20230504-华创证券-电力设备及新能源行业跟踪报告_4月风电中标量达12GW_陆上风机价格环比回暖_9页_820kb

Summary of Power Equipment and New Energy Industry Report (Wind Energy Focus)

Key Findings

• Tender Activity: Wind energy bidding slowed in April 2023, with total 2023 Q1-Q4 tender volume at 276GW (down 74% YoY), and April specifically at 54GW. Offshore bidding dropped sharply, while onshore saw moderate growth.
• Awards: Total 2023 Q1-Q4 wind project awards reached 27GW (up 238% YoY), with April recording 12GW awards at a high rate. Offshore awards surged with increased market share from specific manufacturers, while onshore projects were concentrated in regions like Inner Mongolia.
• Prices: Offshore wind prices declined further in April, with an average of 3173元/kW (down YoM), while onshore prices rebounded to 1590元/kW (up YoM), signaling a market recovery.
• Recommendations: Focus on upstream/downstream players in the offshore wind supply chain, including companies such as TaiSheng, SeaPower, TianNeng, and ZhongYi, given the growth potential in global offshore wind development.
• Risks: Potential for lower-than-expected wind installations, challenges in overseas market penetration, and volatility in commodity prices.