风电：Q2开始兑现业绩，景气加速向上

Wind Power Industry Conference Call Summary Industry Overview - The wind power industry is experiencing a significant performance rebound starting from Q2 2025, driven by a rebound in bidding prices since Q3 2024, with companies like XinQiangLian reporting over 500% year-on-year growth in Q2 2025 [1][2] - Domestic wind power demand is robust, with an expected installed capacity of at least 115GW by the end of the 14th Five-Year Plan, comprising 105GW from onshore and 10GW from offshore wind [1][2] - The change in bidding rules by state-owned enterprises and the anti-involution initiative have led to a price increase of over 10%, enhancing industry profitability [1][2] Key Points on Company Performance - Wind turbine companies are seeing significant profit recovery due to rising bidding prices and declining raw material costs, with potential net profit margin recovery of 3-5 percentage points [4][8] - Recommended companies include Dongfang Cable, Haili Wind Power, and Daikin for components, as well as Yunda, Mingyang, and Goldwind for wind turbine manufacturing [4][8] - The European renewable energy market has raised its installation targets, expecting a cumulative capacity of 300GW by 2050, with offshore wind power projected to grow at a compound annual growth rate of 30% from 2025 to 2030 [5][6] Opportunities and Challenges in Overseas Markets - Chinese wind power companies face both opportunities and challenges in overseas markets, particularly in Europe, where high installation targets and prices exist [5][6] - The average selling price in Europe is significantly higher than in China, with Vestas pricing at approximately €1.2 per watt (around ¥9,000), indicating substantial profit potential for secured overseas orders [6] - Challenges include high market entry barriers in Europe, but regions like the Middle East and Southeast Asia are more receptive to Chinese orders, offering better profitability [6] Recent Developments - In the domestic market, several offshore wind projects have commenced, with expectations of reaching 10GW of installed capacity in 2025, more than doubling from 2024 [7] - The Central Financial Committee has prioritized offshore wind power as a key area for marine industry development, supporting deep-sea economic growth with relevant policies [7] - Chinese wind turbine companies have made significant progress in projects in the UK and France, with favorable conditions such as increased bidding prices and government support for local manufacturing [7] Industry Concerns - Key concerns include the valuation and profit outlook for wind turbine companies, with many currently in a profit rebound phase [8][9] - The recent issuance of Document No. 136 has created uncertainty regarding future wind power prices, leading to a temporary halt in wind farm transactions, although acceptance of wind farms remains high [8] - There are worries about rising component prices affecting turbine profitability; however, the actual price increases have been limited, and the cost performance is expected to remain stable [8] - Concerns about demand in 2026 are mitigated by positive bidding trends, particularly in offshore wind, indicating a sustained growth cycle for the next two to three years [8]