风电行业2023&2024Q1业绩总结报告：23年风电板块营收转增，24Q1海风板块盈利显韧性

Investment Rating - The report maintains a "Recommended" rating for the wind power industry, expecting it to outperform the benchmark index by over 5% in the next 3-6 months [31]. Core Insights - The wind power sector experienced a significant recovery in 2023, with a total installed capacity of 75.9 GW, representing a year-on-year increase of 101.7%. The forecast for 2024 anticipates an additional 83 GW of new installations, with offshore wind expected to grow by 46.4% [8][12]. - The report highlights that the revenue for the wind power sector in 2023 reached CNY 402.24 billion, up 8.2% year-on-year, while the net profit attributable to shareholders was CNY 19.9 billion, down 17.2% [14][18]. - The report identifies a notable increase in bidding volumes for wind projects, with 2023 seeing a total of 86.3 GW, although this was a decrease of 12.4% compared to the previous year. The first quarter of 2024 recorded 23.3 GW in bidding, indicating a potential for high growth in 2024 [9][12]. Summary by Sections Industry Overview - The wind power industry is projected to continue its upward trend in both installations and bidding activities, with expectations of 83 GW of new installations in 2024, a year-on-year increase of 8.7% [8][12]. - The report notes that the offshore wind segment is particularly robust, with significant project approvals in regions like Guangdong, Zhejiang, and Fujian [21]. Company Performance - The report analyzes 33 representative companies in the wind power sector, categorizing them into eight sub-sectors, including turbines, offshore cables, and towers. It notes that while revenue has rebounded, overall profitability remains under pressure [12][14]. - Specific companies highlighted for their performance include Oriental Cable and Times New Material, both receiving a "Recommended" rating based on their expected growth and profitability [13][21]. Financial Metrics - The report provides detailed financial metrics, indicating that the gross profit margin for the wind power sector was 16% in 2023, slightly down from the previous year, while the net profit margin was 5.2% [19]. - For the first quarter of 2024, the gross profit margin improved to 16.9%, but the net profit margin decreased to 5.6%, reflecting ongoing challenges in profitability across various segments [19][21].