Western Securities: The wind power industry maintains a high level of prosperity, and is optimistic about fans and components, and investment opportunities in Shuanghai
The Zhitong Finance App learned that Western Securities released a research report saying that the wind power industry has maintained a high level of prosperity and sorted out 2 main stock selection lines: (1) The fan's winning price performance is excellent, fan profits are expected to pick up, and subsequent installed capacity has the potential to exceed expectations. The high demand for overseas wind power has further opened up room for growth. The fan and parts sector is expected to increase rapidly, focusing on fan and component investment opportunities. (2) Domestic and foreign ocean wind demand resonates, and we continue to be optimistic about ocean wind growth. Domestic offshore wind projects are progressing smoothly. Domestic offshore wind installations are expected to increase rapidly from 2025-2026. Subsequent domestic deep-sea breezes will open up room for offshore wind power growth. The overseas sea scenery is beautiful, and I am optimistic about the sea breeze going out to sea.
The main views of Western Securities are as follows:
Fan bid prices continue to rise, and fan sales profits are expected to pick up in 2026
Since the end of 2024, wind power mainframe prices have shown a continuous upward trend due to factors such as the self-discipline of wind power mainframe manufacturers and changes in downstream owners' bid evaluation rules. According to the Bidding Network, the average winning bid price for onshore fans from January to October 2025 was 1,618 yuan/kW, +6.86% year-on-year; the average winning bid price for onshore fans (including towers) was 2,096 yuan/kW, +9.78% year-on-year. The fan sales profits of various OEMs are expected to pick up in the future.
Domestic fan shipments are expected to exceed expectations in 2026, and fans will go overseas to open up room for growth
The number of tenders and approvals for fans in 2025 also showed a year-on-year increase. According to the Bidding Network, the number of tenders for onshore fans (excluding framework agreement tenders) from January to October 2025 was +13.16% compared to the same period last year. The number of domestic wind power project approvals from January to August 2025 was +29% year-on-year, and the installed volume of domestic wind power is expected to exceed expectations in 2026. In addition, there is strong demand for fans going overseas. According to Fengmang Energy, the number of 25H1 overseas orders won by companies such as Goldwind Technology and Envision Energy increased year-on-year, opening up room for growth for fans going overseas.
The installation of domestic offshore projects is progressing smoothly, and the space for deep sea breezes is vast
In 2025, domestic seabreeze projects progressed smoothly, and various projects in Guangdong and Jiangsu progressed the installation process one after another. Since 2025, deep-sea sea-related policies have been continuously released. Zhejiang, Shanghai, Guangdong and other regions have all issued deep-sea related plans. Subsequent deep-sea breezes are expected to open up space for offshore wind power growth in the “15th Five-Year Plan”.
Overseas offshore wind power construction is accelerating, and there are export opportunities in many aspects of ocean wind
According to GWEC forecasts, the new installed capacity of offshore wind power in Europe is expected to reach 8.40 GW in 2026, which is the main new installed market for offshore wind power in the future other than China. According to the bank's statistics, in the first half of 2021 and 2025, the European offshore wind power auction volume has reached 60.05GW. The 26q1 British 7th CFD is also expected to complete the auction process. Overseas seabreeze projects have sufficient reserves and are expected to accelerate progress.
Investment advice
Based on main line 1, the bank suggests focusing on investment opportunities brought by the recovery in fan profits and the demand side of subsequent installations that are expected to exceed expectations, and it is recommended to focus on fans and fan parts. We recommend Goldwind Technology, Mingyang Intelligence, and Sany Heavy Energy for wind power mainframes. We recommend focusing on Yunda shares; for fan components, we recommend focusing on Jinlei shares, Power Transmission, and Xinqianglian. Based on main line 2, the bank recommended focusing on investment opportunities brought about by the accelerated development of domestic and foreign sea breezes, and recommended focusing on submarine cables and pile-foundation links. For the submarine cable section, we recommend Dongfang Cable and Zhongtian Technology; for the pile foundation section, we recommend Daikin Heavy Industries and Tianshun Wind Energy, and it is recommended to focus on Haili Wind Power.
Risk warning: policy risk, market competition risk, economic environment and exchange rate fluctuation risk