Huachuang Securities·2025-09-17 15:18Investment Rating - The report maintains a "Buy" rating for the wind power industry, indicating a high level of optimism regarding its continued growth and profitability improvement [2]. Core Insights - The wind power industry is experiencing sustained high demand, with significant increases in installed capacity and profitability. In the first half of 2025, new wind power installations reached 51.4 GW, a year-on-year increase of 98.9% [9][22]. - The average bidding prices for onshore wind projects have started to recover, while offshore wind prices have stabilized. The average bidding price for onshore wind in Q1 and Q2 of 2025 was 1459 and 1543 CNY/kW, respectively, showing a quarter-on-quarter increase [15][22]. - The wind power sector's revenue and net profit have shown continuous growth, with total revenue of 2298.1 billion CNY in the first half of 2025, up 24.27% year-on-year, and a net profit of 126.9 billion CNY, up 15.01% year-on-year [24][30]. - Inventory and contract liabilities in the sector have reached their highest levels in five years, indicating a positive outlook for continued industry growth [30][38]. Summary by Sections Industry Overview - The wind power industry is witnessing a robust increase in installed capacity, with both onshore and offshore installations contributing significantly to growth [9][22]. - The bidding volume for wind turbines has increased, with a total of 71.9 GW of bids in the first half of 2025, reflecting strong market demand [9][22]. Financial Performance - The wind power sector's core companies achieved a revenue of 1364.4 billion CNY in Q2 2025, a 26.84% increase year-on-year and a 46.11% increase quarter-on-quarter [24][30]. - The net profit for the sector in Q2 2025 was 77.8 billion CNY, representing a year-on-year increase of 17.1% and a quarter-on-quarter increase of 57.99% [24][30]. Company Analysis - Key companies in the wind power sector, such as Dongfang Cable and Zhongtian Technology, are projected to see significant earnings growth, with EPS estimates for 2025 at 2.29 CNY and 1.04 CNY, respectively [3][22]. - The report highlights specific investment opportunities in companies benefiting from the offshore wind demand and improving profitability in the component supply chain [30][38].