Investment Rating - The report maintains an "Overweight" rating for the wind power support infrastructure within the electric equipment and new energy industry [2] Core Insights - The wind power sector is becoming a crucial part of China's electricity supply structure, with significant optimization in wind power support structures and a shift towards mixed steel-concrete towers [5][33] - The domestic wind power market is expected to grow, with a projected cumulative installed capacity of approximately 520.7 GW by the end of 2024, marking an 18% year-on-year increase [55] - The report highlights the global wind power industry maintaining a high level of prosperity, with substantial growth potential in installed capacity [64] Summary by Sections 1. Wind Power as a Key Component of China's Energy Supply - Wind power support structures are continuously optimized, with a notable shift from traditional steel towers to mixed steel-concrete towers, which are gaining market acceptance [5][33] - The average cost of onshore wind power in China has significantly decreased, with a 67% reduction since 2017, making it more competitive compared to coal [14] - The average installed capacity of onshore wind turbines in China is projected to reach 5.89 MW by 2024, reflecting a 9.6% year-on-year increase [21] 2. Global Wind Power Industry Outlook - The global wind power installed capacity is expected to grow from 1,136 GW in 2024 to 2,118 GW by 2030, indicating a compound annual growth rate of 10.9% [68] - The report notes that the global wind power market is driven by energy security and carbon reduction goals, with significant policy support from the EU [64] 3. Investment Strategies and Key Companies - The report suggests focusing on leading companies in the wind power support infrastructure sector, such as 大金重工 (Dajin Heavy Industry), 泰胜风能 (Taisheng Wind Power), and 海力风电 (Haili Wind Power) [5][42] - The report emphasizes the importance of companies that can benefit from the booming global wind power market, particularly those with strong manufacturing capabilities and established reputations in Europe [5][41]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company is expected to see an increase in wind turbine profitability in the second half of 2024, with a rise in bidding prices since Q4 2024 [4] - The company achieved a revenue of 56.699 billion yuan in 2024, a year-on-year increase of 12.37%, and a net profit of 1.86 billion yuan, up 39.78% year-on-year [1][5] - The average price of wind turbines is stabilizing and slightly recovering, with a sales revenue of 38.921 billion yuan from wind turbines and components, representing 68.65% of total revenue [2] Financial Performance - In Q4 2024, the company reported a revenue of 20.86 billion yuan, a year-on-year decrease of 1.32%, but a quarter-on-quarter increase of 33.4% [1] - The gross margin for 2024 was 13.8%, down 3.34 percentage points year-on-year, while the net margin was 3.27%, up 0.25 percentage points year-on-year [1] - The company’s overseas sales revenue reached 12 billion yuan in 2024, a year-on-year increase of 53.1%, with an overseas sales gross margin of 14%, significantly higher than the domestic margin [2] Market Trends - The average unit price of wind turbines in 2024 was approximately 2425 yuan/KW, an increase of 33 yuan/KW year-on-year [2] - The company’s order backlog is robust, with a total of 47.40 GW of orders on hand, a year-on-year increase of 55.93% [3] - Wind turbine prices have been on the rise since September 2024, with expectations for continued improvement in bidding prices into 2025 [4] Profit Forecast - The company is projected to achieve net profits of 2.478 billion yuan, 3.370 billion yuan, and 4.162 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 15.2, 11.1, and 9.0 [4][5]