电力设备及新能源 2025 年 11 月 24 日 行业周报 漂浮式海风企业扩产能，欧洲大储将推行强制构网 强于大市（维持） 行情走势图 -30% -20% -10% 0% 10% 20% 30% 40% 50% 2024-11-21 2025-04-21 2025-09-21 沪深300指数 电力设备及新能源 证券分析师 | 李梦强 | 投资咨询资格编号 | | --- | --- | | | S1060525090001 | | | LIMENGQIANG340@pingan.com.cn | | 皮秀 | 投资咨询资格编号 | | | S1060517070004 | | | PIXIU809@pingan.com.cn | | 张之尧 | 投资咨询资格编号 | | | S1060524070005 | | | ZHANGZHIYAO757@pingan.com.cn | 平安观点： 本周（2025.11.17-2025.11.21）新能源细分板 块行情回顾。风电指数 （866044.WI）下跌 6.88%，跑输沪深 300 指数 3.11 个百分点。截至本 周，风电板块 PE_TTM 估值约 24.1 ...

Investment Rating - The report maintains an "Outperform" rating for the power equipment and new energy industry [1]. Core Viewpoints - Global offshore wind installation demand is expected to see significant growth, with China and Europe leading the market. The report anticipates that global offshore wind installations will reach 8GW in 2024, with China contributing over 50% of this growth [3][12]. - The report highlights the strong demand in Europe and the promising outlook in the Asia-Pacific region, with European offshore wind installations projected to grow rapidly [3][25]. - The supply chain dynamics are evolving, with domestic offshore wind turbine manufacturers looking to expand overseas, particularly in Europe and Japan, where demand is expected to rise [3][12]. Summary by Sections Overview: Global Offshore Wind Installations Expected to Double - The report indicates that global offshore wind installations are set to experience a doubling in growth, driven by strong demand from China and Europe [5]. Demand Side: Strong European Demand, Promising Asia-Pacific Outlook - Europe is a key offshore wind market, with 2.7GW of new installations expected in 2024, accounting for 34% of global additions. The report notes that the European market is facing challenges but remains optimistic about future growth [3][25][34]. Supply Side (Part One): Clarity in Offshore Wind Turbine Export Logic - The report discusses the current landscape of offshore wind turbine exports, emphasizing the need for domestic manufacturers to establish overseas production facilities to meet growing international demand [3][12]. Supply Side (Part Two): Focus on Submarine Cables, Piles, and Floating Opportunities - The report identifies key areas of opportunity within the supply chain, including submarine cables and floating wind technology, highlighting the competitive landscape and potential for growth in these segments [3][12]. Investment Recommendations - The report suggests three main investment lines: 1. Favorable conditions for submarine cable companies, recommending Oriental Cable and suggesting attention to Zhongtian Technology [3]. 2. Opportunities in offshore wind turbine manufacturers, recommending Mingyang Smart Energy and Goldwind Technology, while suggesting attention to Yunda Co. and Sany Heavy Energy [3]. 3. Focus on floating wind technology, recommending Astar Anchor Chain and Mingyang Smart Energy [3].

