电力设备：核心在需求超预期和重回通胀的环节

天风研究2025-02-19

看好风电板块高成长性，需求改善下盈利回暖，兼具“成长”和“价值”投资属性。中长期看风电场收益率优势明显，后续风电板块成长性是可预见且可持续的，中长期需求有望超预期，供给格局有望优化。短期看预计Q1出货改善将进一步催化板块，看好风电板块性机会，行业估值迎来整体提升。量：国内风电需求有预期差，风电收益率优势愈发明显，业主在风光开发上开始向风电倾斜；海外风电市场打开，国内外风电需求空间打开，重视本轮风电...

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