Guosen Securities has issued a research report highlighting opportunities across the offshore wind sector as a whole, with particular emphasis on core segments such as submarine cables and pipe piles.
According to the report, leading lithium battery companies have experienced significant overselling, with valuations sitting in historically low ranges, while operating performance and cash flows are expected to grow steadily, drawing attention to absolute return potential as value reversion becomes more pronounced.
The report also notes that AIDC power supply and distribution technology is iterating toward high-voltage direct current, and more leading domestic power electronics enterprises are expected to enter the global AIDC supply chain, ushering in a period of sustained earnings growth driven by industry tailwinds.
The key views from Guosen Securities Co.,Ltd. (002736) are as follows:
Global offshore wind is poised for a multi-year boom
Recently, domestic offshore wind provincial-managed projects have successively begun construction, with major projects in Jiangsu, Zhejiang, and Guangdong initiating equipment tendering. Key orders from overseas markets including Europe, Southeast Asia, and the Middle East targeting Chinese supply chains are progressing smoothly. On the onshore wind front, new energy mechanism electricity prices are stabilizing and recovering, and wind power tendering is showing signs of recovery. From January to August, domestic onshore wind tendering reached 65.5GW, up 36% year-on-year. Since the second half of 2026, wind turbine exports have maintained strong momentum, providing long-term profit growth space for the industry. Focus should be placed on leading enterprises in turbines, components, and offshore wind, including Orient Cable, Goldwind Science & Technology, Delijia, Dajin Heavy Industry, and Sany Renewable Energy.
Lithium battery fundamentals benefit from export demand, leading companies poised for value reversion after overselling
Production scheduling at lithium battery companies continues its upward trend. Energy storage demand remains robust, rapid growth in electric vehicle exports combined with continuously rising battery capacity per vehicle in the domestic market is sustaining high-speed growth in lithium battery demand. In September, domestic new energy vehicle exports maintained high growth rates. In October, six companies in the lithium battery segment scheduled a combined production of 211.3GWh, up 66% year-on-year and 6% month-on-month. Under the industry's high prosperity, separators and copper foil remain in a tight balance. Recommended focus areas include leading enterprises in batteries, separators, copper foil, solid-state batteries, and sodium batteries, including CATL, Penghui Energy, EVE Energy, Azure Lithium Core, Highpower Technology, CALB, Capchem, Senior Technology Material, and Cnano Technology.
Global energy storage demand grows steadily, system and PCS overseas expansion accelerates
Domestic energy storage market-driven demand has led to explosive order growth; U.S. data center development is boosting procurement demand for large-scale storage; rising natural gas prices and electricity market liberalization in Europe are both driving energy storage demand; emerging market governments are frequently introducing energy storage policies. Global energy storage installed capacity demand is projected to reach 455GWh in 2026, up 40% year-on-year. Attention is recommended for Sungrow Power Supply, Deye, Haibosichuang, and Sinexcel.
Grid investment certainty stands out, continued focus on AIDC and overseas expansion leaders
As of the end of September, ultra-high-voltage tendering reached nearly 28 billion yuan, an increase of approximately 27% compared to the full year of 2025. Entering the fourth quarter, domestic grid investment is expected to accelerate. In the AIDC segment, related companies' orders and performance are gradually showing elasticity in the second half of the year; overseas demand for medium and high-voltage equipment is strong, with export orders centrally confirmed in the third quarter, contributing to sequential earnings elasticity for the sector. Key focus should be on leading enterprises in domestic demand, overseas expansion, and AIDC, including Pinggao Electric, Mingyang Electric, Jinpan Technology, Baiyun Electric, Megmeet, and Zhongheng Electric.
Risk warnings: Trade friction risks; rising commodity raw material prices; domestic new energy vehicle sales falling short of expectations; domestic energy storage market growth falling short of expectations; exchange rate risks.