Changjiang Securities·2025-06-16 05:05Investment Rating - The report maintains a "Positive" investment rating for the offshore wind pile industry [12] Core Insights - Recent market attention on the pile segment has increased, with stock price fluctuations primarily driven by performance, which is closely linked to downstream construction volume and company shipment volume [5][8] - In the short term, the offshore wind pile industry is expected to benefit from increased downstream construction in Q2, leading to a dual increase in volume and profit, thereby releasing performance elasticity [9][11] - The long-term outlook suggests that deep-sea development will open up growth opportunities for the pile industry, while overseas offshore wind installations are anticipated to experience significant growth, with domestic companies accelerating overseas expansion [10][11] Summary by Sections Introduction: Volume as the Core Factor Affecting Pile Segment Performance - The report identifies that stock price movements in the pile segment are mainly influenced by performance, which is affected by downstream construction and shipment volumes [8][18] Short-term: Q2 Expected to Mark a Performance Turning Point, with Support for 2025-2026 Outlook - The offshore wind pile industry is projected to benefit from increased construction activity in Q2, with a year-to-date increase in offshore wind construction volume of 23% [9][24] - The report anticipates that the increase in shipments will lead to significant cost dilution effects, enhancing profitability for related companies [9][22] Long-term: Deep-sea Development Opens Industry Growth Space, Offshore Wind Expansion Releases Growth Elasticity - The shift towards deep-sea offshore wind is expected to create long-term growth opportunities for the pile industry, with significant growth anticipated in overseas installations [10][44] - The report highlights that domestic companies are accelerating their overseas expansion efforts, which is expected to release performance growth elasticity [10][11] Investment Recommendations - The report recommends focusing on domestic offshore wind pile companies that are expected to benefit from increased construction activity in the short term and have growth potential in the long term due to deep-sea development and overseas expansion [11][86]