Guoxin Securities·2025-12-18 12:53Core Insights - The wind power industry is expected to experience a synchronous recovery in both domestic and international markets, driven by changes in demand and industry dynamics, creating new investment opportunities [1] - The report maintains an "outperform" rating for the wind power sector, indicating a positive outlook for investment [1] Group 1: Industry Review - Since 2021, China's onshore wind power has entered a parity era, with rapid cost reductions achieved through large-scale and technological advancements, leading to continuous installation exceeding expectations [3] - The competition within the main engine segment has significantly compressed the profitability of the industry chain, resulting in a situation where growth in volume does not equate to growth in profit [3] - The price of the onshore wind industry chain has been recovering since the second half of 2024, with profitability expected to improve in 2025 as shipment volumes increase [3][4] Group 2: Onshore Wind Power Outlook - For 2026, it is anticipated that new onshore installations in China will reach 120 GW, a year-on-year increase of 10%, setting a new historical high [4] - The industry chain prices are expected to have solid support, leading to significant recovery in main engine profits, with component segments showing notable operational leverage [4] - The CAGR for new onshore installations in emerging markets is projected to be 17% from 2024 to 2030, with domestic manufacturers expected to see substantial growth in export profits [4] Group 3: Offshore Wind Power Outlook - The report forecasts that new offshore installations in China will rise to a range of 11-15 GW in 2026, representing a year-on-year increase of over 40% [5] - The national offshore wind project development is expected to commence in 2026, with a total of 70-100 GW of new offshore installations projected during the 14th Five-Year Plan period [5] - The global offshore wind market is anticipated to see steady growth in orders and construction demand, particularly in Europe, where supply constraints for cables and piles are expected [5] Group 4: Investment Recommendations - The report suggests focusing on key players in the main engine segment such as Goldwind Technology, Yunda Co., and Sany Renewable Energy, while component manufacturers like Delijia and Jinlei Co. are also highlighted [6] - In the offshore wind sector, companies such as Dajin Heavy Industry, Haili Wind Power, and Oriental Cable are recommended for investment consideration [6]