1、1!#$%&()*+,*-.*/0!#$%&!2 0 2 4.0 5.2 8!#$%&()*+,-./01!#$%&()*+,-./01!#$%&(1)$!*+#,-.!#$%&!#$%&()*+,$()*+,$S0740522020001!#$-.!#$-.()*+,$()*+,$S07405220400042!#$!#$p!#$%&#()*+,-./012345678#(9:;?;A?;A2028B78%&B78%&+*+CD*+CDEFGEFG1311HIHI23-28BBCAGRGG34%JJpKL#(M);NOPQKL#(M);NOPQRSTUVWXD;YZRSTUVWXD;YZJJ

2、KL#(_KL#(_aa1bcdaefgM)14.8GW#(hei-j100GWklmknoCfDpqher12.5GW;624-27Bstuvwx6CfDyz$|=5ko;10GW+heu2bdaefgM)8.5GW6heG14.2GW;627-30Bstuv3b“aefgM)4.7GW6”he1.5GW15GWJKL#(*+aKL#(*+a2020BKLTU*+#(*+0BKLTU*+#(*+081%#(*+0#(*+0*+10%;TU*+;TU*+JJKL#(*+_aKL#(*+_aSifEEWSteelwindBladtKL-TUKL-TUJJ1bM62018-2020BM0#(*+t

3、“SifmdEEWj90%_BladtmdSteelwind10%0_J2bTX0TTUmb20-30B78_tdbtSifEEWSteelwind30%26%11%J;KLTU*+;6;KLTU*+;626-27BYZDEaBYZDEaWindEurope2022bA27BKLTUDETUXA25B*+FYZX*+X!JSif2023b27-29BK_K+cd+d#bTUDEFG222/427/470HI27-29BTUX200HI22/227/270HIXD27BNO|JaV9WaYcWaVaVfVcWbRdN6MmOrRmOmQjMpPrMiNnOoP6MqRrRMYmPpNMYnRmN

4、3!#$!#$;KLTU*+;6;KLTU*+;626-27BYZDEaBYZDEa?KL#(*+DEAKL#(*+DEA2028BGBG341HIHI t t26-28BKLTU*+DEBKLTU*+DE146/190/265HIHI23BKLTUV110HISifEEWHaizeaSeAhBSC!V;A;A26-28BBKLTUXKLTUX136/166/184HIHI!XD!XD10/24/81HIHIJpKL#(XD=KL#(XD=dU*dU*JJaaKLTU*+;626-27BYZXDTUVVQ3-5Bb#T!DEdU*Y#X)Jaa1bbaa#!#0$6VWW%&!()*.d+,-

5、./.01dDE!.234567.N.89:;KL#(*+_J2bb=ava?TU(VWABQCB|=EBD=EFG!H,-=EF0$.,wx,-UJ3bbVaVaefKtdWX%&VWYZw30V_#(*+VWTU(ba!bcYTUVW(QVXc3$d/TUY#J4bbUefaUefad$ghiz!#$,jkefwxlmnop.qU.TrVRsDXtuv7.TJ4!#$!#$pwxawxayy|zp|zp|ZKLOP#$(*+0XJ7efgCz10K#TJwx0KLd(q#phe0CDE:300 HI6V+e%=+C“ef”=TYD78Jyy(|;A25B78#pV250HIJ td*50H

6、I;25BBtuVDOPefSTvuU/Rb/r0(Jd*FZ#(6KLm0VJyy#(#(|#p0;A24B#$CCV/G129HIJef-d_wx6n#mu”0*he*Y0M=6#_Jyy|#pV30HI22B9t_TUTQ2023B3OP:78_Jyy(|24Q1#6TG15Y$%&VW;#(#(Jyypp|d)”r“QtLY!Z#!Jwx23BUEnercon 0%&mX.2md+m!0pJp(a(a#(M)DE;_d=(dU*$YA(J5!CONTENTS!#$%#&#()*+,-./0%&()*+,-./012(345(6)*7+89:(;?ABCD5EFGHIJK6CONTENT

7、S目录CCONTENTS专 业 领 先 深 度 诚 信专 业 领 先 深 度 诚 信中 泰 证 券 研 究 所中 泰 证 券 研 究 所1!#$%&()*+,!#$%&()*+,7%&L64-./05(M+,NOP%&L64-./05(M+,NOP!2#2020-2028$%&()*+,-.$%&()*+,-.GW/!#$%!#$%GWEC&()*+,-./&()*+,-./+LCOE=78(SDa78(SDaU78wxd 0M21B78PM)8:GA93.5GW2022BXtF)PM)8:77.6GW;?;?;AA2028B78PM)FGAB78PM)FGA209GW23-28BBCAGR1

