御风系列：重视风机25H2盈利拐点

Investment Rating - The report maintains a "Positive" investment rating for the wind turbine segment within the wind power industry [9]. Core Insights - The wind turbine segment is identified as a high-value area within the wind power industry, which has historically faced low profitability due to intense competition. However, it is anticipated that profitability will improve in the second half of the year as turbine prices have bottomed out [2][4]. - The report highlights that the recovery in profitability is expected due to concentrated delivery of price-increased orders and a stabilization in turbine size, which will allow manufacturers to enhance cost efficiency [5][6]. Summary by Sections Section 1: Profitability Recovery - The wind turbine segment is projected to experience a profitability recovery in the second half of the year, primarily due to the concentration of price-increased orders for delivery. The average bid price for land-based wind turbines (excluding towers) is expected to rise to approximately 1588 RMB/KW in the second half of 2024, reflecting a 7% increase compared to the first half [5][6]. - The trend of increasing turbine size has stabilized, with the maximum power segment for land-based turbines remaining around 10MW, consistent with 2024 levels. The proportion of turbines with a capacity of 6MW and above is approximately 84.1% [5][17]. Section 2: Market Dynamics - The wind turbine segment may benefit from a reduction in internal competition, as the primary purchasers are state-owned enterprises. The top ten bidders for wind turbines in 2024 include major state-owned companies, which collectively hold significant market share [6][24]. - Changes in bidding rules by state-owned enterprises, such as China Power Investment Corporation, which will no longer award contracts based solely on the lowest bid, are expected to support a recovery in turbine prices. The average bid price for land-based turbines has stabilized at around 1500 RMB/KW [6][29]. Section 3: Investment Recommendations - The report recommends focusing on leading wind turbine manufacturers, as the stabilization of bid prices and the delivery of previously increased-price orders are expected to lead to a sustained recovery in gross margins. Additionally, the acceleration of offshore wind projects is anticipated to lay a foundation for 10GW of installations in 2025 [7][33].