In the first quarter, the number of bids won by domestic wind turbine manufacturers doubled year-on-year.

According to incomplete statistics from Fengmang Energy, in the first quarter of 2025, 11 domestic wind turbine manufacturers won bids for a total of 200 projects, with a total bid scale of 33.27GW (excluding annual frame mining projects and self-built projects), a year-on-year increase of 115.62%. Among them, onshore wind power won bids reached a new high, with a total of 32.42GW, accounting for about 96%, and offshore wind power won bids totaling 1.15GW.

Goldwind Technology (002202), Yunda Co., Ltd. (300772), Envision Energy, Mingyang Intelligent (601615) and Sany Renewable Energy (688349) accounted for about 75% of the total bids. Among them, Yunda shares won the largest number of bids, about 6.9GW, and the company recently announced that it plans to invest 7.29 billion yuan to build four wind power projects.

Zheshang Securities said that since the first quarter, the pace of domestic wind power installation has accelerated, the downstream demand is strong, and the industrial chain is relatively full. Since the end of 2024, the downstream demand has driven the production schedule of the industrial chain to increase, the prices of blades, large castings, tower piles and other links have continued to rise, the bid-winning price of the whole machine has stabilized and rebounded, and the wind power industry chain is expected to be profitable and repaired.

Last year, the wind power industry sounded the horn of "anti-involution", and the price of wind turbines rebounded.

According to Fengmang Energy data, in the first quarter of 2025, the price of domestic onshore wind turbines will generally stabilize and rebound, with the lowest price of onshore wind turbines (including towers) at 1,443 yuan/kW and the average price in the range of 2,000 yuan/kW to 2,200 yuan/kW.

With the recovery of wind turbine prices, the performance of many wind turbine manufacturers last year "rebounded".

According to the announcement, in 2024, Goldwind will achieve revenue of 56.699 billion yuan, a year-on-year increase of 12.37%, a record high, and a net profit of 1.86 billion yuan, a year-on-year increase of 39.78%; Yunda achieved revenue of 22.198 billion yuan, a year-on-year increase of 18.54%, and a net profit of 465 million yuan, a year-on-year increase of 12.24%.

In addition, Sany Renewable Energy is expected to achieve revenue of 18.089 billion yuan, a year-on-year increase of 21.09%, and a net profit of 1.857 billion yuan, a year-on-year decrease of 7.46%. and Electric Wind Power (688660) achieved revenue of 10.438 billion yuan, a year-on-year increase of 3.2%; net profit was negative 785 million yuan, a year-on-year increase of 38.27%.

The revenue of the above four companies has achieved positive year-on-year growth, and the net profit of two of them has increased significantly.

"It is expected that there will be a good growth in wind turbine shipments in 2025 compared with 2024." Ma Jinru, secretary of the board of directors of Goldwind, mentioned at the company's 2024 performance briefing.

China Merchants Securities said in the research report that the number of wind power tenders in 2024 will increase by 90% year-on-year, and it is expected that the industry will enter an intensive delivery period in 2025, and the profitability of upstream manufacturing links is expected to continue to improve.

Zheshang Securities also said that in 2025, the installed capacity of wind power is expected to usher in rapid growth, the new installed capacity of onshore wind power is expected to exceed 100GW, and the new installed capacity of offshore wind power is expected to reach 15GW.

Surging News reporter Wang Jingjing