Wind Energy Report: Wind Power, Energy Storage “Returning to Growth” Still in “Adjustment” Phase
On May 1, 2025, the 21st Century Economic Report highlighted the ongoing fluctuations in the wind energy and energy storage sectors. In recent years, these industries have experienced significant waves of adjustment, impacting the performance of various companies differently.
In 2024, A-shares in the wind and energy storage sectors are expected to face challenges due to a declining market environment. However, in the first quarter of 2025, the wind and energy storage sectors are projected to begin a “return to growth.” Despite the anticipated demand from these sectors, the supply chain’s price fluctuations and overseas market demands are currently influencing the pace of recovery.
Wind turbine prices are expected to stabilize from the fourth quarter of 2024 to the first quarter of 2025, as Chinese wind power companies demonstrate signs of recovery, although some companies may struggle to meet forecasts.
According to the 21st Century Economic Report, in 2024, 23 A-share wind power companies are projected to achieve total revenues of approximately 2,251.53 billion yuan, which represents a year-on-year increase of 4.39% but a decline of 12.70% compared to the previous year. Although revenues are projected to decrease, the growth of wind power companies in the first quarter of 2025 indicates a potential for recovery.
The report also indicates that some leading wind energy companies are expected to report significant revenue increases, which may be attributed to improved operational efficiencies and market conditions. Companies like Goldwind (002202.SZ) reported a revenue of 94.71 billion yuan for the first quarter of this year, showing a remarkable year-on-year growth of 35.72%. Meanwhile, those firms in the wind energy sector are also expected to benefit from a steady demand for their products.
As of March 2025, Goldwind’s contracted capacity is projected to reach 51.09 GW, reflecting a 51.81% year-on-year growth. This is expected to continue with an increasing demand for wind turbine installations, particularly in offshore markets where competitive pricing is crucial.
By March 2025, the wind power capacity in China is expected to reach 59.71 GW, showing a 30.5% increase from previous years. The report emphasizes that while the domestic market for wind energy is robust, there are still challenges in terms of pricing and supply chain consistency, especially as companies navigate through policy changes and global market fluctuations.
In summary, while the wind energy and energy storage sectors are expected to recover, the market conditions and pricing strategies will play a pivotal role in determining the pace and sustainability of this growth. Companies that adapt quickly to these changing dynamics will likely emerge as leaders in the sector.
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