20231205-华创证券-电力设备及新能源行业跟踪报告_1.1GW福建_山东海风项目开标_陆风中标同比+30.9__9页_825kb

Summary of Power Equipment and New Energy Industry Report

1. Bidding and Winning Overview

• Bidding Volume: Wind power bidding increased significantly in November 2023, with total bidding volume of 69 GW, up 526% year-over-year and 1298% month-over-month. Offshore bidding surged by 846% year-over-year and 7362% month-over-month, compared to onshore.
• Top Developers: State Energy led in bidding scale with 19 GW in November, and collectively, 53 developers were involved, with market concentration slightly declining.
• Winning Volume: In November, wind power winning volume reached 66 GW, an increase of 21% year-over-year and 123% month-over-month. Offshore wind saw a major increase of 309% month-over-month, with projects in Fujian and Shandong. Onshore wind dominated with 55 GW.

2. Key Highlights

• Regional Distribution: Land wind projects concentrated in the northern regions, accounting for 69% of wins in the first 11 months, while offshore projects spread across multiple provinces.
• Contractor and Manufacturer Insights: Key manufacturers like Goldwind and远景 led in onshore wind bids, and specific regional wins highlighted growth in Shandong and Fujian.
• Price Trends: November's onshore wind winning price dropped 161% month-over-month, to 1274 yuan/kW, due to more competitive bids from companies like WinDy and others.

3. Investment Recommendations

• Target Sectors: Focus on the offshore wind supply chain, including cable suppliers, tower and pile manufacturers, and turbine makers. Notable companies to consider include: Eastern Cable, Zhongtian Technology, Henry Fortune, QiFan Cable, TaiSheng Wind, Oriental Cable, TaiShun Windy, SanYi Heavy Energy, MingYang Smart Wind, and others.

4. Risks

• Potential Concerns: Wind power installation may not meet projections, challenges in international market expansion, and volatility in commodity prices could impact the sector.