CITIC Securities: Bullish on leading offshore wind core equipment players with advantages in technology, products, and market share

CITIC Securities noted that China is stepping up policy planning and support for offshore wind, and deep-sea project development is expected to accelerate; European offshore wind supply chain procurement demand is building for a new round of volume growth, and domestic and external demand are expected to reach a growth inflection point. For core supply chain segments such as pipe piles and submarine cables, the domestic deep-sea trend will drive product specification upgrades and higher value content, and push share concentration toward leading players; European local capacity is structurally tightening, opening up overseas expansion space for leading manufacturers with manufacturing advantages and global supporting capabilities. It is expected that domestic and international project tenders and supply chain orders will be the first to recover in 2027, and a new phase of product shipments and earnings growth realization may begin in 2028, with a positive view on offshore wind core equipment leaders with advantages in technology, products, and market share.