重视海风Q2经营拐点

Summary of Offshore Wind Power Industry Conference Call Industry Overview - The offshore wind power industry in China is expected to see significant growth in 2025, with an estimated installed capacity of 12 GW, a substantial increase from 4-5 GW in 2024, driven by approved and tendered projects as well as the resumption of stalled projects in Jiangsu and Guangdong [1][3][7]. Key Points - Growth Drivers: The increase in offshore wind power capacity is supported by a strong pipeline of approved and tendered projects, with over 15 GW of projects expected to be tendered in 2025, reflecting a year-on-year growth of approximately 30% [1][8]. - Seasonal Trends: The second quarter is identified as a peak construction season, with projects accelerating in shipping and construction since April, leading to a significant increase in overall shipment volume and profitability [1][5]. - Profit Recovery: The rise in installed capacity is expected to lead to a recovery in profitability for companies in the supply chain, benefiting from cost dilution and rapid recovery in unit profitability [1][6]. - Future Outlook: The outlook for 2026 is optimistic, with expectations of installed capacity reaching 15 GW, particularly in Guangdong, Zhejiang, and Hainan [1][9]. - Long-term Potential: The deep-sea wind power market in China holds significant potential, with government policies expected to accelerate development in this area [1][10]. Additional Insights - Project Resumption: Specific projects in Jiangsu and Guangdong that had stalled are now resuming, indicating a positive trend in project execution and delivery [1][4]. - International Opportunities: The overseas market is also promising, with Europe expected to reach an installed capacity of 8-9 GW by 2026. Leading Chinese companies are actively pursuing international markets and have secured large-scale orders [2][11][12]. - Investment Timing: Current market conditions are seen as favorable for investment in the offshore wind sector, with low valuations and clear performance inflection points, particularly for companies involved in pile foundations, submarine cables, and leading turbine manufacturers [1][13].