再论风电整机:行业性盈利反转或将到来

中金公司
23 Jul

投资建议风电整机板块在过去几年竞争激烈、盈利承压,随着过去半年多以来的竞争缓和,风机价格已兑现回升趋势,我们预计行业性的盈利反转即将到来。另外,在国内海风和出口需求的带动下,中长期行业具备增长空间。理由四类原因支撑本轮风机价格回升,行业短期内竞争再度加剧的可能性较低。经过持续几年的风机中标价格下降后,我们统计行业陆风中标的月度均价自2024 年底开始有明显的回升趋势,这一涨价趋势延续至2025 年...

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