风电设备行业深度研究：海风观察系列报告之五：欧洲海上风电再加速，我国海风厂商迎出口机遇

Investment Rating - The report maintains a "Recommended" rating for the wind power equipment industry [1]. Core Insights - The report addresses key issues including the current development status of offshore wind power in Europe, the reasons for the three-year downturn, policy logic behind the development, and the inevitable market space for China's offshore wind industry to export to Europe [13]. - European offshore wind demand is expected to quadruple, driven by the goals of "net-zero emissions" and "energy independence" [27][32]. - The next decade is critical for Europe's energy transition and independence, with an expected cumulative addition of 126GW of offshore wind capacity from 2025 to 2034, which is over four times the average annual installation from 2020 to 2024 [32][36]. Summary by Sections 1. Offshore Wind Power Market Importance - Europe is the second-largest offshore wind market globally, with a cumulative installed capacity of 36.73GW as of the end of 2024, accounting for approximately 44% of the global total [14][22]. - The average annual installation from 2020 to 2024 was 3.03GW, showing significant acceleration [15][29]. 2. Supporting Energy Independence - The EU has set ambitious offshore wind development targets, aiming for over 160GW by 2030, with a focus on reducing reliance on natural gas imports [38]. - The dependency on natural gas imports is projected to be 51% in 2024, highlighting the urgency for offshore wind development [21]. 3. Recent Trends and Challenges - The offshore wind sector in Europe faced a downturn from 2022 to 2024 due to macroeconomic factors, leading to project delays and cancellations [20][36]. - However, improvements in the macro environment and policy support are expected to drive a resurgence in offshore wind development [36]. 4. Cost Reduction and Policy Synergy - The report indicates that macroeconomic factors are easing, and large-scale projects are helping to reduce costs, which will further accelerate offshore wind development in Europe [36][38]. 5. Supply Chain Bottlenecks and Opportunities for Chinese Manufacturers - European supply chain constraints are becoming apparent, with local manufacturers facing order backlogs, creating opportunities for Chinese companies to fill the gap [5][36]. - The report emphasizes the complementary advantages between China and Europe in the offshore wind supply chain [4][36]. 6. Key Companies and Profit Forecasts - The report highlights several key companies in the offshore wind sector, including 大金重工 (Dajin Heavy Industry), 东方电缆 (Oriental Cable), and 明阳智能 (Mingyang Smart Energy), among others, with varying investment ratings and profit forecasts [5][6].