The Zhitong Finance App learned that CITIC Construction Investment Securities released a research report saying that domestic wind power consumption bottlenecks may be opened, which will bring more room for new domestic wind power installations. There is some room for improvement in wind power installations in 2024. It is estimated that 95 GW of new wind power installations will be added in 2024, an increase of 25% over the previous year. After reviewing 2013-2014 and 2019, the results brought about by the decline in the air waste rate and the release of consumption capacity were all increased in installed capacity. The wind power index achieved good returns. Most aspects of shipment volume will benefit from the increase in installed capacity. Some aspects, such as casting and forging, will benefit from increased capacity utilization, and there is some room for improvement in unit profit. Optimistic about castings, forgings, lifting equipment, etc.

Background: The consumption situation is expected to improve in order to access more new energy sources

In 2018, the National Development and Reform Commission and the Energy Administration issued the “Clean Energy Consumption Action Plan (2018-2020)”, which aims to solve the problem of clean energy consumption and strengthen the assessment of consumption targets. Since then, the consumption problem has been mitigated, and the electricity waste rate has been reduced to less than 5%. In 2023, the national wind power utilization rate was 97.3%, all of which remained high. The utilization rate in the central and eastern regions was generally higher than the national average. Among them, the utilization rate of wind power in Hebei, Mengxi, and Qinghai is less than 95%; the utilization rate of photovoltaics in Qinghai and Tibet is less than 95%.

Impact: Increase the installed capacity of wind power from 75GW to 95GW

According to estimates, in 2024, the wind utilization rate decreased by 1 pct, adding an increase of about 15-20 GW of installed wind, and in 2025, the utilization rate of scenery decreased by 1 pct, and an increase of about 25 GW of installed wind capacity was added (mainly due to stronger consumption capacity in 2025). According to CITIC Construction Investment Securities, there is some room for improvement in wind power installations in 2024. It is estimated that 95 GW of new wind power installations will be added in 2024, an increase of 25% over the previous year.

Stock price review: The wind power index performed well after consumption capacity was released

Similar to 2013-2014 and after 2019, the decline in wind abandonment rate and the release of consumption capacity will all result in an increase in approval volume → increase in bidding volume (increase in corporate orders) → increase in installed capacity (increase in corporate shipments and performance). Judging from the performance of the wind power index, they all achieved good excess returns during these periods.

Industry impact and target sorting: CITIC Construction Investment Securities said it is optimistic that the current consumption situation in casting and forging parts and lifting equipment will improve, and will increase the installed wind power capacity from 75 GW (65 GW for land wind, 10 GW for sea wind) to 95 GW (85 GW for land wind and 10 GW for sea wind), with an increase ratio of 27%. According to CITIC Construction Investment Securities, fans and related parts targets will benefit from increased shipments, and some aspects (such as castings and forgings) will benefit from increased capacity utilization. Based on the situation of various fan and wind power parts companies, companies with a high share of revenue in the wind power industry, a high share of domestic revenue, and a high share of the domestic market will enjoy higher performance flexibility.