海上风电专题研究：国内外海风需求共振，看好国内厂商出海机会

投资要点 ➢ 一、国内外海风共振，25年海风装机高景气................................................................................41.国内海风发展迎来拐点，招标、开工进程加速............................................................................................42.海外海风快速增长，欧洲为未来海风发展重点区域....................................................................................63.国内外海风需求起量，25年海风装机有望高增..........................................................................................9二、风机价格触底回升，毛利率有望加速修复...........................................................................101.行业自律+招标评标优化，风机价格触底回升...........................................................................................102.上游大宗价格回落，海上风电系统成本下降.............................................................................................11三、国内外海风共振，海缆和塔桩加速出海...............................................................................111.海外海缆高端产能受限，国内头部企业有望受益......................................................................................112.海外桩基存在供需缺口，国内企业成本优势明显......................................................................................13四、投资建议.............................................................................................................................15五、风险提示.............................................................................................................................16 .......................................................................................................4..................................................................................................4....................................................................................................................................6........................................................................................................................................7................................................................................................................................8................................................................................................................................9...........................................................................................................................10................................................................................................................................11.............................................................................................................................................11..............................................................................................................11...........................................................................................................................................13...........................................................................................................................................13.....................................................................................................13........................................................................................13....................................................................................................................................14............................................................................................................................14 ...............................................................................................................................................5........................................................................................................................................5......................................................................................................................7...............................................................................................................................................9 ......................................................................................................................................12................................................................................................................15 ⚫ ⚫⚫⚫