Hong Kong stock concept tracking | Wind power bidding volume significantly increased Wind power equipment leading enterprises benefit (with concept stocks)

As the global energy transition accelerates, wind power as one of the important clean energy sources is developing rapidly. On the 16th, it was learned from the Offshore Wind Power Modern Industry Chain Cooperation Action Conference. This year, China's offshore wind power installed capacity is expected to exceed 45 million kilowatts, ranking first globally for four consecutive years. In the first three quarters of this year, offshore wind power added 2.47 million kilowatts, with a cumulative grid-connected capacity of 39.1 million kilowatts. As of the third quarter of this year, China's cumulative installed capacity of offshore wind power has ranked first globally for three consecutive years, exceeding the sum of the second to fifth countries' grid-connected offshore wind power. Recent summary of offshore wind bidding: Competitive Matching: Fujian initiated a 24-year offshore wind competitive bidding with a scale of 2.4GW (1GW in Zhangzhou + 1.4GW in Fuding). Jiangsu is expected to initiate the second phase competitive bidding of 8.5GW by the end of the year/early next year. Bidding: 1) Guangdong - The previously affected 4 projects due to navigation channels totaling 4GW have started bidding for tower/cable etc; Bidding for the 7GW provincial projects earmarked for competitive allocation in 2023 have started various bidding processes, with the plan to complete bidding work by the end of the year. 2) Jiangsu - The previously affected 2.65GW offshore wind has started various bidding processes. 3) State Grid Shandong Electric Power Investment launched feasibility bidding for 1.8GW, including 1.4GW state-controlled + 0.4GW province-controlled. 4) Liaoning - The provincial H1 site of 800MW has obtained the pre-approval documents for offshore use, with feasibility bidding for 500MW. 5) Hebei - Phase 1 of Shanhaiguan offshore wind with 500MW wind turbines for bidding. Since October, the cumulative bidding volume of offshore wind turbines has reached 2.2GW, with a significant increase in bidding volume. Combined with the 6.3GW bidding for offshore wind in the first three quarters of the year, the bidding for offshore wind turbines has achieved 8.5GW for the year. In recent open bidding and tendering for offshore wind, positive changes are happening, and as a type of stock that has been lagging behind in this bull market cycle, the industry is expected to grow by over 50% next year, coupled with high-quality factors (high barriers to competition in offshore cables, a good competitive landscape). Price negotiations: At present, suppliers are very firm in their stance, with price increases expected for blades and castings, with blade price increases ranging from 3-5% and casting prices expected to increase by 5-10%, although this has not been finalized as the main manufacturers are still negotiating, and it will probably be finalized by the end of this month or mid-next month. Industry feedback currently indicates that the installed capacity in 2025 will exceed expectations greatly, and recent Qingzhou tower bidding and the initiation of 2.4GW offshore wind competitive bidding in Fujian will further catalyze expectations for the sector's prosperity. In 2025, the wind power sector will see an increase in both volume and price, with the core leading companies having greater performance elasticity. Related wind power equipment companies: Goldwind Science & Technology (02208): In the ranking of global wind power equipment suppliers in 2023, Chinese wind power companies dominated the top five positions with four seats. Among them, Goldwind Science & Technology ranked first, with last year's share of the newly installed capacity accounting for 13.9% of the global market share. In the first quarter of this year, Goldwind Science & Technology's net profit growth rate dropped significantly, with a net profit of only 3.33 billion yuan, achieving a net profit attributable to the parent company's shareholders of 13.87 billion yuan in the half-year report, a year-on-year increase of 10.83%. This means that the company made a significant effort in the second quarter. As of June 30, 2024, Goldwind Science & Technology's total order backlog is 38.4GW, with external orders totaling 35.6GW, a year-on-year increase of 26.40%. Most of the company's backlogged orders are for specifications above 6MW, with corresponding orders totaling 23.17GW, accounting for 65%. Dongfang Electric Corporation (01072): The company is one of the world's leading power generation equipment suppliers and power station project contractors. In the first half of the year, the "renewable energy equipment" sector recorded revenue of 8.2 billion yuan, a year-on-year increase of 19%, with wind power/hydropower equipment revenues of 6.7/1.3 billion yuan, a year-on-year increase of 19%/21%, and subsidiary Dongfang Wind Power turned a profit. C TRANSMISSION (00658): Is a group specializing in the research and development of high-speed, heavy-duty, precision gear transmission devices, covering fields such as wind power gearboxes, rail vehicle gearboxes, industrial gearboxes, Siasun Robot&Automation reducers, and new energy vehicle gearboxes. In 2023, the company's wind power gear transmission equipment business sales revenue increased by 12.2% to 14.89 billion yuan. From the customer's perspective, the company's customer resource advantage is significant in 2023, with its wind power gear transmission equipment products' customers including not only major wind turbine manufacturers in China, but also internationally renowned wind turbine manufacturers.