CITIC Securities: The domestic wind power industry is expected to enter a stage of simultaneous increase in volume and price, ushering in a dual recovery of performance and valuation.

CITIC Securities research report pointed out that with the relatively high return on investment and the more friendly relationship with the power grid, the domestic wind power industry is showing a significant recovery trend in demand, combined with the "anti-inner loop" of the industrial chain, the supply and demand pattern and competitive situation of the wind turbine industry are expected to steadily improve. Benefiting from 1) the gradual return of the development focus of the wind turbine industry to product quality and sustainable healthy operation, onshore wind turbine prices have bottomed out and rebounded; 2) the domestic offshore and overseas wind turbine markets have vast space and are entering a volume turning point, and the entry threshold and profitability are generally significantly higher than the domestic onshore wind turbine market. After many years of layout, domestic leading whole machine manufacturers are expected to enter a period of accelerated growth, opening up medium- to long-term growth space. Therefore, benefiting from the improvement of the sales structure of "double sea", the recovery of wind turbine execution prices, and factors such as manufacturers' multi-path cost reduction, the domestic wind turbine industry is expected to enter a stage of simultaneous increase in volume, price and profit, ushering in a double recovery of performance and valuation.