今年以来 中国风电不断刷新新纪录 风电装备创新发展的速度日新月异，记者观察到，今年以来，国内风电主机厂家平均每三个月就会推出 一款新机型：叶片一次比一次长，塔筒一次比一次高，主机容量一次比一次大，仿佛按下"快进键"的中 国风电正在"更大、更轻、更智能"的三条赛道上不断刷新着新的纪录。 这是刚刚发布的业内首个适配全风速范围的风机模型，陆地风机从小到大机型全覆盖。超低风速是它一 大亮点，它的叶片比上代产品加长了6米，叶轮直径可达242米，旋转起来整个扫风范围多出4000多平方 米，相当于多出了10个篮球场的面积。目前，大部分主流风机到了每秒4.8米的弱风条件就不能发电 了，但是它即便是在每秒4.5米的超低风速下也能正常发电。 不只是低风速风机创新满满，在风力资源优良的高风速地区，采用12.5大兆瓦陆地风电机型，却能让一 个100万千瓦风场的风机数量减少20台，建设成本降低20%。 这是已投运的全球最大漂浮式海上风电平台，它有着非常独特的"Y"字双主机造型，单体容量达16.6兆 瓦。投运仅一年，又发布了最新的25兆瓦机型，不仅如此，50兆瓦的新机型也正在研制当中。可以看出 我国的风电装备快速迭代，迈向深远海的步伐不 ...

Summary of the Conference Call Company and Industry Overview - The conference call focuses on the wind power industry, specifically highlighting the performance and outlook of Yunda Co., Ltd. (运达股份) [2][4][10]. Key Points and Arguments - **Market Dynamics**: The bidding price for land-based wind power has rebounded by 12%, benefiting from reduced internal competition and adjustments in evaluation rules. The total installed capacity for land-based wind power is expected to reach 100 GW in 2024, with offshore wind power projected to grow by 12% [2][3][7]. - **Strong Performance**: Yunda Co., Ltd. has shown robust performance in both domestic and international markets, with significant orders in land-based wind power and a doubling of overseas orders for two consecutive years [2][4][16]. - **Future Demand**: The future demand for wind power is assured, supported by the National Development and Reform Commission's new power system construction plan, which enhances wind power consumption capacity. The constraints on offshore wind power are largely resolved, leading to project initiations across various regions [2][8]. - **Competitive Landscape**: The offshore wind power market is stable, with major players including Goldwind Technology and Envision Energy. The trend is moving towards deep-sea development, with floating technology expected to reduce costs significantly [2][9]. - **Company Background**: Yunda Co., Ltd. originated from the Wind Energy Research Institute of Zhejiang Electromechanical Design Institute, achieving a market share increase from 6% in 2019 to 13% in 2024, making it the fourth largest company in China [2][10]. Financial Performance and Projections - **Revenue Growth**: The company has maintained an average growth rate of 30%-40% over the past five years. Despite a decline in profitability from 2022 to 2024 due to falling bidding prices, the net profit for 2022 was still 600 million yuan, with projections of 680 million yuan for the current year and 1 billion yuan for the next year [11][17]. - **Cost Management**: Yunda Co., Ltd. has a research and development expenditure ratio of about 3%, with a focus on self-manufacturing components to reduce costs and improve gross margins. The company is expected to benefit from a favorable cost structure, with steel prices dropping from 3,500 yuan to 3,000 yuan per ton [5][14][15]. International Market Insights - **Overseas Expansion**: Chinese wind turbine manufacturers, including Yunda, have seen a significant increase in overseas orders, with a doubling of orders in 2024. The European offshore wind market is projected to grow by 30%, while the Asia-Africa region may see growth below 20% [12][14]. - **Competitor Challenges**: Major overseas wind turbine companies like GE and Siemens are retracting their businesses due to poor cost control and low EBITDA margins. In contrast, Chinese companies are gaining market share due to competitive pricing [5][13]. Additional Important Insights - **Technological Advancements**: The first commercial floating project prototype has been signed, with expectations for larger-scale deployment by 2028-2029, indicating a significant technological advancement in the offshore wind sector [2][9]. - **Investment Potential**: Yunda Co., Ltd.'s stock is currently viewed as undervalued, with a strong potential for future performance as bidding prices rebound and profit margins improve [11][17].