Ping An Securities·2025-06-30 11:14Investment Rating - The report maintains a "Strong Buy" rating for the offshore wind power sector, indicating a positive outlook for investment opportunities in this industry [2]. Core Insights - The report highlights that the global offshore wind power market is expected to see significant growth, with an anticipated addition of 16GW in 2025, doubling year-on-year. The compound annual growth rate (CAGR) for the offshore wind sector from 2025 to 2034 is projected at 21%, surpassing the previous decade's 10% CAGR [6][12]. - Emerging markets in Asia-Pacific and Latin America are expected to provide substantial opportunities for offshore wind turbine exports, as governments in these regions collaborate with the industry to accelerate development [6][13]. - The report notes a downward trend in energy storage system bidding prices, reflecting increased competition and a more relaxed supply-demand situation in the domestic market [6]. Summary by Sections Offshore Wind Power - The GWEC's report indicates that global offshore wind power installations reached 83GW by the end of 2024, with a forecast of 350GW added by 2034 [11][12]. - China and Europe are expected to continue leading in offshore wind development, although emerging markets will gradually increase their share [13]. - The report emphasizes the potential for significant breakthroughs in the offshore wind supply chain and suggests investment opportunities in companies like Mingyang Smart Energy, Goldwind Technology, and Dongfang Cable [7][18]. Solar Power - The report notes that the solar power sector is facing challenges in improving supply-demand dynamics, with a current price-to-earnings (P/E) ratio of approximately 30.01 [5][32]. - Companies such as Longi Green Energy and Aiko Solar are highlighted as potential investment opportunities within the solar sector [7]. Energy Storage and Hydrogen - The report indicates that the average bidding price for 2-hour energy storage systems has reached a historical low of 0.4646 CNY/Wh, reflecting a competitive market environment [6]. - The global energy storage market is projected to add 74.1GW of new capacity in 2024, with China and the U.S. accounting for 75% of this growth [6]. - Investment opportunities in energy storage are identified in companies like Sungrow Power Supply and Deye Technology, which are expanding their presence in non-U.S. markets [7].