从全区范围看，风电装备制造产业已形成涵盖上游原材料、中游零部件、下游整机集成以及研发设计、 实验验证、风场运营维护、超限件运输服务、叶片回收利用等各环节的完整产业链，具备年产风电主机 9153万千瓦、叶片6450套、塔筒270万吨、发电机2850台、齿轮箱2400台、减速机2600台的生产能力。 下一步，内蒙古自治区工信厅将进一步强化产业布局，加快风电装备制造基地建设，围绕"链主"和头部 企业，加强产业链整合和供应链配套，不断提升区域配套能力，构建安全、稳定的产业链供应链体系， 推动自治区风电装备产业健康、良性发展。 近年来，内蒙古深入落实新能源开发和新能源装备一体化发展战略，加快建设包头、通辽两个风电装备 制造基地，依托明阳、龙马等"链主"企业开展"以商招商"，围绕产业链薄弱环节和空白领域，加快引育 关键零部件配套企业，推动产业集聚发展。目前，包头风电装备制造基地已涵盖主机、发电机、齿轮 箱、叶片、塔筒、变桨偏航、大型铸锻件及核心电气设备等多个环节，全市20余户零部件及后市场服务 企业纳入"链主"企业供应链体系，属地配套率达到85%以上;蒙东(通辽)高端重型基础装备制造产业基地 已初步形成以龙马集团、洛阳双 ...

[Table_Page] 投资策略报告|电力设备 证券研究报告 [Table_Title] 风电行业 2026 年投资策略 高景气+结构通胀共振，两海驱动盈利反转 [Table_Summary] 核心观点： [Table_Grade] 行业评级 买入 前次评级 买入 报告日期 2025-12-31 [Table_PicQuote] 相对市场表现 -14% 0% 13% 27% 40% 54% 12/24 03/25 05/25 08/25 10/25 12/25 电力设备 沪深300 | [分析师： Table_Author]陈昕 | | | --- | --- | | | SAC 执证号：S0260522080008 | | | SFC CE No. BWV823 | | | 010-59136699 | | | gfchenxin@gf.com.cn | | 分析师： | 陈子坤 | | | SAC 执证号：S0260513080001 | | | 010-59136690 | | | chenzikun@gf.com.cn | | 分析师： | 曹瑞元 | | | SAC 执证号：S0260521090 ...

（记者 曾健辉） 每经AI快讯，有投资者在投资者互动平台提问：尊敬的董秘您好！公司2025年上半年海外新增订单9.47 亿元、同比翻倍，且海外订单毛利率比国内高3~5个百分点，请问截至12月，英国Dogger Bank等欧洲重 大项目的塔筒交付进度如何？2025全年海外高毛利订单占比能否达到30%以上？这部分订单是否会在 Q4集中确认收入，推动全年净利润超预期？ 泰胜风能（300129.SZ）12月30日在投资者互动平台表示，公司不存在"Dogger Bank"项目，公司欧洲地 区的订单均在正常滚动生产、交付中。2025年度海外项目的收入、毛利率等相关数据请后续参考公司 2025年度报告。2025年新增的订单，会有部分在2025年内确认收入，具体情况请后续以经审计的公司 2025年度报告为准。谢谢关注。 ...

这是12月2日在甘肃省玉门市拍摄的戈壁滩上的风电机组（无人机照片）。新华社记者 范培珅 摄在这里不同时期 不同国家生产的"大风车"集聚从0.3兆瓦、 0.6兆瓦到5.6兆瓦、8.34兆瓦这些风机见证了我国风电产业发展从"跟跑"到"领跑"的逆袭之旅 在甘肃酒泉的茫茫戈壁上白色风车矩阵整齐伫立戈壁风起绿电涌动构成一道奇景 这是12月2日在甘肃省玉门市拍摄的戈壁滩上的风电机组。新华社记者 范培珅 摄在甘肃省玉门市有4台体形较小、颜色洁白的300千瓦风机它们被称作"四小 天鹅"20世纪九十年代末"四小天鹅"从国外来到玉门实现并网发电从此拉开了酒泉新能源产业的发展序幕 这是12月2日在甘肃省玉门市拍摄的戈壁滩上的风电机组。新华社记者 范培珅 摄20多年过去了戈壁滩上的风电厂越建越多技术的更迭让风机也在经历着一次 次的变身如今造价更低 规模更大 效率更高全国产化的大型风机在"四小天鹅"的身旁拔地而起 这是12月2日在甘肃省玉门市拍摄的戈壁滩上的风电机组。新华社记者 范培珅 摄甘肃酒泉位于河西走廊的最西端这里是我国风光资源储量最丰富开发条件最 优越的地区之一 这是11月19日在甘肃省酒泉市瓜州县戈壁滩上拍摄的一台风机（无人 ...

