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“反内卷”浪潮后,风电行业开启盈利复苏周期
Hua Er Jie Jian Wen· 2025-09-24 13:44
行业自律约束:12家主要风机制造商于2024年10月签署《中国风电行业公平竞争自律公约》,运营商更 加关注质量而非价格,这与近年来风机事故增加的背景相关。 行业自律推动价格复苏 摩根士丹利分析师Eva Hou指出,中国风电行业成功实现反内卷的关键因素包括需求强劲增长、行业自 律机制建立以及供应链整合。数据显示,2025年前8个月陆上风机招标价格较2024年上涨8%,海上风机 价格上涨12%。 这一成果主要归功于: 强劲需求增长:年新增装机从2021年的48吉瓦和2022年的38吉瓦,增长至2023年、2024年和2025年前7 个月的76吉瓦、79吉瓦和54吉瓦。年招标量也从2021年的54吉瓦激增至2024年的164吉瓦。 摩根士丹利上调中国风电行业评级,其认为反内卷努力后板块或迎来复苏。 据追风交易台消息,摩根士丹利在最新研究报告中指出,经过近三年的下行周期后,中国风电价值链通 过行业自律成功实现了反内卷,在2025年初实现了价格和整体盈利能力的转机。该投行预计国内风电装 机需求将保持韧性,并看好关键零部件供应商和海缆企业的投资机会。 报告显示,中国风电行业在经历了2022-2024年的困难时期后,通过内 ...
风电整机中报|明阳智能增收减利、经营现金流多年净流出“明阳系”大股东高比例质押
Xin Lang Cai Jing· 2025-09-16 10:35
A股风电上市公司中报披露完毕。上半年,五大风电整机上市公司营收全部实现增长,净利润则呈现较为明显的分化之势。 作为头部企业之一,明阳智能实现营业收入171.4亿元,同比增长45.3%,归母净利润6.1亿元,同比下降7.7%,扣非净利润4.9亿元,同比下降12.7%。 分季度看,由于交付部分低价陆上风机订单,明阳智能二季度归母净利3.1 亿元,同比下降13.6%,环比微增1.9%;扣非净利2.0亿元,同、环比分别下降25.1%和30.8%,业绩正加速下行。 从盈利指标来看,明阳智能上半年毛利率为12.12%,同比减少6.6个百分点,净利率为3.71%,同比减少2.1个百分点,盈利能力持续承压。 更令人担忧的是公司现金流状况。 半年报显示,明阳智能经营活动产生的现金流量净额为-35.03亿元,2022年至2024年,公司经营现金流净额分别为-7.96亿元、-25.90亿元和-24.03亿元,已连续三年半为负。 近几年来,明阳智能收现比长期低于可比公司,今年上半年再度降至80%以下,尽管营收增长明显,但现金流情况仍未见好转。 值得注意的是,除上市公司自身外,"明阳系"大股东们似乎也正面临不小的资金压力。 2025年 ...
风电整机中报|明阳智能增收减利、经营现金流多年净流出 “明阳系”大股东高比例质押
Xin Lang Zheng Quan· 2025-09-16 09:38
炒股就看金麒麟分析师研报,权威,专业,及时,全面,助您挖掘潜力主题机会! 出品:新浪财经上市公司研究院 作者:昊 A股风电上市公司中报披露完毕。上半年,五大风电整机上市公司营收全部实现增长,净利润则呈现较为明显的分化之势。 作为头部企业之一,明阳智能实现营业收入171.4亿元,同比增长45.3%,归母净利润6.1亿元,同比下降7.7%,扣非净利润4.9亿元,同比下降12.7%。 | 整机上市公司 | 营业总收入(亿元) | 营收增速 | 归母浄利润(亿元) | 净利润增速 | | --- | --- | --- | --- | --- | | 金风科技 | 285.4 | 41.3% | 14.9 | 7.3% | | 明阳智能 | 171.4 | 45.3% | 6.1 | -7.7% | | 运达股份 | 108.9 | 26.3% | 1.4 | -2.6% | | 三一重能 | 85.9 | 62.8% | 2.1 | -51.5% | | 电气风电 | 26.6 | 118.6% | -2.8 | 27.9% | 分季度看,由于交付部分低价陆上风机订单,明阳智能二季度归母净利3.1 亿元,同比下降1 ...
