"15th Five-Year Plan" period: offshore wind power cumulative installed capacity will double, leading enterprises have abundant orders in hand

Securities Times Reporter Zhang Juanjuan

The recently released “14th Five-Year Plan” outline proposes strengthening the construction of new energy infrastructure, including the development of clean energy bases such as the “Three North” wind and solar projects, integrated water, wind, and solar projects in Southwest China, coastal nuclear power, and offshore wind power.

Regarding offshore wind power development, the outline states that offshore wind farms will be built in the Bohai Sea, Yellow Sea, East China Sea, and South China Sea, with orderly promotion of deep-sea wind power development. The total grid-connected capacity of offshore wind power is expected to exceed 100 million kilowatts.

Data from the National Energy Administration shows that by the end of 2025, the country’s cumulative wind power grid-connected capacity will reach 640 million kilowatts, including 590 million kilowatts on land and 47 million kilowatts offshore. Compared to the targets set in the “14th Five-Year Plan,” the cumulative offshore wind capacity will double.

Industry Outlook

By 2025, domestic wind power capacity will continue to expand significantly, with an added 120 million kilowatts, a year-on-year increase of 51%, accounting for nearly 27% of the total new renewable energy generation capacity added nationwide.

Since the beginning of 2026, the domestic wind turbine market has maintained steady bidding activity. According to daily wind power statistics, in the first two months of this year, 81 wind power projects completed turbine bidding, with a total scale of 12.335 million kilowatts (excluding framework bidding, including international projects).

In terms of exports, customs data shows that in 2025, wind turbine exports increased by 48.7% year-on-year, with exports to the European Union growing by 65.9%.

Leading companies are experiencing full order books and strong overseas expansion. Major firms like Goldwind and Goldwind Heavy Industries have shown outstanding order performance. Goldwind Heavy Industries recently disclosed that by the end of 2025, its overseas orders exceeded 10 billion yuan, with concentrated delivery over the next two years, covering offshore wind projects in the North Sea, Baltic Sea, and other regions. Goldwind remains the world’s largest wind turbine manufacturer, with an additional 29.3 million kilowatts installed in 2025.

Huatai Securities research reports indicate that, considering the high bidding volume for wind turbines in 2025 and nearly 9 million kilowatts of offshore wind projects already under construction but not yet connected, it is expected that in 2026, domestic new installations will reach 130 million kilowatts, including 120 million on land and 10 million offshore. Looking ahead, supported by new demands such as direct green power connection and old-for-new upgrades, along with the gradual expansion of deep-sea projects, domestic wind power installations during the “14th Five-Year Plan” are expected to maintain steady growth.

Market Outperformance

From market performance, as of March 16, the Wind Power sector’s 50 stocks have averaged a rise of over 25% this year, significantly outperforming the Shanghai Composite Index. Among them, 38 stocks have gained more than 10% since the start of the year. Stocks like Jinkai New Energy, Tianshun Wind Power, Dongfang Electric, Zhongtian Technology, and Goldwind Heavy Industries have each increased by over 50%.

Jinkai New Energy has gained over 108% this year. The company’s main business involves investment, construction, and operation of new energy power stations in various forms such as photovoltaic and wind power, actively expanding into diverse energy extension services. In the first half of 2025, the company’s installed capacity, power generation, and revenue continued to grow steadily.

Tianshun Wind Power has increased by over 80% this year. The zero-carbon and offshore wind sectors are expected to be the company’s two core areas moving forward. At the end of last year, the company announced a private placement plan, including the “Tianshun (Yangjiang) Heavy Wind Power Marine Equipment Intelligent Manufacturing Project (Phase I),” with a planned fundraising of 171 million yuan.

Notably, since the beginning of this year, both Tianshun Wind Power and Goldwind Heavy Industries have received concentrated research visits from institutions. Tianshun Wind Power was visited by over 230 institutions, and Goldwind Heavy Industries by nearly 400.

Goldwind Heavy Industries has gained over 55% this year. According to third-party consulting reports, based on sales of monopiles in the first half of 2025, the company ranks first in Europe for offshore wind foundation equipment, with market share increasing from 18.5% in 2024 to 29.1% in the first half of 2025.

13 Stocks with Improved Performance Last Year

Regarding performance, among the 25 wind power stocks that have disclosed 2025 results (including performance express reports and forecasts, with the lower limit of forecasts), 22 posted profits, and 13 saw net profit growth (including turnaround types). Overall, the growth or turnaround in these stocks’ performance is closely related to the recovery of the wind power sector.

Stocks like Xinqiang Lian, Haili Wind Power, and Goldwind Heavy Industries are expected to see net profit increases of over 130% in 2025. Xinqiang Lian forecasted a minimum net profit of 780 million yuan, nearly 11 times higher than the lower limit of the previous year’s net profit. Benefiting from the industry demand rebound, continued installation demand, and technological advantages, the company has further expanded its market share.

Haili Wind Power forecasted a near 395% increase in net profit for 2025. The company stated that the offshore wind industry is generally recovering, providing a favorable external environment for development.

Hengrun Shares and Taineng Heavy Industries turned losses into profits in 2025, mainly due to the recovery of their wind power business, with new products like large MW flanges and bearings ramping up production and contributing to performance; Taineng also benefited from increased market demand, capacity release, and overseas market breakthroughs. Taineng Shares also turned profitable in 2025.

From market performance, these 13 stocks have averaged a rise of over 25% since 2026 began. Except for Haili Wind Power and Hangzhou Zhiqian, the other 11 stocks have each gained more than 10%, with over half exceeding 20%.

Additionally, many of these stocks had sufficient orders disclosed since late last year. For example, Taineng Heavy Industries, Xinqiang Lian, and Guangda Special Materials all reported ample orders in October last year. Xinqiang Lian also stated that its products cover large MW onshore and offshore models, with the capacity for mass supply.

Furthermore, Wuwei Refractory, which saw a slight decline in net profit in 2025, stated in early January on an investor platform that it is a key supplier of high-strength high-modulus carbon fibers for China’s space satellites, with sufficient capacity. Zhenjiang Shares, which has not yet disclosed results or forecasts, recently announced that its offshore wind assembly plant has begun mass shipments, and the casting factory is currently undergoing customer factory inspections, with small batches expected before the end of this year.