Core Viewpoint - Hezhang Energy's stock price remained stable at 2.93 yuan as of August 15, 2025, with a trading volume of 133,044 hands and a transaction amount of 39 million yuan, indicating a slight fluctuation of 1.71% [1] Company Overview - Hezhang Energy specializes in wind power equipment manufacturing, with its main products including steel-concrete tower cylinders. In 2024, the revenue from the mixed tower business accounted for 92.93% of total revenue [1] - The company's total market capitalization is 2.417 billion yuan, with a circulating market capitalization also at 2.417 billion yuan [1] Recent Developments - The company's wholly-owned subsidiary, Liaoning Changhe Wind Power Equipment Co., Ltd., signed a sales contract worth 62.05 million yuan with Mingyang Smart Energy for the sale of 17 sets of 7.5MW wind power tower cylinders, which will be used in a 500MW wind power project [1] - The company announced a board meeting to review and approve related party transaction proposals [1]

证券日报网讯 8月15日晚间，和展能源发布公告称，公司第十二届董事会第十六次会议审议通过了《关 于签订钢混塔筒销售合同暨关联交易的议案》。 （文章来源：证券日报） ...

Group 1: Industry Performance - The global wind power installed capacity is expected to reach 117 GW in 2024, marking a historical high, with a compound annual growth rate (CAGR) of 8.8% projected for the wind energy sector [2] - In 2024, China's new wind power installed capacity is forecasted to be 79.82 GW, representing a year-on-year growth of 6% [2] - The total wind power generation in China for 2024 is estimated at 991.6 billion kWh, showing a year-on-year increase of 16% [2] Group 2: Company Financials - The company achieved an operating revenue of 4.838 billion yuan in 2024, reflecting a year-on-year increase of 0.52% [6] - The overseas sales revenue for 2024 reached 1.694 billion yuan, up by 21.57% compared to the previous year [15] Group 3: Strategic Initiatives - The company has signed strategic cooperation agreements with domestic manufacturers in the commercial aerospace sector, focusing on rocket body structures and related products [2] - The company is actively expanding its commercial aerospace business, including team building and market research [2] Group 4: Market Position and Challenges - The company maintains a leading position in the wind power equipment manufacturing industry, with a comprehensive product range and extensive capacity layout [8] - The company is addressing profit margin declines due to industry cycles, product mix, and raw material price fluctuations by optimizing customer structure and enhancing project management [15]

Investment Rating - The report maintains an "Overweight" rating for the wind power support infrastructure within the electric equipment and new energy industry [2] Core Insights - The wind power sector is becoming a crucial part of China's electricity supply structure, with significant optimization in wind power support structures and a shift towards mixed steel-concrete towers [5][33] - The domestic wind power market is expected to grow, with a projected cumulative installed capacity of approximately 520.7 GW by the end of 2024, marking an 18% year-on-year increase [55] - The report highlights the global wind power industry maintaining a high level of prosperity, with substantial growth potential in installed capacity [64] Summary by Sections 1. Wind Power as a Key Component of China's Energy Supply - Wind power support structures are continuously optimized, with a notable shift from traditional steel towers to mixed steel-concrete towers, which are gaining market acceptance [5][33] - The average cost of onshore wind power in China has significantly decreased, with a 67% reduction since 2017, making it more competitive compared to coal [14] - The average installed capacity of onshore wind turbines in China is projected to reach 5.89 MW by 2024, reflecting a 9.6% year-on-year increase [21] 2. Global Wind Power Industry Outlook - The global wind power installed capacity is expected to grow from 1,136 GW in 2024 to 2,118 GW by 2030, indicating a compound annual growth rate of 10.9% [68] - The report notes that the global wind power market is driven by energy security and carbon reduction goals, with significant policy support from the EU [64] 3. Investment Strategies and Key Companies - The report suggests focusing on leading companies in the wind power support infrastructure sector, such as 大金重工 (Dajin Heavy Industry), 泰胜风能 (Taisheng Wind Power), and 海力风电 (Haili Wind Power) [5][42] - The report emphasizes the importance of companies that can benefit from the booming global wind power market, particularly those with strong manufacturing capabilities and established reputations in Europe [5][41]