2025风能展总结：十五五风电景气新周期愈发明确

Investment Rating - The industry investment rating is "Positive" and maintained [7] Core Viewpoints - The 2025 Beijing International Wind Energy Conference and Exhibition concluded, and the "Beijing Wind Energy Declaration 2.0" was officially released, indicating a clearer new cycle of wind power prosperity during the 14th Five-Year Plan [2][4] - There is a significant increase in industry attention towards wind power, with optimistic demand forecasts for the future [11] - Domestic wind power installation capacity is expected to more than double compared to the previous five-year plan, with annual new installations not less than 120GW during the 14th Five-Year Plan [11] - The cumulative installed capacity of wind power in China is projected to reach 1300GW by 2030 and 2000GW by 2035, with a long-term goal of 5000GW by 2060 [11] - The overseas market is experiencing high demand, with domestic wind turbine companies increasing their international presence and export volumes expected to grow significantly [11] - The average annual new installation capacity for offshore wind power is anticipated to exceed 10GW in regions outside the mainland by 2026 [11] - The gross profit margin for wind turbines is expected to recover by 2026, with component profitability remaining high [11] Summary by Sections Event Description - The 2025 Beijing International Wind Energy Conference and Exhibition concluded, and the "Beijing Wind Energy Declaration 2.0" was officially released [4] Market Performance - The report highlights a significant increase in the attention towards wind energy and optimistic demand forecasts for the future [11] Domestic Demand - The annual new installed capacity of wind power is expected to be no less than 120GW during the 14th Five-Year Plan, with a doubling of capacity compared to the previous plan [11] Overseas Expansion - Domestic wind turbine companies are accelerating their international expansion, with exports expected to grow by 42% in 2024 compared to 2023 [11] Price & Profitability - The gross profit margin for wind turbines is expected to recover significantly by 2026, contributing to the profitability of turbine manufacturers [11] Future Outlook - The report emphasizes the importance of the upward trend in the fundamentals and the new cycle of wind power prosperity during the 14th Five-Year Plan, recommending investment in key segments such as submarine cables, piles, and leading turbine manufacturers [11]