Core Viewpoint - The outlook for offshore wind power in China is optimistic, with deep offshore areas expected to become the main development region in the next five years, surpassing onshore wind power [1][6]. Company Developments - Mingyang Smart Energy has introduced a 50 MW floating offshore wind turbine, the largest of its kind globally, which is designed to operate in water depths greater than 40 meters [3][9]. - The company has invested 2.3 billion yuan over five years to develop sustainable offshore wind technology, focusing on floating wind turbines that can harness stronger wind resources in deep sea areas [9][14]. - Mingyang's new "New Leadership Plan" aims to accelerate the commercialization of floating offshore wind power by five years [5]. Market Position - Mingyang Smart Energy is a leading player in the global offshore wind market, accounting for approximately 15% of the new offshore wind installations globally in the previous year, with 1.8 GW added [3][10]. - The company has completed a product lineup for onshore wind turbines ranging from 2.5 MW to 15 MW and offshore turbines from 10 MW to 25 MW [4]. Industry Trends - The Chinese offshore wind market is experiencing a slowdown after a previous surge, with new installations expected to be only 404 MW in 2024, a decline of over 40% year-on-year [10][11]. - The development of deep offshore wind power in China is still in its early stages, facing challenges related to technology, costs, and ecological impacts [11][12]. Future Projections - It is anticipated that offshore wind installations in China will see significant growth, with projections of 10 GW and 15 GW of new installations in 2025 and 2026, respectively [12]. - By 2030, the expected new installations for offshore wind power in China are projected to reach 25 GW [12]. Cost and Pricing Strategy - Mingyang aims to reduce the cost of floating wind power to below 10,000 yuan per MW, with target electricity costs of 0.25 yuan per kWh in Guangdong and 0.20 yuan per kWh in Fujian [15][16]. - The company plans to establish China's first floating wind power manufacturing base in Guangdong, emphasizing industrialized and standardized production methods [14][15]. International Expansion - Mingyang is also targeting international markets, with plans to invest 1.5 billion pounds (approximately 143 billion yuan) in building an integrated wind turbine manufacturing base in Scotland [17][18]. - The company views Europe as a core market and aims to align its technology and products with global standards [18].

Investment Rating - The report maintains an "Outperform" rating for the industry [2] Core Insights - The wind power sector is experiencing significant advancements, particularly with the launch of Goldwind's 16+ MW floating wind turbine, which is expected to accelerate the development of floating offshore wind technology globally [6][11] - The European solar photovoltaic (PV) market is projected to see a decline in demand in 2025, with a forecasted installation of 64.2 GW, marking a 1.4% decrease year-on-year, potentially the first negative growth since 2015 [6][7] - The report highlights the increasing uncertainty in domestic solar demand, with a notable decline in new installations and exports, emphasizing the need for supply-side reforms and new technologies as key investment opportunities [7] Summary by Sections Wind Power - Goldwind's 16+ MW floating wind turbine has been successfully launched, featuring a fully integrated water cooling system and 100% domestically sourced key components, capable of withstanding extreme weather conditions [6][11] - The wind power index rose by 3.21% during the week, outperforming the CSI 300 index by 1.52 percentage points, with a current overall PE ratio of 20.93 [5][12] Solar Power - The European Solar Power Association predicts a decline in EU solar demand, particularly in residential rooftop installations, due to a recovery from the energy crisis and delayed demand in traditional markets [6][7] - Domestic solar module exports saw a decrease of approximately 4% in the first five months of 2025, with a significant drop in new installations in June [7] Energy Storage & Hydrogen - The inverter export value from China increased by 8% in the first half of 2025, with Europe, Asia, and Latin America being the top markets [7] - The report suggests that there are promising opportunities in the overseas energy storage market, particularly for companies with competitive advantages in emerging markets [7] Investment Recommendations - For wind power, the report recommends focusing on domestic demand growth, profitability recovery, and advancements in floating wind technology, highlighting companies like Mingyang Smart Energy and Goldwind [7] - In solar power, it suggests monitoring structural opportunities within the industry, recommending companies such as Longi Green Energy and Aiko Solar [7] - For energy storage, it emphasizes the potential in non-U.S. markets and suggests companies like Sungrow Power Supply [7]

Group 1 - The first floating photovoltaic platform in deep sea, "Huang Hai No.1," has successfully completed its upgrade and debugging work, integrating vertical axis wind turbines with floating photovoltaic technology [1] - Domestic offshore wind power is expected to see a significant increase, with new installations projected to exceed 12GW by 2025, representing a year-on-year doubling [1] - The European offshore wind market is anticipated to enter a new growth cycle from 2025 to 2030, despite a 30% year-on-year decline in new installations in 2024 [1] Group 2 - The demand for subsea cables and wind turbine foundations is expected to rise significantly as offshore wind power moves towards deep sea and large-scale development [2] - By the end of 2024, China will have built five floating wind power demonstration projects with a total installed capacity of 40MW, accounting for 14.3% of the global total [2] - Investment recommendations include companies such as Dongfang Cable, Dajin Heavy Industry, Times New Material, and Goldwind Technology, which are positioned to benefit from the rising demand in the floating wind power sector [2]