Guoxin Securities·2025-07-26 14:59Investment Rating - The investment rating for the wind power industry is "Outperform the Market" (maintained rating) [1] Core Viewpoints - The offshore wind sector is expected to see significant project launches in Jiangsu and Guangdong in the first half of 2025, marking the beginning of a new era for state-managed offshore wind development. The average annual installed capacity for offshore wind during the 14th Five-Year Plan period is projected to exceed 20GW, significantly surpassing the previous plan's levels. Onshore wind installations are anticipated to reach a historical high of 100GW in 2025, with component manufacturers experiencing simultaneous volume and price increases, leading to substantial annual performance growth. The domestic manufacturing profitability of main engine companies is expected to recover in the third quarter as orders are delivered following price increases, and the export of Chinese wind turbines is gaining momentum, with new orders expected to maintain high growth in 2025-2026, providing further profit elasticity [4][5]. Summary by Sections Industry News - Recent performance in the wind power sector has shown a divergence, with the top three performing segments being bearings (+12.1%), blades (+6.8%), and submarine cables (+2.0%). The top three individual stocks over the past two weeks include Changsheng Bearings (+37.5%), Zhongcai Technology (+14.9%), and Wuzhou Xinchun (+9.8%) [3]. Market Data - As of 2025, the cumulative public bidding capacity for wind turbines nationwide is 43.7GW (-13%), with onshore wind turbine bidding capacity at 40.1GW (-12%) and offshore wind turbine capacity at 3.7GW (-18%). The average winning bid price for onshore wind turbines (excluding towers) in 2025 is 1,531 CNY/kW. In 2024, the total public bidding capacity is projected to be 107.4GW (+61%) [7][8]. Investment Recommendations - Three key areas for investment focus are suggested: 1) Leading companies in export layouts for pile foundations and submarine cables; 2) Domestic main engine leaders with bottoming profits and accelerating exports; 3) Component manufacturers with opportunities for simultaneous volume and profit growth in 2025. Recommended companies include Goldwind Technology, Oriental Cable, Guangda Special Materials, Zhongji United, Dajin Heavy Industry, Riyue Co., Times New Materials, Hewei Electric, and Jinlei Co. [5]