2026年风电国内外景气共振，需求格局迎新机遇！

Core Viewpoint - The wind power industry in China is expected to experience significant growth in both onshore and offshore segments, driven by strong domestic demand and increasing overseas orders, particularly in 2026 [5][7]. Group 1: Wind Power Capacity and Trends - In the first ten months of 2025, the newly approved onshore wind power capacity in China reached 113.5 GW, a 74% increase compared to the same period last year, while offshore wind power added 8.1 GW [2]. - The outlook for 2026 indicates that onshore wind power installations are likely to hit new highs, with offshore wind power also maintaining rapid growth, supported by both domestic and international markets [5]. Group 2: Wind Turbine Sector - The wind turbine sector is expected to see a growth rate of 10% annually for domestic onshore turbines and 16% for overseas onshore turbines from 2024 to 2028, with offshore turbine growth rates projected at 20% and 24% respectively [6]. - By 2028, the market value for domestic onshore turbines is anticipated to reach 1,775 billion, while offshore turbines could reach 352 billion [6]. - Profitability for domestic onshore turbines is expected to grow at an average rate of 45% annually, with 2026 being a key growth year [6]. Group 3: Pile Industry - The offshore wind power pile industry is poised for significant opportunities in overseas markets, with domestic leading companies increasing their market share through large-scale production and comprehensive service offerings [12]. - The value of offshore wind power piles is expected to remain stable over the next three years, despite cost reductions from larger equipment and increased value from deep-sea developments [9]. Group 4: Submarine Cable Sector - The offshore wind power submarine cable industry is entering a golden development period, driven by global energy transition and increasing demand [14]. - Domestic submarine cable companies are expected to see a compound annual growth rate (CAGR) of 42% from 2024 to 2028, with market value projected to reach 57 billion by 2028 [14]. - The domestic market for submarine cables is expected to grow at an average rate of 33.19% annually from 2022 to 2025, supported by technological advancements and reduced reliance on imports [16]. Group 5: Key Focus Companies - In the wind turbine sector, Mingyang Smart Energy is highlighted with a market value of 31.322 billion and a PE ratio of 30.50, focusing on offshore and overseas strategies [20]. - In the pile sector, Tianshun Wind Energy has a market value of 11.99 billion and a PE ratio of approximately 173, benefiting from higher profit margins on overseas orders [20]. - In the submarine cable sector, Hengtong Optic-Electric has a market value of 58.61 billion and a PE ratio of 20.71, positioned to benefit from both offshore wind installations and AI-driven demand for optical modules [21].