今天这期节目比较特别，大家看我穿了一身安全防护装备，不为别的，就为了坐船出海，和大家沉浸 式、近距离感受"海洋中的大国重器"，聊聊事关咱们14亿人未来用电用能的新兴产业：海上风电。 未来若能解决深远海开发的成本和技术难题，以及用海政策问题，那么不仅仅是风电，更多业态将成为 可能。像在阳江落成的全球第一个"海上风电+海洋牧场+海水制氢"融合项目，以后这种在"海面之上发 电、海面之下养鱼"的结合会是常态，"一海多用"既高效利用了海洋空间，还能创造更大的经济效益。 第二个方向，是出海。国内风电制造商越来越受到国际认可，我们看到像明阳智能、金风科技这样的头 部整机企业，不仅"承包"了海外一些风电场的装机，工厂更是遍布全球。这股"中国风"，正在从广东阳 江这样的基地，吹向世界。 从家里电箱一路连到国家能源结构图，海上风电的比例越来越大。面向深海要资源，你怎么看？ （文章来源：21世纪经济报道） 我背后的这个风电场2021年投产，对于这个新兴产业来说，已经算是一位"老员工"了。在建时就被认为 是国内地质情况最恶劣、最复杂的风电项目之一，可以这么说，海上风电的每一次技术突破，都是一场 极限挑战。这个则是海上升压站，是风电场 ...

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].