风电行业周报(20250623-20250629):周内陆风中标7.4GW,均价为1485元/kW-20250630
Huachuang Securities· 2025-06-30 13:42
Investment Rating - The report maintains a "Recommended" rating for the wind power industry, indicating an expected increase in the industry index exceeding the benchmark index by more than 5% in the next 3-6 months [32]. Core Insights - The report highlights that during the week, 7.4GW of onshore wind projects were awarded at an average price of 1485 CNY/kW. Year-to-date, a total of 52.7GW of wind projects have been awarded, with 6.8GW offshore and 45.9GW onshore [10][12]. - The report emphasizes the significant growth in offshore wind projects, with a total of 69GW in various stages including competitive allocation, approval, and construction as of June 29, 2025. Key provinces with substantial projects include Guangdong, Shandong, and Fujian [15][18]. - Investment suggestions focus on three main lines: high reserves of domestic offshore wind projects, robust onshore wind bidding in 2024, and regional growth in overseas installations. Companies to watch include Mingyang Smart Energy, Dongfang Cable, and Zhongtian Technology [16]. Summary by Sections Wind Turbine Data - In the week, 0.6GW of onshore wind was tendered, with a total of 43.8GW tendered year-to-date, split between 3.6GW offshore and 40.2GW onshore [10][12]. Offshore Wind Progress - As of June 29, 2025, the offshore wind project pipeline includes 69GW in competitive allocation, 16GW approved, 7GW tendered, 9GW in cable tendering, and 15GW under construction. The first batch of units from the Jiangsu Guoxin Dafeng 850,000 kW offshore wind project has successfully connected to the grid [15][18]. Investment Recommendations - The report suggests focusing on three investment themes: 1) High reserves of domestic offshore wind projects with supportive policies, 2) Increased bidding for onshore wind in 2024, and 3) Growth in overseas installations for domestic cable and component manufacturers. Recommended companies include Mingyang Smart Energy, Dongfang Cable, and Zhongtian Technology [16].
风电行业周报(20250505-20250511):周内陆风招标2.8GW,中标均价为1723元/kW-20250513
Huachuang Securities· 2025-05-13 08:23
Investment Rating - The report maintains a "Recommended" investment rating for the wind power industry, indicating an expected increase in the industry index by more than 5% over the next 3-6 months compared to the benchmark index [37]. Core Insights - The report highlights a total of 2.8GW of land-based wind power projects tendered during the week, with an average winning bid price of 1723 CNY/kW for land-based turbines and 2545 CNY/kW for offshore turbines [12][16]. - Year-to-date, a total of 37.4GW has been tendered, with 34.3GW being land-based and 3.1GW offshore [12]. - The report emphasizes the significant growth potential in the offshore wind sector, driven by high project reserves and supportive policies, with expectations for concentrated project launches in 2025 [23]. Summary by Sections Wind Turbine Data - During the week, 2.8GW of land-based wind turbines were tendered, with major contributions from State Power Investment Corporation (2.5GW) and Huadian (0.2GW) [12]. - Year-to-date, 34.8GW of wind turbines have been awarded, with 30.6GW being land-based and 4.3GW offshore [14]. Submarine Cable Data - The report notes that 0.3GW of submarine cables and 0.9GW of onshore cables were awarded during the week, with a total of 4.3GW of submarine cables tendered year-to-date [17]. Offshore Wind Progress - As of May 11, 2025, there are 31GW of offshore wind projects in various stages, including competitive allocation, approval, and construction [19]. - The report identifies Guangdong, Shandong, and Fujian as provinces with significant project reserves, totaling 30GW, 16GW, and 13GW respectively [19]. Investment Recommendations - The report suggests focusing on three main investment themes in the wind power sector: high reserves of offshore wind projects, increased land-based wind tenders, and regional growth in overseas installations [23]. - Companies to watch include Mingyang Smart Energy, Oriental Cable, Zhongtian Technology, and others [23].
风电行业周报(20250421-20250425):周内陆风招标5.8GW,海风中标1GW-20250428
Huachuang Securities· 2025-04-28 11:37
Investment Rating - The report maintains a "Recommended" investment rating for the wind power industry, expecting the industry index to outperform the benchmark index by more than 5% in the next 3-6 months [6][35]. Core Insights - The report highlights significant bidding activity in the wind power sector, with 5.8GW of onshore wind turbines bid this week, contributing to a total of 31.3GW bid so far in 2025, with offshore and onshore projects accounting for 3.1GW and 28.2GW respectively [12][20]. - The report notes that the average winning bid price for onshore wind turbines is 1373 CNY/kW, while for offshore wind turbines it is 2626 CNY/kW, indicating competitive pricing in the market [16][20]. - The report emphasizes three main investment themes in the wind power sector: high domestic offshore wind project reserves, robust onshore wind bidding activity, and regional growth in overseas installations [20]. Summary by Sections Wind Turbine Data - This week saw a total of 5.8GW of onshore wind turbine bids, with major contributions from various companies [12]. - Year-to-date, a total of 31.3GW has been bid, with offshore projects at 3.1GW and onshore at 28.2GW [12]. Offshore Wind Progress - As of April 25, 2025, there are 30GW of offshore wind projects in various stages, including competitive bidding, approval, and construction [17]. - The report highlights that Guangdong, Shandong, and Fujian have the highest number of existing projects, with 30GW, 16GW, and 13GW respectively [17]. Investment Recommendations - The report suggests focusing on three investment lines: high reserves of domestic offshore wind projects, increased bidding activity for onshore wind, and growth in overseas installations [20]. - Companies to watch include Mingyang Smart Energy, Dongfang Cable, Zhongtian Technology, and others [20].