Investment Rating - The report maintains a "Positive" investment rating for the industry [3]. Core Viewpoints - The overseas wind power market is experiencing a recovery, with most companies reporting revenue growth and improved profitability in Q1 2025. The report highlights the optimistic outlook for the wind power industry, particularly in the areas of wind turbines, submarine cables, and pipe piles [11][94]. Summary by Sections Wind Turbines - Most companies in the wind turbine segment reported year-on-year revenue growth and improved profitability in Q1 2025. Vestas, Nordex, and Siemens Energy achieved revenues of €3.5 billion, €1.4 billion, and €10 billion respectively, with year-on-year growth rates of 29%, -9%, and 20% [17][15]. - Vestas' wind turbine revenue reached €2.5 billion, up 43% year-on-year, while Siemens Energy's wind turbine revenue increased by 17% to €2.7 billion. The increase in revenue is attributed to higher shipment volumes and prices [15][18]. - The order book for wind turbines remains at historical highs, with Vestas, Nordex, and Siemens Energy reporting backlogs of €32.9 billion, €8.2 billion, and €36 billion respectively [28][30]. Submarine Cables - Submarine cable companies reported revenue growth, with Prysmian, Nexans, and NKT achieving revenues of €4.77 billion, €1.82 billion, and €630 million respectively, reflecting year-on-year growth rates of 29.4%, 7.3%, and 17.5% [46]. - The EBITDA for Prysmian's submarine cable business reached €120 million, up 100% year-on-year, indicating strong project deliveries and high-value order execution [47][46]. - The order book for submarine cables is robust, with Prysmian, Nexans, and NKT reporting backlogs of €16.3 billion, €8.1 billion, and €14.2 billion respectively, indicating high demand in the market [61][62]. Pipe Piles - Sif, a leading pipe pile manufacturer, reported a revenue increase of 24% year-on-year, reaching €13 million in Q1 2025, driven by higher product prices despite a decrease in shipment volume [73][72]. - The company’s EBITDA was approximately €1 million, with an EBITDA margin of 7%, slightly down from the previous year [73][76]. - Sif's order book increased to approximately 46,500 tons, with contract liabilities reaching €18.5 million, the highest since 2019, indicating a solid foundation for future deliveries [87][88]. Investment Recommendations - The report suggests that the overseas wind turbine, submarine cable, and pipe pile sectors are poised for growth, particularly as submarine cable companies report increased order books. The overall market conditions are favorable for domestic industry leaders to expand their presence in overseas markets [94].

Investment Rating - The report maintains a "Positive" investment rating for the industry [5]. Core Viewpoints - The overseas wind power market is experiencing a recovery, with most companies reporting revenue growth and improved profitability in Q1 2025. The report highlights the optimistic outlook for the wind power sector, particularly in the offshore wind segment [15][19][55]. Summary by Sections 1. Wind Turbines - Most companies in the wind turbine segment reported revenue growth in Q1 2025, with Vestas, Nordex, and Siemens Energy achieving revenues of €3.5 billion, €1.4 billion, and €10 billion respectively, reflecting year-on-year changes of +29%, -9%, and +20% [24]. - Vestas' wind turbine business revenue reached €2.5 billion, up 43% year-on-year, while Siemens Energy's increased by 17% to €2.7 billion, driven by higher sales of offshore wind turbines [24][38]. - New orders varied among companies, with Vestas and Nordex seeing increases of 77% and 7% respectively, while Siemens Energy's new orders declined by 1% [40]. - The backlog of orders for Vestas, Nordex, and Siemens Energy stood at €32.9 billion, €8.2 billion, and €36 billion respectively, indicating a strong demand in the market [40]. 2. Submarine Cables - Submarine cable companies reported revenue growth, with Prysmian, Nexans, and NKT achieving revenues of €4.77 billion, €1.82 billion, and €630 million respectively, reflecting year-on-year increases of 29.4%, 7.3%, and 17.5% [61]. - The EBITDA for Prysmian's submarine cable business was €120 million, up 100% year-on-year, while NKT's EBITDA was €60 million, reflecting a 9.6% increase [62]. - The backlog of orders for submarine cable companies reached historical highs, with Prysmian, Nexans, and NKT reporting €16.3 billion, €8.1 billion, and €14.2 billion respectively [76]. 3. Piles - Sif, a major player in the pile segment, reported a revenue increase of 24% year-on-year to €13 million, despite a 7.1% decline in production volume [89]. - The EBITDA for Sif was approximately €1 million, with an EBITDA margin of 7%, slightly down from the previous year [89]. - As of March 31, 2025, Sif's backlog of orders was approximately 46,500 tons, an increase of about 2,000 tons from the previous year, indicating a solid pipeline for future deliveries [101]. 4. Investment Recommendations - The report suggests that the overall growth in revenue and orders across the wind turbine, submarine cable, and pile sectors reflects a recovery in the offshore wind market. It recommends focusing on leading domestic companies in the submarine cable and pile segments for potential investment opportunities [110].