Titan Wind(SZ:002531)2023-05-05 10:26Global Wind Power Market Overview - The global wind power market is entering a new growth cycle driven by the "dual carbon" goals, with a total installed capacity of 77.6 GW added in 2022, including 37.6 GW in China [2][3]. - In 2022, global wind power orders reached a record high of 134.6 GW, marking a 30% year-on-year increase [3]. - The G7 countries have committed to increasing offshore wind capacity to 150 GW by 2030, enhancing global offshore wind development expectations [3][4]. Domestic Wind Power Market Trends - In 2022, China's new wind power installations dropped by approximately 30% to 37.63 GW, following a peak in 2020-2021 [4][5]. - The total bidding volume for wind power projects in 2022 exceeded 90 GW, indicating a rebound in 2023 with an expected installation of over 64.54 GW [4][5]. - The "14th Five-Year Plan" outlines significant offshore wind power development, with provinces like Shandong, Jiangsu, and Guangdong aiming to establish large-scale offshore wind bases [4][5]. Cost Reduction and Investment Returns - The levelized cost of electricity (LCOE) for onshore wind has decreased by 68% and offshore wind by 60% from 2010 to 2021 [3][4]. - China's offshore wind LCOE is projected to decrease by 19%-23% from the end of 2022 to 2030 [3][4]. Company Developments and Strategic Initiatives - TianShun Wind Power has made significant advancements in offshore wind power, with effective capacity from acquisitions expected to reach 50-60 million tons [5][6]. - The company is focusing on expanding its production capacity in Jiangsu and Guangdong, with plans to establish a 50-60 million ton monopile factory [5][8]. - The acquisition of Jiangsu Changfeng is nearing completion, enhancing the company's manufacturing capabilities in offshore wind power [7][8]. Future Outlook - The offshore wind power market is expected to see a recovery in installations, with projections of 8-10 GW in 2023 and an annual growth rate of over 25% in the next decade [6][7]. - The "14th Five-Year Plan" has already secured approximately 80 GW of planned capacity, with significant projects expected to commence in the latter half of 2023 [6][7]. - The company aims to become a leading player in the offshore wind power sector, with a strategic focus on local production to meet increasing demand [8][10].