Core Insights - The global offshore wind power industry is accelerating, with a cumulative installed capacity expected to reach 83.2 GW by the end of 2024, providing clean electricity to over 73 million households. Floating wind power installations have reached 27.8 MW across seven countries. China continues to lead, with a cumulative grid-connected capacity of 44.61 million kW by September 2025, accounting for half of the global new installations in 2024 [1][10][11]. Market Overview - Offshore wind power is increasingly recognized as a clean energy source with significant growth potential, becoming a focal point for many countries. Despite a temporary slowdown in new installations in 2024 due to supply chain and policy adjustments, the industry shows strong long-term growth resilience, with a cumulative installed capacity increase of 12% year-on-year [23][24]. - In 2024, global offshore wind power installations totaled 8 GW, a 26% decrease from 2023, with China leading at approximately 4 GW, followed by the UK with 1.2 GW [23][24]. Industry Chain Development - The global offshore wind power supply chain is evolving from a single manufacturing focus to an integrated system encompassing development, manufacturing, construction, and operation. Key components include turbines, towers, and subsea cables, but regional imbalances persist, with Asia primarily supplying equipment while Europe and North America lead in technology development [33][34]. - The supply chain faces challenges such as financing difficulties, slow policy approvals, and instability in the supply of key materials and high-end talent. By 2030, many countries outside China will encounter bottlenecks in their supply chains, particularly in Latin America, where onshore wind capacity is limited and offshore projects are virtually non-existent [33][34][49]. Latin America Development - Latin America has abundant wind energy resources, with a cumulative installed capacity of 25 GW for onshore wind, predominantly in Brazil. However, the region's offshore wind supply chain is almost non-existent, facing significant challenges such as weak local manufacturing and insufficient infrastructure [49][50]. - The region's offshore wind projects are in the early planning stages, with countries like Colombia, Brazil, and Chile exploring integration with green hydrogen strategies. The first demonstration projects are expected to start before 2030 [52][53]. Future Outlook - The global offshore wind market is projected to add over 350 GW of new installations from 2025 to 2034, with floating wind power expected to achieve large-scale development by 2030. China's target for offshore wind capacity is set at 150 GW by 2030, with a continuous decline in the cost of electricity generation [2][10]. - The industry is expected to evolve towards deep-sea, intelligent, and integrated development, with the "offshore wind +" model creating a new energy ecosystem. China is anticipated to play a leading role in promoting global supply chain cooperation and sustainable development [2][10].

