2026-01-15 01:06Investment Rating - The report suggests a positive outlook for the wind power industry, indicating a comprehensive improvement in profitability across the supply chain by 2026 [5]. Core Insights - The report identifies three major trends that are expected to drive a more comprehensive improvement in profitability within the Chinese wind power supply chain in 2026: 1. Domestic onshore wind turbines are anticipated to show significant profitability rebound elasticity, benefiting from improved industry demand. 2. Export profitability and order elasticity are expected to expand across the industry. 3. Domestic offshore wind power is poised for significant potential during the "14th Five-Year Plan" period [24][22]. Summary by Sections Section 1: Outlook for Domestic and Overseas Wind Power Demand in 2026 - The domestic wind power installation is projected to reach 130-140 GW in 2026, with offshore wind contributing 10-12 GW. This growth is expected despite a high base in 2025, primarily driven by onshore wind demand [11][10]. Section 2: Three Major Trends Driving Profitability Improvement - The report outlines three trends that will enhance profitability in the wind power supply chain: 1. Onshore wind turbines are expected to experience a notable rebound in profitability, with component manufacturers also benefiting from favorable industry demand [24]. 2. The acceleration of exports is anticipated to broaden profitability and order elasticity across the industry [40]. 3. The domestic offshore wind sector is expected to have significant potential, particularly during the "14th Five-Year Plan" [24]. Section 3: Profitability Trends in Onshore Wind Turbines - The average price of domestic onshore wind turbines has shown a positive recovery trend, with an increase of approximately 8-10% in the average bidding price from 2024 to 2025 [27][31]. - The report indicates that the recovery in turbine prices is expected to continue, driven by a more stable competitive landscape and a focus on overseas markets by leading manufacturers [31]. Section 4: Export Growth and Market Expansion - Chinese wind turbine exports are accelerating, with new orders exceeding 20 GW in 2024, significantly higher than historical levels. The report forecasts continued growth in export orders through 2025 [42][41]. - The report highlights that the European market presents a substantial opportunity for Chinese manufacturers, with expectations of significant breakthroughs in the coming years [46]. Section 5: Offshore Wind Power Development - The report notes that while the offshore wind sector in Europe is experiencing challenges, government responses are being implemented to address these issues, indicating potential for future growth [49].