8、2.4%JJ!1#01#01LCOE,-,-!#$%!#$%Expert perspectives on the wind plant of the future,()*+,-()*+,-106.1 72.4 68.8 105.8 115.2 131.8 142.1 155.2 165.4 6.1 21.1 8.8 10.9 16.5 25.0 31.7 36.4 43.8 02040608002020224E2025E2026E2027E2028E!#$%&(!)$%&(886.92%4.20%4.84%4.04%*+,*+,

9、-./-./0QRST(6UVW5XYZ_PQRST(6UVW5XYZ_P!3#203405678#203405678!#$%012345678&()*+,-!#$%012345678&()*+,-%&()0*+a%&()0*+a(-()(*+-!X“lJ t(*+#(%&-*+$(#$(*+%#U*(&JghiU%&0UUaghiU%&0UUa%&0USghi(ghiUGA86.92%ghit0W)“m*h0U71.47%7.61%m4.38%Wh%&UDWh%&UDJ71.47%7.61%4.38%16.53%!#$#$%&%&()()!4#9:;=;#9:;=;!#

10、$%9:2;!#$%9:2;2022=&012345678&()*+,-?40156ABC#?40156ABC!#$%!#$%&$%&$%()*$%()*$%(+,$%(+,$%-.,$%-.,$%/0$%/0$%12#$%12#$%3#453#45!#67/!#89/!#:;.?A89BC$%DE#FGHI5JKL.B5M?A)*N.45OP+,#QRSTU0=V3 WX.NYZ4B5H,#4ST-.,+.450=Q_abVcdeJ0ESfghijkM?A:;4l412mnoJp*qkrsqkrs0-30m0-30m0-30m0-30m20-50m30-60mtu50mqkvwqkvwx$y

11、zQ|lASx$)SnpS!AlASx$“)”SnQJxvwVrsqJn()Arp)”Sn!xvwSrssvwQ ANAxx$yzSrsyz1V“J2V:H#Sn-S1V5S4&2VVSq;S“1VQ5S$%”“SAx$q;“1V5u&$%N-.,$%2V4tS=“SnN1VUyjkZwSiNrk2V4Sxyz3V5SnSC1V-SS2VsnaSm5J1V“VSik1Vnxvwyz2VysVvw“J:HNrvw1V4Srpfk32V4nt1VnbyzS!H$%J#$;k2Vusr%S&()S*5+1V,ku-rxS./012Vyn2LD3S()41V456S-.,78(S 9:;?)SA51V

12、0=8BHyz2V0CA=DtJEF-G4HY1V*I4t2VAJ$%V!H$%KLVMJNOPQS*IA5RS!#$%!#$%2;2;?A&()*+,-A&()*+,-10a)*jklmnop5qg4rsta)*jklmnop5qg4rst()|*&U067v8j(S09:Uj;Bf?J TU*+?23#TTGWTU*+v:TU*+v:/AB()|*067vAB()|*067vJ-CDwEvTU*+a?2B2FGFB3TGWTU*+v:|*QH1TGWTU*+v:YZ8j=SJ!6#?D4EFGHIHFJKILFMN56O*IPF0)QRSATUVOWXYZ#?D4EFGHIHFJKILFM

13、N56O*IPF0)QRSATUVOWXYZTUVTUVI%nWXYnWXYTZW_nTZW_nW$xW$xV%500MW XYXY”aVnW”aVnWA%XY%XYTZWnb_TZWnb_U%450MWnWXYnWXYTUc_TUc_U2%600MWnWXYnWXYdedeMWff500500501450306&ghe&gheMWff778.358.58.5$%$%&$%&$%&$%&$%&$%rsersemff12-1318-2810-2028.5-30.530-32ijkieijkiekmff2526202632&!&!eellff71010001440.215441647zemlzem

14、l/GWff10.14 14.29 17.25 18.16 19.38 B%CDEF8&GHIJKLMNOEF8P;QRS!#$%TUVEWXYFZ=8&()*+,-!#$%TUVEWXYFZ=8&()*+,-11uvwcdet5xyztqg4uvwcdet5xyzf=()*+0LrT)*+0LrTGWv:F()*+MC,-c123v:F()*+MC,-c123J!7#MO*_MN#MO*_MNB%CDEF8&GHIJKLMNOEF8P;QRS&_abcdefg_Ohijklem_!#$%TUVEWXYFZ=8&()*+,-!#$%TUVEWXYFZ=8&()*+,-nopnopIqr0s23

15、qr0s23UVUVtu;$p0s23tu;$p0s23AqrUVqrUV*+,-./0*+,-./0U21212600MW3456789:3456789:vwxyz|vwxyz|PB 00s23qUVs23qUV30s230s23qUV3qUV3|0s23|0s23qUV3qUVMW5005000MW78.358.55.581022mmmmmmm12-1310-2030-3230-4035-3837-43km252032224555m_m_t7101440.2205_t1361.81345150502_02_t7101440.216471661.8

