ZHESHANG SECURITIES·2025-09-19 11:04Investment Rating - The industry investment rating is "Positive" (maintained) [7] Core Viewpoints - The offshore wind sector is expected to reach its peak in Q3, driven by optimistic domestic and international market conditions. Global offshore wind auction capacity is projected to reach 56.3GW in 2024, with an additional 100GW expected in the next two years. In China, the acceleration of offshore wind project construction since Q2 is anticipated to lead to a short-term performance realization in Q3 [1][2] - The profitability of components is expected to be strong due to the trend of larger wind turbines and expansion into overseas markets. The domestic wind turbine market is experiencing a shift towards larger models, leading to a temporary shortage of large components and increased bargaining power, resulting in excess profits in the component sector [2] - The turbine manufacturers are focusing on profit recovery and international expansion. Many turbine companies are entering a profit recovery phase, with improved cost structures and increased market demand. The price of wind turbines is expected to rise further, driven by a focus on quality and lifecycle economics [3][4] Summary by Sections Offshore Wind Market - The global offshore wind auction capacity is projected to reach 56.3GW in 2024, with an additional 100GW expected in the next two years. European countries are accelerating offshore wind projects, with significant increases in the number of grid-connected projects starting from 2026 [1] - In China, the acceleration of offshore wind project construction since Q2 is expected to lead to a performance realization in Q3, supported by policies promoting the "marine economy" and the advancement of deep-sea demonstration projects [1] Components Sector - The trend towards larger wind turbines is creating a temporary shortage of large components, enhancing the bargaining power of component manufacturers and leading to excess profits [2] - Domestic leading companies in the component sector are actively expanding into overseas markets, with significant increases in overseas orders expected to contribute to performance growth [2] Turbine Manufacturers - Turbine manufacturers are focusing on profit recovery through improved cost structures and increased market demand. The price of wind turbines is expected to rise further, driven by a focus on quality and lifecycle economics [3] - In 2024, domestic wind turbine exports are projected to reach 5.19GW, with cumulative exports expected to reach 20.79GW by the end of 2024. Companies like Goldwind and Mingyang Smart Energy are achieving breakthroughs in overseas markets [4] Investment Recommendations - Recommended companies for investment include: - Offshore wind infrastructure and towers: Dajin Heavy Industry, Haili Wind Power, and Tiensun Wind Energy - Submarine cables: Dongfang Cable, Zhongtian Technology, and Hengtong Optic-Electric - Castings and forgings: Jinlei Co., Riyue Co., and Guangda Special Materials - Turbine manufacturers: Goldwind, Yunda Co., Mingyang Smart Energy, and Sany Heavy Energy [5]