20231107-华创证券-风电行业跟踪报告_10月陆风价格环比+2.4_16GW海上风机框采结果出炉_9页_810kb

Wind Power Industry Tracking Report Summary

• Report Focus: The report analyzes the 2023 October tracking of the wind power industry, covering tender, winning, and pricing data, investment recommendations, and risk factors. The overall market shows a significant decline in both bidding and winning volumes compared to the same period last year.

• Tender and Winning Data:

  • Tender Volume: In October, the total wind power tender volume was 3 GW, a sharp decrease both year-over-year and month-over-month. Cumulative tender volumes from January to October stand at 529 GW, down 73.6% year-over-year. Offshore and onshore segments saw declines through reduced demand.
  • Winning Volume: October's winning volume was 29 GW, also down significantly. Cumulative wins from January to October reached 568 GW. Offshore turbine framework bid results for 16 GW were published by State Grid Corporation of China, with winners including东方、明阳、海装、中车、远景、金风、上海、运达. Regional analysis shows high concentration in northern China for onshore projects.

• Winning Prices:

  • Onshore wind turbine winning prices rose by 24% year-over-month to 1536 yuan/kW in October. Different manufacturers showed variations, with some achieving lower prices. Offshore prices decreased, reflecting market adjustments.

• Investment Recommendations:

  • The report recommends focusing on the offshore wind supply chain due to recent projects and growth potential. Key companies to consider include东方电缆、中天科技、泰胜风能、大金重工、天顺风能、三一重能、明阳智能 for investments in related areas.

• Risk Factors:

  • Potential risks include underperformance in wind installation, slower international expansion, and fluctuations in commodity prices, which could impact the industry's trajectory.