Founder Securities: The inaugural year of deep-sea wind power development is approaching, focusing on investment opportunities in four key areas

According to Zhitong Finance APP, Founder Securities released a research report stating that as offshore resource development matures, China's offshore wind power industry is accelerating its advancement into deep-sea areas. The 2025 government work report from the State Council first mentioned "deep-sea technology," and under policy-driven expectations, 2025 is anticipated to be the inaugural year for deep-sea development, with a compound annual growth rate of 56% in installed capacity from 2025 to 2027. It is recommended to focus on investment opportunities in four core areas: power transmission, infrastructure, generator sets, and domestic substitution.

Founder Securities' main viewpoints are as follows:

Mature offshore resource development, deep-sea demand gradually initiated

During the 14th Five-Year Plan, domestic offshore wind power mainly concentrated on nearshore development, with a cumulative installed offshore wind power of about 27GW from 2022 to 2025. It is expected that approximately 52GW of nearshore projects will still need to be developed during the 15th Five-Year Plan; that is, from 2026 to 2029, domestic offshore wind power nearshore can still support an average annual installation of about 13GW. With nearshore resources basically developed and the overall resource quantity limited, deep-sea resource development is very important. The deep-sea area has abundant wind energy resources, with over 71 billion kilowatts of globally available offshore wind energy resources, of which deep-sea accounts for more than 70%; China's technically exploitable deep-sea wind energy resources exceed 1.2 billion kilowatts.

Policy support intensifies, 2025 welcomes the inaugural year of deep-sea development

The 2025 government work report from the State Council first mentioned "deep-sea technology," enhancing the marine economy; the National Energy Administration's planning proposed promoting deep-sea offshore wind power demonstration projects, and the Ministry of Natural Resources issued a notice on further strengthening the management of offshore wind power project sea use, promoting offshore wind power development towards deep water and far shore. Currently, Guangdong, Shandong, Zhejiang, Shanghai, and Hainan have included the first batch of deep-sea offshore wind power demonstrations into the development process, and it is expected that 2025 will mark the inaugural year for deep-sea development; 2027 will enter the main construction period, with offshore wind power installations expected to reach 24GW, and a CAGR of 56% from 2025 to 2027.

Recommendations to focus on

1. Benefiting from deep-sea demand in the power transmission sector: Dongfang Cable, Zhongtian Technology, Hengtong Optic-Electric, Guangge Technology, Qifan Cable, Changfei Fiber, Hanlan Co., Ltd., Sun Cable, XJ Electric, Wanma Co., Ltd., etc.;

2. Benefiting from deep-sea demand in the infrastructure sector: Haili Wind Power, Yaxing Anchor Chain, Tienshun Wind Energy, DHI, TSP, Tianneng Heavy Industry, Runbang Co., Ltd., Julite, Diweier, Hengrun Co., Ltd., etc.;

3. Benefiting from deep-sea demand in the generator set sector: MYSE, Goldwind Technology, Yunda Co., Ltd., Sany Renewable Energy, Dongfang Electric, Electric Wind Power, China Shipbuilding Technology, Jinlei Co., Ltd., Riyue Co., Ltd., Dalian Heavy Industry, Guoda Special Materials, Tongyu Heavy Industry, Zhenjiang Co., Ltd., Shuangyi Technology, Hewei Electric, China National Materials, Times New Materials, etc.;

4. Benefiting from deep-sea demand in the domestic substitution sector: Guangxin Materials, Xinqianglian, Mingyang Electric, Pangu Intelligent, Chongde Technology, Maijia Xincai, etc.

Risk Warning: Demand may fall short of expectations, industry competition may intensify, and policy progress may not meet expectations