Guoxin Securities·2025-10-06 07:27Investment Rating - The investment rating for the wind power industry is "Outperform the Market" (maintained rating) [1] Core Viewpoints - The offshore wind sector is expected to see significant project launches in Jiangsu and Guangdong in the first half of 2025, marking the beginning of a new era for national offshore wind development. The average annual installed capacity for offshore wind during the 14th Five-Year Plan period is projected to exceed 20GW, significantly surpassing the previous plan's levels. The onshore wind sector is anticipated to reach a historical high of 100GW in installed capacity in 2025, with component manufacturers experiencing simultaneous increases in volume and price, leading to substantial annual performance growth. The domestic manufacturing profitability for main engine companies is expected to recover in the third quarter as orders are delivered following price increases, providing profit elasticity through new orders from 2025 to 2026 [4][5]. Summary by Sections Industry News - The wind power sector has generally risen over the past two weeks, with the top three performing segments being complete machines (+15.1%), towers (+13.4%), and submarine cables (+10.2%). The top three individual stocks in terms of growth are Mingyang Smart Energy (+26.3%), Dongfang Cable (+22.7%), and Xinqianglian (+22.7%) [3]. Industry Data - As of August 2025, China's newly installed wind power capacity reached 4.17GW, a year-on-year increase of 13%. The cumulative installed capacity reached 579.01GW, accounting for 15.7% of total power generation capacity. The average bidding price for onshore wind turbines (excluding towers) in 2025 is 1,533 CNY/kW [7][39]. Investment Suggestions - Three main investment directions are recommended: 1) Leading companies in export layouts for pipe piles and submarine cables; 2) Domestic complete machine leaders with bottoming profits and accelerating exports; 3) Component manufacturers with opportunities for simultaneous volume and profit growth in 2025. Suggested companies include Goldwind Technology, Dongfang Cable, Guoda Special Materials, Zhongji United, Dajin Heavy Industry, Riyue Co., Times New Materials, Hewei Electric, and Jinlei Co. [5]