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风电行业月度数据跟踪报告
Huachuang Securities·2025-06-09 00:20

Investment Rating - The industry investment rating is "Recommended" [5][55]. Core Viewpoints - The report highlights a significant increase in wind power project bidding and winning bids, with a total of 40.2GW of wind turbine bids from January to May, representing a year-on-year increase of 14.5% [2][11]. - The winning bids for wind power from January to May reached 39.5GW, showing a year-on-year increase of 8.8% [3][19]. - The report emphasizes three main investment lines in the wind power sector: high domestic offshore wind project reserves, robust land wind bidding in 2024, and regional growth in overseas installations [40]. Summary by Sections Bidding Volume - From January to May, wind turbine bidding totaled 40.2GW, with offshore and onshore bids at 3.6GW and 36.6GW respectively, marking increases of 5.5% and 15.5% year-on-year [11][19]. - In May, offshore and onshore bids were 0.5GW and 7.4GW respectively, with total wind power bidding at 7.9GW, showing a slight decrease compared to previous months [11][19]. Winning Bids - The total winning bids for wind power from January to May were 39.5GW, with offshore and onshore winning bids at 4.3GW and 35.2GW respectively, indicating increases of 48.5% and 5.4% year-on-year [19][20]. - In May, the winning bids were 1GW for offshore and 7.2GW for onshore, with a total of 8.1GW, reflecting a significant decrease compared to previous months [19][20]. Winning Bid Prices - The average winning bid prices in May were 2568 yuan/kW for offshore and 1558 yuan/kW for onshore, with slight month-on-month decreases of 1.4% and 0.6% respectively [35][39]. - The report notes that most major manufacturers had winning bid prices exceeding 1500 yuan/kW for onshore projects [39]. Investment Recommendations - The report suggests focusing on three investment lines: high offshore wind project reserves, increased land wind bidding in 2024, and growth in overseas installations [40]. - Recommended companies include Mingyang Smart Energy, Oriental Cable, Zhongtian Technology, and others [40].