Zheshang: The bid of Landwind is increasing in quantity and price. It prioritizes the sea wind and the logic of going overseas.

Zheshang released a research report stating that the global wind power medium- to long-term demand is expected to maintain steady growth, with global wind power new installations reaching 186.2GW in 2026, a year-on-year increase of 14.0%. In Europe, the average per turbine power shows that offshore wind turbines are entering a high installation peak period and are increasing in size, with average per turbine powers of 8.0, 9.7, and 10.1MW in 2022-2024. The main points of Zheshang are as follows: - Global wind power medium- to long-term demand maintains steady growth - China, Europe and the Americas are traditional installation areas, with Latin America, the Middle East, India, and other Asia-Pacific regions experiencing faster growth. Combining forecasts from GWEC, WindEurope, and Woodmac, the bank predicts that global wind power new installations are expected to reach 186.2GW in 2026, a year-on-year increase of 14.0%. This includes 161.5GW of new onshore wind power installations, a 7.7% increase, and 24.7GW of new offshore wind power installations, an 85.6% increase; the compound annual growth rate of global wind power new installations from 2024-2030 is expected to be approximately 10.9%, with onshore wind power at 9.3% and offshore wind power at 26.3%. - Europe's offshore wind power is entering a high installation peak period, with rapid growth in onshore wind power - According to WindEurope's forecast, from 2025 to 2030, Europe's new offshore wind power installations will be 3.03, 8.04, 7.69, 5.99, 6.16, and 12.13GW, with a total installation capacity expected to reach 43.04GW, and a compound annual growth rate from 2025 to 2030 of 32%. The countries with large installation capacities are the United Kingdom, Germany, Poland, the Netherlands, France, and Denmark. In terms of average per turbine power, offshore wind turbines are increasing in size, with average per turbine powers of 8.0, 9.7, and 10.1MW in 2022-2024. - Domestic (1) Quantity and price: Domestic land-based wind bid prices continue to rise, and bid volumes remain high. According to daily wind power and wind power headline data, the lowest monthly winning bid price for onshore wind turbines (including towers) in 2024 was 1553 yuan/kW in April, and for onshore wind turbines (excluding towers) it was 1133 yuan/kW in June; in October 2025, the average monthly winning bid prices for onshore wind turbines (including towers) and onshore wind turbines (excluding towers) both rose to 2248 yuan/kW and 1687 yuan/kW respectively. According to wind energy sources, from Q1 to Q3 of 2025, the cumulative bid volume of wind power equipment reached 127.3GW, a year-on-year increase of 16%. (2) Rising bid prices combined with the expansion of export scale drive the wind power unit gross profit margin back into an upward channel. The process from bidding to actual receipt of wind turbines usually takes 4-8 quarters, making Q3-Q4 of this year an important window to observe profit recovery. With the rapid increase in export capacity of whole machine enterprises, profitability is expected to further increase. According to wind energy sources, in 2024, Chinese whole machine enterprises won overseas orders for 34.3GW, reaching 19.28GW in the first three quarters of 2025. Suggested Investments (1) Whole machine: Goldwind Science & Technology, Windey Energy Technology Group, Ming Yang Smart Energy, Sany Renewable Energy, etc. (2) Offshore foundation and towers: Dajin Heavy Industry, Jiangsu Haili Wind Power Equipment Technology, Titan Wind Energy, TSP Wind Power Group, etc. (3) Subsea cables: Ningbo Orient Wires & Cables, Jiangsu Zhongtian Technology, Hengtong Optic-Electric, etc. (4) Components: JinLei Technology, Delijia Transmission Technology, Zhuzhou Times New Material Technology, Riyue Heavy Industry, Zhangjiagang Guangda Special Material, etc. Risk warning - Demand in major wind power installation markets such as China and Europe is lower than expected; wind power project bidding results in China are lower than expected; the development pace of offshore wind projects in Europe is slower than expected; downward industry chain prices; rising raw material prices.