Hong Kong Stock Concept Tracking | In 2024, China's annual wind power installed capacity reaches a new high. Recently, wind turbine prices have rebounded (with related concept stocks).

Despite the ongoing price war, last year China's annual new wind power installation reached a new high. The proportion of cumulative grid-connected wind power capacity in the power structure has increased from 0.1% in 2000 to 15.2% in 2024. At the same time, the wind power bidding volume reached 225 million kilowatts last year, a year-on-year increase of 35.05%, also hitting a historical high. In October last year, at the 2024 Beijing International Wind Energy Conference and Exhibition, under the guidance of the Wind Energy Professional Committee, 12 wind turbine manufacturers signed the "China Wind Power Industry Maintaining Fair Competition Environment Autonomy Convention". In the past two months, the prices of wind turbines have rebounded slightly. The price rebound may also be due to the significant decline in profit margins for turbine manufacturers. Many top wind turbine manufacturers in China saw their performance start to improve last year. In the first three quarters of 2024, Goldwind Science & Technology achieved a revenue of 35.839 billion yuan, a year-on-year increase of 22.24%; net profit of 1.792 billion yuan, a year-on-year increase of 42.14%; Windey Energy Technology Group (300772) achieved a revenue of 13.929 billion yuan, a year-on-year increase of 24.01%; net profit of 267 million yuan, a year-on-year increase of 6.25%; Sany Renewable Energy (688349) achieved a revenue of 9.068 billion yuan, a year-on-year increase of 21.06%; net profit of 685 million yuan, a year-on-year decline of 33.35%. The data of the top five wind turbine manufacturers show that the gross profit margin in the third quarter of last year was less than 10%. Last year, China exported 5.5 million kilowatts of wind turbines to 24 countries, with cumulative exports to 56 countries. Currently, the output value of each link in China's wind power industry chain accounts for more than 60% of the global market, and the overseas wind power market is vast. According to Qin Haiyan, Secretary General of the Wind Energy Professional Committee of the Chinese Renewable Energy Society, by 2028, it is expected that there will be an additional 70 million kilowatts of onshore wind power and nearly 20 million kilowatts of offshore wind power in markets outside of China. Developing wind power has become a consensus and action for all countries in the world to achieve energy security and address climate change. According to the research report released by GF SEC, based on the performance display materials of Goldwind Science & Technology, a total of 119.1GW of wind turbines were tendered in China in the first three quarters of 2024, a year-on-year increase of 93%. Among them, onshore wind power was tendered at 111.5GW, a year-on-year increase of 101%, and offshore wind power was tendered at 7.6GW, a year-on-year increase of 25%; according to the forecasts of CWEA on January 11, 2025, China's annual new wind power installation is expected to be about 105-115GW, with an onshore addition of about 95-100GW and an offshore addition of about 10-15GW, making 25 a year of large-scale installations, and the related industry chain is expected to benefit. Hong Kong stocks related to the wind power industry chain: Goldwind Science & Technology (02208): Guosen pointed out that the Dafeng offshore wind project of Jiangsu Guoxin Corp., Ltd. is the first batch of flat-rate offshore wind projects in Jiangsu Province this year, and the start of this project also marks the second concentrated construction period of offshore wind power in China during the "14th Five-Year Plan" period. At present, the domestic offshore wind market is poised for development, and it is expected that the company's delivery of offshore wind turbines in 2024 will achieve high-speed growth; looking ahead, the company will fully benefit from the growth in demand for wind power in emerging markets and the cost reduction effects brought about by the shift in its technological route. Dongfang Electric Corporation (01072): The wind power business turned losses into profits in 2024. According to the news on the State-owned Assets Supervision and Administration Commission's website, the 1 million kilowatt wind power project in Mudanjiang, Dongfang Electric Corporation, was successfully connected to the grid. The 1 million kilowatt wind power project in Mudanjiang, Dongfang Electric Corporation, is not only the largest single-capacity mountain wind power project in China, but also an important practice to respond to the national "dual carbon" strategy and promote the optimization of energy structure.