According to the Zhitong Finance APP, Shenwan Hongyuan has released a research report stating that the mid-year performance of the wind power sector has significantly improved recently, with many companies experiencing substantial year-on-year growth in net profits, confirming the industry's high prosperity. With the continuation of the rush to install at the end of the 14th Five-Year Plan, it is expected that by 2025, the newly installed capacity of domestic wind power will reach 110GW. Coupled with the explosive demand for offshore wind power overseas, the sector has both profit elasticity and growth potential. It is recommended to focus on leading companies with strong profit elasticity and significant expectation gaps, such as JINLEI (300443.SZ) and HAILI WIND POWER (301155.SZ), which has prominent growth logic in pure offshore wind.
<h2>Shenwan Hongyuan's main viewpoints are as follows:</h2>
Mid-year reports are being released, emphasizing performance-driven dynamics
Recently, mid-year reports in the wind power sector have been disclosed one after another, with many companies showing significant year-on-year profit improvements: Feiwo Technology's Q2 net profit attributable to the parent company was 34 million yuan, up 241.45% year-on-year; Shuangyi Technology's Q2 net profit attributable to the parent company was 70 million yuan, up 239.40% year-on-year; XQL's Q2 net profit attributable to the parent company was 229 million yuan, turning from a loss (Q2 2024 loss of 49 million yuan). In the long term, the growth of the industry index mainly relies on fundamental profit support. As the mid-year reports enter a concentrated disclosure period, performance is expected to drive further upward movement in the sector.
Onshore wind power's high prosperity continues, profit elasticity emerges
At the end of the 14th Five-Year Plan, there is a rush to install wind power. The bank expects that by 2025, the newly installed capacity of domestic wind power is expected to reach 110GW. According to the National Energy Administration, the newly installed capacity of domestic wind power in Q2 reached 36.77GW, a year-on-year increase of 255.61%. The wind power sector enters its annual peak in Q3, with the entire industry chain's production and shipment expected to further increase based on Q2; the heavy asset nature of wind power is highly sensitive to scale effects, with significant profit elasticity from volume increases, and the sector's profitability is expected to continue to improve, with Q3 performance likely to exceed expectations.
2026 dual offshore expectations resonate, the sector is likely to welcome a consistent market
Recently, the domestic 15th Five-Year Plan for marine economic development has begun drafting, boosting expectations for domestic offshore wind; the global interest rate cut cycle has begun, accelerating offshore wind construction in Europe. According to GWEC (Global Wind Energy Council), it is expected that by 2026, the installed capacity of offshore wind in Europe will reach 8.7GW (up 107% year-on-year). Supported by performance lines, the resonance of domestic and foreign offshore wind expectations may open up a consistent upward market for the sector.
Investment analysis recommendations
It is recommended to focus on leading companies with strong profit elasticity and significant expectation gaps, such as JINLEI, and on pure offshore wind targets like HAILI WIND POWER, while also paying close attention to Dongfang Cable, Goldwind Technology, Daikin Heavy Industry, Zhongtian Technology, Guangda Special Materials, XQL, Windey, and Sany Renewable Energy.
Risk warning: 1) If market electricity prices fluctuate significantly, it may affect project returns and thus impact demand; 2) The construction speed of offshore wind may not meet expectations

688349

300443

301155

300850

300772

Shenwan Hongyuan released a research report indicating that the mid-year performance of the wind power sector has significantly improved, with an expected addition of 110GW of new wind power installations in China by 2025, and overseas offshore wind demand is also set to explode. It is recommended to pay attention to JINLEI, which has strong profit elasticity, and HAILI WIND POWER, which has outstanding growth potential. With the disclosure of mid-year reports, performance is expected to drive the sector's market upward, and third-quarter results are likely to continue exceeding expectations

Zhitong

Sany Renewable Energy

JINLEI

HAILI WIND POWER

XQL Slewing Bearing

Windey

Shenwan Hongyuan: Performance line + two seas expectation resonance, the wind power sector is expected to usher in a consistent market trend