行业周报：风机企业盈利水平上行，国内大储利用率改善-20250908

Investment Rating - The report maintains an "Outperform" rating for the wind power sector, indicating a positive outlook for investment opportunities in this industry [2]. Core Insights - Wind turbine companies are entering a period of rising profitability, with significant improvements in gross margins reported by major players such as Goldwind and Envision [6][11]. - The photovoltaic sector is seeing an expansion of competitive advantages among leading companies, particularly in the BC battery segment, with substantial growth in production capacity expected [6][11]. - The energy storage and hydrogen sectors are experiencing growth in installed capacity and improved utilization rates, indicating strong future demand [7][11]. Summary by Sections Wind Power - Wind turbine companies have reported a recovery in profitability, with Goldwind's gross margin increasing by 4.22 percentage points to 7.97% and Envision's margin rising by 2.15 percentage points to 7.27% [6][11]. - The wind power index increased by 5.48% in the week of September 1-5, outperforming the CSI 300 index by 6.29 percentage points, with a current P/E ratio of 24.1 [5][12]. - The outlook for wind power remains positive, with expectations for stable bidding prices and increased contributions from emerging businesses such as hydrogen and ammonia [6][11]. Photovoltaics - Leading companies in the photovoltaic sector, such as Longi Green Energy, are expected to expand their competitive advantages, with significant increases in production capacity for high-efficiency products [6][11]. - The report highlights a strong growth trajectory for BC battery components, with Longi's HPBC2.0 product shipments reaching approximately 4GW [6][11]. Energy Storage & Hydrogen - In the first half of 2025, the total installed capacity for energy storage reached 13.66GW, with a year-on-year growth of 32% [7]. - The average utilization rate for energy storage systems improved to 48%, reflecting a 6 percentage point increase year-on-year [7]. - The report indicates strong future demand for energy storage, supported by favorable government policies and significant growth in tendering activity [7]. Investment Recommendations - The report suggests focusing on investment opportunities in the wind power sector, particularly in offshore wind and emerging technologies [7]. - For photovoltaics, attention is drawn to structural opportunities within the BC segment, with recommended stocks including Aiko Solar and Longi Green Energy [7]. - In the energy storage sector, companies with strong global competitiveness and low valuations, such as Sungrow Power Supply, are highlighted as potential investment targets [7].