从海外财报看海外风电市场：景气提速，展望乐观

Investment Rating - The report maintains a "Positive" investment rating for the industry [3]. 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 industry, particularly in the areas of wind turbines, submarine cables, and pipe piles [11][94]. Summary by Sections Wind Turbines - Most companies in the wind turbine segment reported year-on-year revenue growth and improved profitability in Q1 2025. Vestas, Nordex, and Siemens Energy achieved revenues of €3.5 billion, €1.4 billion, and €10 billion respectively, with year-on-year growth rates of 29%, -9%, and 20% [17][15]. - Vestas' wind turbine revenue reached €2.5 billion, up 43% year-on-year, while Siemens Energy's wind turbine revenue increased by 17% to €2.7 billion. The increase in revenue is attributed to higher shipment volumes and prices [15][18]. - The order book for wind turbines remains at historical highs, with Vestas, Nordex, and Siemens Energy reporting backlogs of €32.9 billion, €8.2 billion, and €36 billion respectively [28][30]. 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 growth rates of 29.4%, 7.3%, and 17.5% [46]. - The EBITDA for Prysmian's submarine cable business reached €120 million, up 100% year-on-year, indicating strong project deliveries and high-value order execution [47][46]. - The order book for submarine cables is robust, with Prysmian, Nexans, and NKT reporting backlogs of €16.3 billion, €8.1 billion, and €14.2 billion respectively, indicating high demand in the market [61][62]. Pipe Piles - Sif, a leading pipe pile manufacturer, reported a revenue increase of 24% year-on-year, reaching €13 million in Q1 2025, driven by higher product prices despite a decrease in shipment volume [73][72]. - The company’s EBITDA was approximately €1 million, with an EBITDA margin of 7%, slightly down from the previous year [73][76]. - Sif's order book increased to approximately 46,500 tons, with contract liabilities reaching €18.5 million, the highest since 2019, indicating a solid foundation for future deliveries [87][88]. Investment Recommendations - The report suggests that the overseas wind turbine, submarine cable, and pipe pile sectors are poised for growth, particularly as submarine cable companies report increased order books. The overall market conditions are favorable for domestic industry leaders to expand their presence in overseas markets [94].