Changjiang Securities·2025-10-19 14:56Investment Rating - The report maintains a "Positive" investment rating for the wind power industry [15]. Core Insights - The offshore wind installation is expected to experience explosive growth by 2026, coupled with tight local supply, creating opportunities for domestic wind power companies to expand internationally. Domestic companies have already begun to realize overseas performance, which is anticipated to continue to release growth potential [7][25]. - Recent financial disclosures from overseas companies indicate a strong investment willingness from power operators, with capital expenditures continuing to expand and offshore wind projects at historical highs in terms of construction and Final Investment Decision (FID) scale [4][11]. Summary by Sections Introduction - The report emphasizes the anticipated explosive growth in offshore wind installations and the tight supply situation, which provides a broad space for domestic companies to venture abroad. It also highlights the recent performance of overseas wind power companies [7][25]. Wind Turbines: Mixed Performance with Abundant Orders - In Q2 2025, major turbine manufacturers showed varied performance. Vestas reported a revenue increase of 14% year-on-year, while Nordex and Siemens Energy saw declines in revenue but improvements in profitability. The order backlog for these companies is robust, with Vestas and Nordex having orders equivalent to 2.3 and 1.4 times their 2024 revenue, respectively [8][26][37]. Submarine Cables: Revenue and Profit Growth with Historical High Orders - Submarine cable companies reported revenue growth in Q2 2025, with Prysmian, Nexans, and NKT achieving year-on-year increases of 15.8%, 5.2%, and 19.5%, respectively. Their order backlogs are at historical highs, with Prysmian's backlog being 6.4 times its 2024 revenue [9][44][55]. Piles: Temporary Profit Pressure with Record Order Scale - Sif, a major player in the pile segment, reported a 2% increase in revenue for Q2 2025, despite a decline in production volume. The company’s order backlog reached approximately 625,000 tons, indicating strong future delivery potential [10][63][75]. Operators: Expanding Capital Expenditures with High Construction and FID Scale - Key operators Ørsted, RWE, and Vattenfall reported significant revenue growth in their offshore wind segments, with Ørsted's capital expenditures at historical highs. Their projects under construction and FID are also at record levels, indicating a strong commitment to offshore wind development [11][78][97]. Contractors: Accelerating Business Growth with Record High Orders - Cadeler, a contractor in the offshore wind sector, reported a remarkable 269% increase in revenue for Q2 2025, driven by growth in vessel leasing and installation services. The company’s order backlog reached approximately €2.492 billion, marking a historical high [12][106][110].