Investment Rating - The industry is rated as "outperforming the market" with an expected increase of over 10% relative to the market index in the next six months [51]. Core Insights - The wind power industry chain has shown significant performance recovery in the first three quarters of 2025, with total revenue reaching 289.51 billion yuan, a year-on-year increase of 26.42%, and net profit attributable to shareholders of 14.78 billion yuan, up 21.90% year-on-year [1][14]. - In Q3 2025, the industry continued its recovery trend, with revenue of approximately 110.11 billion yuan, a year-on-year increase of 21.92% and a quarter-on-quarter increase of 1.04% [1][14]. - The overall demand for installed capacity remains high, driven by the concentrated delivery of overseas and offshore wind power projects, leading to rapid revenue growth [1][14]. Summary by Sections Overall Industry Performance - The wind power industry chain's performance has significantly recovered, with steady growth in revenue and net profit in 2025 [1][14]. - The Q3 2025 performance indicates a continuation of this trend, with high growth in revenue and profit despite a slight decline in profit margins [1][14]. Turbine Segment - The turbine segment experienced robust revenue growth, achieving 111.65 billion yuan in revenue for the first three quarters of 2025, a year-on-year increase of 35.81%, although net profit decreased by 2.73% to 2.99 billion yuan [2][21]. - In Q3 2025, revenue was 43.82 billion yuan, up 24.90% year-on-year, but net profit fell by 49.47% to 0.82 billion yuan [2][21]. Tower Segment - The tower segment showed remarkable performance, with revenue of 18.20 billion yuan in the first three quarters of 2025, a year-on-year increase of 55.53%, and net profit soaring by 96.73% to 1.60 billion yuan [3][25]. - In Q3 2025, revenue reached 7.39 billion yuan, up 50.56% year-on-year, and net profit increased by 394.75% to 0.61 billion yuan [3][25]. Submarine Cable Segment - The submarine cable segment maintained stable growth, with revenue of 102.27 billion yuan in the first three quarters of 2025, a year-on-year increase of 13.69%, while net profit slightly decreased by 0.61% to 6.10 billion yuan [4][33]. - In Q3 2025, revenue was 37.60 billion yuan, up 12.15% year-on-year, and net profit increased by 5.67% to 2.16 billion yuan [4][33]. Other Segments - The bearing segment reported strong growth, with revenue of 6.48 billion yuan in Q3 2025, a year-on-year increase of 32.01%, and net profit surged by 175.37% to 0.29 billion yuan [10][40]. - The forging segment also showed steady growth, with revenue of 3.71 billion yuan in Q3 2025, a year-on-year increase of 20.52%, and net profit increased by 68.85% to 0.33 billion yuan [10][43]. - The blade segment achieved revenue of 14.27 billion yuan in Q3 2025, a year-on-year increase of 30.36%, with net profit rising by 143.59% to 0.65 billion yuan [10][46].

Group 1 - The 2025 Offshore Wind Power Modern Industrial Chain Collaborative Action Conference and Dalian New Energy Industry Development Exchange Conference will be held in Dalian from November 7 to 8, focusing on high-quality development of China's offshore wind power industry chain [1] - The conference will adopt a "1+1+3+1" format, including a closed-door meeting, an opening ceremony, three parallel sessions, and an industry tour, with activities such as venue promotion, strategic cooperation agreements, and the establishment of industry alliances [1] - According to Open Source Securities, domestic installed capacity is expected to remain high, with bidding prices stabilizing, leading to an overall recovery in profits for wind turbine companies as orders are delivered [1] Group 2 - Wanlian Securities predicts that the pace of wind power grid connection will accelerate in the first half of 2025, driving a recovery in the overall industry chain [2] - The revenue growth in the complete machine and tower segments will be rapid due to the acceleration of installations, while the submarine cable segment will continue to grow but face profit pressure [2] - The overall wind power industry chain is expected to see steady revenue and net profit growth, with performance continuously improving and entering an upward phase [2]

Investment Rating - The report assigns a "Buy-A" rating to the company with a 12-month target price of 103.02 CNY [7] Core Views - The company reported a significant revenue increase of 246% year-on-year for the first three quarters of 2025, reaching 3.671 billion CNY, with a net profit of 346 million CNY, up 299% year-on-year [1] - The gross margin for the first three quarters improved significantly compared to the previous year, reflecting the ramp-up of offshore wind projects in Jiangsu and other regions [2] - The company is well-positioned to benefit from the growing offshore wind market, particularly in deep-sea projects, with a theoretical development capacity of 4500 GW in China's exclusive economic zones [3] Summary by Sections Financial Performance - For Q3 2025, the company achieved a revenue of 1.641 billion CNY, a year-on-year increase of 135% and a quarter-on-quarter increase of 3% [1] - The gross margins for the first three quarters were 15.1%, 17.6%, and 15.2%, compared to 5.0%, 0.2%, and 8.1% in the same period last year [2] - The company expects net profits for 2025, 2026, and 2027 to be 631 million CNY, 896 million CNY, and 1.233 billion CNY, respectively, with growth rates of 855%, 42%, and 38% [4] Market Outlook - The report highlights the rapid progress in deep-sea offshore wind projects, particularly in Zhejiang, which is expected to open new opportunities for the company [3] - The company has strategically established bases in key provinces such as Jiangsu, Zhejiang, and Guangdong, positioning itself to capture future deep-sea orders [3] Valuation - The report adjusts the earnings forecast for 2025-2027 downwards due to slower-than-expected project progress and production ramp-up [4] - The target price of 103.02 CNY corresponds to a PE ratio of 25 for 2026 [4]