16、23202710“”“”/GW10.14 17.25 19.38 30.21 29.00 27.10 12%&(L6/05DRS%&(L6/05DRS+)*+,|4)*+,|4!8#2021-2028a$%9:56bcd*+,-a$%9:56bcd*+,-!#$%012345678&!#$%012345678&GWEC&WindEurope&CWEA&()*+,-&()*+,-*()|*%&v:067v()|*%&v:067v?;TNs%&v:TNs%&v:OB=SOB=S0.1HIHI/GW*TU/*+8j01234512345?;TNsTU*+v:TNsTU*+v:PPJ#(*+noefQ

17、R;A2030BFJ”TU*+J?23#23#?;RS*;RS*+F+FJ 78#(PM):PQ%UDE9:;2028B78%&B78%&+*+CDEFG*+CDEFG1311HIHI23-28BBCAGRGG34%J565620224E 2025E 2026E 2027E2028E!)$%&(78GW921.1 8.8 10.9 16.5 25.0 31.7 36.4 43.8:;?A78BC/GW97.31 6.80 6.70 6.60 6.50 6.40 6.30 6.20?A78BC9?A78BC9154.36 59.64 72.71 108.97 162.40

18、202.85 229.11 271.68:DEFGH75%73%71%69%67%65%63%61%:;=DIA78BC/GW919.00 19.00 19.00 19.00 19.00 19.00 20.00 21.00 DIA78BC9DIA78BC9300.75 121.65 146.39 216.46 318.05 391.43 458.21 561.33 JKLEFGH25%27%29%31%33%35%37%39%:;?IMA7NO8BC?IMA7NO8BC)602.84 247.61 307.22 468.75 711.29 904.89 1064.07 1311.53 13CO

19、NTENTS目录CCONTENTS专 业 领 先 深 度 诚 信专 业 领 先 深 度 诚 信中 泰 证 券 研 究 所中 泰 证 券 研 究 所2-.#$/01-.#$/01$2%&3456$2%&3456141212TQ(5M-.wTQ(5M-.wKL(/S|aKL(/S|aKL#$(EFTUVcdWX(dY#100ZD0B(O69m/s+-$JGWEC07KL#$(S6:jKL#$(S6:j8TWJ#(U|=Sa#(U|=Sa?no7VwS02022BKLU0.074/kWh!2010B=SGA63%J!10#2010-2022aef401ghSi1;.M#aef401ghSi1;.M#

20、USD/kWh/!#$%!#$%IRENA&()*+,-&()*+,-!9#ef#ef100j_iagk0lmnop.M#j_iagk0lmnop.M#m/s/!#$%!#$%Global Wind Atlas&()*+,-&()*+,-0.2000.2380.1140.1890.2190.0740.0880.0430.0780.0640.0580.000.050.100.150.200.25nnnn202TT CD5(JKCD5(JK +KL#(aKL#(a2021B_KL)a)bc2050Btme0Zd/drFbeeY+2022BfgF)OKLFXJREPowerEU

21、2030BfKLFBht/drF0FR45%ef(6KL/drFt037.5%bbJKL#(bi3aKL#(bi3a_K#$/drFjkaA2030BK#$(M)8:DDA60GWA2050BDDA300GWJlKLqdD#(berbA2030B#(M)8:GA145GWJ!12#efqr40stuv.M#efqr40stuv.M#GW/!#$%Tn&()*+,-!#$%Tn&()*+,-!11#efwxyRz|#efwxyRz|!#$%&()*+,-!#$%&()*+,-dd2005d(EUETS)-q20112050?2050Id80%90%20142030O;$?2030d199040&

22、P;$27&;30%2019?2050O2021?2030O2050;$2021 I2030d1990h55%s2050IOlV&2030P;$;$l40%2022RePowerEU2030P;$;$fgV40%45%nn2030203520402050nn304070nn18403105.98112830nn5012.922.250705660300161212T5HIP34T5HIP34“cd#(i-:mKLkacd#(i-:mKLkaRenewable UK0Energy PulseynR2023B612cd#$(i-:#6v6”opb0hebqq98GWtd0157GWm78krJhe

23、qsbtuaheqsbtuaR22Bcdj100GW0M)8:t13.7GW08:7uv08:7uv13.7%qhesvbwtuJ!#$%!#$%Renewable UK&()*+,-&()*+,-!14#r401uimnop#r401uimnop13%0%14%1%1%4%7%6%8%40%6%DevelopmentInactiveFully CommissionedPartial OperationUnder constructionPre-ConstructionSupport SecuredCfD EligibleIn PlanningSite ExclusivityLease Pro

