestas' wind turbine business revenue reached €2.5 billion, up 43% year-on-year, while Siemens Energy's increased by 17% to €2.7 billion, driven by higher sales of offshore wind turbines [24][38]. - New orders varied among companies, with Vestas and Nordex seeing increases of 77% and 7% respectively, while Siemens Energy's new orders declined by 1% [40]. - The backlog of orders for Vestas, Nordex, and Siemens Energy stood at €32.9 billion, €8.2 billion, and €36 billion respectively, indicating a strong demand in the market [40]. 2. Submarine Cables - Submarine cable companies reported revenue growth, with Prysmian, Nexans, and NKT achieving revenues of €4.77 billion, €1.82 billion, and €630 million respectively, reflecting year-on-year increases of 29.4%, 7.3%, and 17.5% [61]. - The EBITDA for Prysmian's submarine cable business was €120 million, up 100% year-on-year, while NKT's EBITDA was €60 million, reflecting a 9.6% increase [62]. - The backlog of orders for submarine cable companies reached historical highs, with Prysmian, Nexans, and NKT reporting €16.3 billion, €8.1 billion, and €14.2 billion respectively [76]. 3. Piles - Sif, a major player in the pile segment, reported a revenue increase of 24% year-on-year to €13 million, despite a 7.1% decline in production volume [89]. - The EBITDA for Sif was approximately €1 million, with an EBITDA margin of 7%, slightly down from the previous year [89]. - As of March 31, 2025, Sif's backlog of orders was approximately 46,500 tons, an increase of about 2,000 tons from the previous year, indicating a solid pipeline for future deliveries [101]. 4. Investment Recommendations - The report suggests that the overall growth in revenue and orders across the wind turbine, submarine cable, and pile sectors reflects a recovery in the offshore wind market. It recommends focusing on leading domestic companies in the submarine cable and pile segments for potential investment opportunities [110].