Core Insights - The National Energy Administration reported that as of the end of April, the cumulative installed power generation capacity in China reached 3.49 billion kilowatts, a year-on-year increase of 15.9% [1] - Solar power generation capacity reached 990 million kilowatts, growing by 47.7% year-on-year, while wind power capacity reached 540 million kilowatts, increasing by 18.2% year-on-year [1] - Major power generation companies in China completed investments of 193.3 billion yuan in power source projects and 140.8 billion yuan in grid projects during the first four months of the year, representing year-on-year increases of 1.6% and 14.6%, respectively [1] Investment Opportunities - Huachuang Securities highlighted three investment themes in the wind power sector: 1. High domestic offshore wind reserve projects with supportive policies for long-term development, anticipating a concentration of offshore wind project commencements in 2025 and the gradual initiation of high-value order bidding [1] 2. High bidding activity for onshore wind projects in 2024, with expectations for main engine manufacturers and components to experience simultaneous growth in volume and profit [1] 3. Significant growth in offshore and onshore installation regions overseas, with optimism for domestic submarine cables, main engines, and components to expand internationally [1] Industry Trends - CITIC Securities noted a significant recovery trend in domestic wind power demand, supported by higher profitability and a more grid-friendly profile, alongside an improvement in the supply-demand balance and competitive landscape in the wind turbine industry [1] - The focus of the wind turbine industry is shifting back to product quality and sustainable operations, with prices for onshore wind turbines showing signs of recovery [1] - The domestic offshore and overseas wind turbine markets are expected to see substantial growth, with entry barriers and profitability generally higher than in the domestic onshore market, positioning leading domestic manufacturers for accelerated growth and long-term expansion [1] Company Performance - Goldwind Technology (002202) is projected to achieve operating revenue of 56.699 billion yuan in 2024, a year-on-year increase of 12.4%, and a net profit attributable to shareholders of 1.86 billion yuan, up 39.8% year-on-year [3] - The company's wind turbine manufacturing segment has returned to profitability, although the power generation segment has seen a significant decline due to asset impairment [3] - The reduction in income tax by approximately 750 million yuan compared to the previous year has contributed to a notable increase in net profit attributable to shareholders [3] - Goldwind's overseas business primarily operates in regions such as South America, Australia, Southeast Asia, Africa, Central Asia, the Middle East, and Europe, with previous sales in the U.S. halted for over five years due to tariffs [3]