明阳智能德国海风订单取消，组件企业海外毛利率下降

Investment Rating - The report maintains an "Outperform" rating for the industry [1] Core Insights - The report highlights the cancellation of Mingyang Smart's offshore wind order in Germany, indicating challenges for Chinese wind turbine manufacturers in entering the German market, while still suggesting potential opportunities in other European countries like the UK [5][10][35] - The profitability of leading solar module companies in overseas markets has significantly declined, with JinkoSolar's overseas gross margin dropping from 13.46% to -2.42%, Trina Solar from 17.65% to 3.32%, and LONGi Green Energy from 14.43% to 4.77% [5][38] - The report discusses the competitive landscape in the energy storage sector, noting a recent tender for a large-scale storage system in Inner Mongolia with a bid price range of 0.393 to 0.399 RMB/Wh, indicating a downward trend in pricing [6] Summary by Sections Wind Power - Mingyang Smart has canceled its participation in the Waterkant offshore wind project in Germany, which reflects the difficulties faced by Chinese companies in the German offshore wind market [5][10] - The wind power index increased by 2.06% during the week, underperforming the CSI 300 index by 0.65 percentage points, with a current overall PE ratio of 22.28 [12][18] - The report notes that domestic demand for wind power remains strong, which is expected to improve the overall supply-demand situation and restore profitability for companies in the sector [5][6] Solar Power - Leading solar module companies have reported a significant decline in overseas business profitability, primarily due to trade barriers imposed by the U.S. on Southeast Asian countries [5][38] - The report suggests that the profitability of these companies may have reached a bottom, with potential for recovery as excess capacity is gradually eliminated [5] Energy Storage & Hydrogen - A recent tender for a 5.2GWh energy storage system in Inner Mongolia saw competitive bidding, with prices further declining, indicating a shift towards market-driven pricing in the energy storage sector [6] - The report emphasizes the importance of integrated system solutions for energy storage projects, highlighting the need for a focus on lifecycle costs rather than just initial purchase prices [6] Investment Recommendations - For wind power, the report recommends focusing on domestic demand growth, profitability recovery, and opportunities in offshore wind exports, suggesting companies like Mingyang Smart and Goldwind [5][6] - In solar power, it advises monitoring structural opportunities within the industry, with recommended stocks including Dier Laser and LONGi Green Energy [5] - In energy storage, it highlights opportunities in non-U.S. markets and suggests companies like Sungrow Power and Deye Technology [6]