重申三大边际催化，重视风电板块布局时点

Summary of Wind Power Industry Conference Call Industry Overview - The wind power industry is benefiting from both domestic and overseas market resonance, with strong support from high-quality development and policy backing in the domestic renewable energy sector. [1][5] - The construction costs of wind power projects are decreasing, making internal rates of return (IRR) attractive. It is expected that onshore wind power will grow by 50% and offshore wind power will nearly double during the "14th Five-Year Plan" to "15th Five-Year Plan" period. [1][5] Key Insights and Arguments - Domestic Market Growth: The domestic offshore wind power market is projected to have a strong competitive edge by 2026, with significant investment opportunities due to higher-than-expected profit margins. [1][6] - Cost and Profitability: The cost side benefits from operational leverage, with components like piles and cables showing significantly higher profit margins in export markets compared to domestic products. [1][6] - Technological Advancements: High-gravity markets such as deep-sea and overseas projects are showing clear advantages, with increased demand for high-margin products like 500 kV DC cables. [1][8] Valuation and Investment Opportunities - The wind power sector's valuation has adjusted to bottom levels, with wind turbine companies at around 10 times earnings and component manufacturers like piles and cables at 15-20 times. [3][12] - Short-term catalysts include the advancement of domestic deep-sea projects, annual report forecasts indicating a 50% growth, and new CFD tenders in the UK expected to boost overseas orders. [10][11] Future Outlook - The long-term outlook for the wind power industry is positive, with both domestic and overseas markets expected to resonate during the "15th Five-Year Plan" period, providing strong support for the industry. [5][9] - By 2026, the overall growth trend in the wind power sector is clear, particularly in offshore wind segments, with significant potential for profit margin expansion in piles, turbines, and cables. [9][12] Specific Areas of Focus - Key areas to watch include deep-sea projects and export opportunities, particularly in piles and turbines, which show superior profitability compared to domestic products. [8][13] - Companies with operational leverage and those positioned in high-demand segments are recommended for investment consideration. [8][12]