Summary of Haile Wind Power Conference Call Company Overview - **Company**: Haile Wind Power - **Industry**: Wind Power Manufacturing Key Points Financial Performance - In Q3 2025, Haile Wind Power reported revenue of 1.64 billion yuan and a net profit of 141 million yuan, marking a year-on-year increase of 779% and a quarter-on-quarter increase of 299% [4] - The company shipped 203,000 tons in Q3, with factory investment income of approximately 3.1 million yuan, but also recognized bad debt provisions of 26.68 million yuan, which may impact profits [4] Product Structure and Market Strategy - The company plans to fully transition to deep-sea product structures by the end of 2025, focusing on large jacket foundations and expanding into overseas markets [2][6] - The expected shipment volume for Q4 is around 200,000 tons, with a product structure shift anticipated, where the proportion of jackets is expected to rise to 40%-50% in 2026 [2][8] - Current orders on hand total approximately 689,000 tons, including deep-sea projects, with expected shipments slightly higher than this year's total of 600,000 to 700,000 tons [2][23] Project Approvals and Policy Outlook - There is a high probability of deep-sea project policies being implemented soon, with four projects already approved and more than ten planned [10][11] - The company is actively pursuing financing plans to support the construction of the Qidong Phase II and Zhanjiang bases, as well as fulfilling deep-sea order deliveries [3][26] Cost Structure - The cost structure for main products shows that raw materials account for 75%-80% of costs for towers and monopiles, while for jackets, it is slightly lower at 60%-70% [5] Production Capacity and Utilization - The maximum production capacity for jackets is expected to be around 300,000 tons, with current production facilities in Qidong and Tongzhou Bay [12][13] - The profitability of jackets is significantly affected by depreciation and amortization, which is expected to normalize as production capacity utilization improves [12][15] International Expansion - The company is advancing its international strategy, with the UK A27 project expected to sign contracts in Q1 or Q2 of 2026 [6][21] - The overseas business is progressing steadily, with expectations for results in 2026 [27] Future Outlook - The industry is expected to see an installation capacity of over 12 GW in 2026, with the company’s construction volume anticipated to exceed this figure [9] - The company plans to transfer five wind farms, potentially generating 900-1,000 million yuan in cash flow, although completion may extend into next year [3][24] Challenges and Risks - The company faces challenges related to bad debt provisions, with a total of 450 million yuan recognized, and the need for a stable model for debt recovery as sales scale increases [14] - Historical project delays may affect future shipments, with some projects pushed to Q1 or Q2 of the following year [25] Conclusion - Haile Wind Power is positioned for growth with a strategic shift towards deep-sea products and international markets, although it must navigate financial challenges and project execution risks to realize its potential.

Core Viewpoint - Tianeng Heavy Industry (300569.SZ) reported significant growth in its financial performance for the first three quarters of 2025, driven primarily by increased sales of tower tubes [1] Financial Performance - The company's operating revenue for the first three quarters reached 2.513 billion yuan, representing a year-on-year increase of 37.54% [1] - Net profit for the same period was 84.0586 million yuan, showing a remarkable year-on-year growth of 1359.03% [1] Sales Performance - The increase in revenue is mainly attributed to the growth in sales volume of tower tubes during the reporting period [1]