明阳智能：势起南粤，勇立全球

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The report highlights that Mingyang Smart Energy, as a leading domestic wind turbine manufacturer, is experiencing positive changes in its fundamentals, with a focus on short, medium, and long-term growth logic [7][11]. - The company is expected to benefit from the stabilization of wind turbine prices and cost reduction initiatives, which will aid in profit recovery [8][11]. - The report emphasizes the significant growth potential in the offshore wind sector, particularly in Guangdong, where the company has a strong market share [10][11]. Short-term Summary - In the short term, the company is actively promoting cost reduction and efficiency improvements, which are expected to enhance profitability. The average installation capacity of offshore and onshore wind turbines has increased, indicating a trend towards larger turbines [8][63][65]. - The company anticipates delivering 1.5-2GW of offshore wind turbines in 2024, with a significant portion expected in the second half of the year [71][73]. Medium-term Summary - For the medium term, the report forecasts a high increase in offshore wind installations in 2025, with a projected capacity of 15GW, particularly in Guangdong [10][77]. - The company is expected to deliver around 4GW of offshore wind turbines in 2025, benefiting from its historical market share in Guangdong [11][86]. - The report notes that the recent stabilization of onshore wind turbine prices and the potential for price increases will contribute to the company's earnings flexibility [11][88]. Long-term Summary - In the long term, the company is focusing on expanding its overseas offshore wind market, with significant growth opportunities anticipated due to the slow progress of product large-scale production by foreign competitors [10][111]. - The report outlines that various countries have set ambitious offshore wind installation targets, which will create a favorable environment for the company's international expansion [111][114].