Investment Rating - The investment rating for the electric equipment and new energy industry is "Outperform the Market" (maintained) [1] Core Insights - Goldwind Technology is rapidly expanding its overseas business, achieving a revenue of 7.19 billion yuan from January to May, representing a 96% year-on-year increase, and a net profit of 933 million yuan, up 182% year-on-year [1][6] - A joint venture has been established by Dayun Co., Dongfang Cable, and Zhejiang Energy Group to create the Zhejiang Offshore Wind Equipment Base [1] - The construction of the Yangjiang Sanshan Island offshore wind flexible DC transmission project has commenced, marking steady progress in the offshore wind cluster in Guangdong [1] Summary by Sections Wind Turbine Exports - Emerging markets in Asia, Africa, and Latin America are experiencing rapid growth in wind power demand, with seven domestic wind turbine companies securing international orders in 2024, including Goldwind with over 7.7 GW of orders [3][5] Offshore Wind Power - The Zhejiang deep-sea equipment industry chain is gradually taking shape, with Dayun Co. planning to invest 60 million yuan in a joint venture to establish the Zhejiang Ningbo Offshore Wind Mother Port Equipment Development Co., responsible for the construction of the offshore wind mother port project [7][8] - The Yangjiang Sanshan Island project includes a ±500 kV offshore converter station and aims to deliver 2 GW of green electricity to the Guangdong-Hong Kong-Macao Greater Bay Area [9][10]