24、cess41.97733.8458.6597.4354.4281.60554045P)8QRS)T9P)8URS)T9VWS)PXYZW)U)_;GW?!13#r401*4Emnop#r401*4Emnop!#$%!#$%Renewable UK&()*+,-&()*+,-171212T5HIP34T5HIP34“klomknoklomknoCfDhest6hest624-27BuvaBuvaklomknoklomknoCfDpq#(hebxrGpq#(hebxrG12.5GWJklozrqheuvxst624-25B8:q5.5GWknost626-27Buv8:q7G

25、WJcdkocdkoCfDyz$|$ayz$|$akyoCfDfz$RCZ2Lzmz$|0_ZJ2023B11cd FkoCfDc#$(heyz$44cDA73cc/MWh|66%6c3$J2Zs#(efRefR10hehe10GW+)FEFE24BkBk6ozrqpqozrqpqJJ78A78ABCBCDEFDEFG=G=MW?HIJKHIJKLL/MWh?,MNO,MNOab82019.99Doggerbank Creyke Beck A P1EnglandDoggerbankOffshoreWindFarmProject1ProjcoLimited120039.652023/248cde

26、9Doggerbank Creyke Beck B P1EnglandDoggerbankOffshoreWindFarmProject2ProjcoLimited120041.6112024/258cde9Doggerbank Teeside A P1EnglandDoggerbankOffshoreWindFarmProject3ProjcoLimited120041.6112024/258cde9ForthwindScotlandForthwind Limited1239.652023/24Seagreen Phase 1ScotlandSeagreen Wind Energy Limi

27、ted45441.6112024/258cde9Sofia Offshore Wind Farm Phase 1 England Sofia Offshore Wind Farm Limited140039.652023/248cde9fb82022.79Inch Cape Phase 1Scotland INCH CAPE OFFSHORE LIMITED108037.352026/27(cde)EA3,Phase 1EnglandEAST ANGLIA THREE LIMITED1372.3437.352026/27(cde)Norfolk Boreas(Phase 1)EnglandNO

28、RFOLK BOREAS LIMITED139637.352026/27(cde)Hornsea Project Three Offshore Wind FarmEnglandORSTED HORNSEA PROJECT THREE(UK)LIMITED285237.352026/27Moray West Offshore Wind FarmScotlandMORAY OFFSHORE WINDFARM(WEST)LIMITED29437.352026/27TwinHub Floating Offshore Wind Project8ghF9EnglandWAVE HUB LIMITED328

29、7.32026/27!#$%n&()*+,-!#$%n&()*+,-!15#r#rCfD3-4401uop401uop4730204060800180P1QP2QP3QP4QP5QP6QRJ4OL/MWh?!16#r#rCfDC401C401!#$%n&()*+,-!#$%n&()*+,-181212T5HIP34T5HIP34”“”“#(”E)a#(”E)a2017Bd#(he2SMc_)MW?VXYZVXYZN-11.00_HBPHI37abc183dbc/MW?N-12.00_HTotal Energ

30、iesHI38abc187.5dbc/MW?N-12.2202320302000_HBPHI31abc156dbc/MW?O-2.2202320301000_HTotal EnergiesHI21abc207dbc/MW?N-3.520232028420_H2023N8e1fSIN-3.620232028480_H2023N8e1fSIN-6.620232028630_H2023N8e1fSIN-6.720232028270_H2023N8e1fSIN-11.2202420311500_HN-12.3202420311000_HN-9.00_HN-9.2202420292

31、000_HN-9.3202420291500_HN-10.00_HN-10.220252030500_HN-13.0_HN-13.2202620311000_HN-21.00_HSEN-1!#$%!#$%Deutsche Wind Guard&()*+,-&()*+,-191212T5HIP34T5HIP34“b#(a“b#(a“2030Be8:Be8:21GWJwx“2030B#$(RR2024BB4“uvhe“uvhe4.7GW6”he6”he1.5GWhehe15GWhe62027B?fUJ!#$%!#$%Offshore

32、 Wind Energy Roadmap?&()*+,-&()*+,-!19#”401ui+#”401ui+UVUVqrqr1c1cMWKM22BorsseleSite&rsted75224Site&Blauwwind731.5Site Two Towers19Hollandse Kust(zuid)LuchterduinenEneco12918.5Site&Vattenfall760Site&Vattenfall760Hollandse Kust(noord)Site V CrossWind75918.5Egmond aan Zee108Prinses Amalla120Hollandse

33、Kust(west)Site Ecowende75653*Site Oranje Wind Power 700*Site 644434IJmuiden VerAlpha and Beta60006224Q14Gamma25Q34NederwiekSite 600010025Q34Site&26Q2-44Ten noorden van de WaddeneilandenGemini60056100274DoordewindSite I20007727Q1-24B%56&78O#9:;20300s23l?&A2032BC;I21GWl0s23N2012T()*UVb12T()*UVbTU*+aTU

34、*+a*UT9:rV(efWindEurope2020BKLTU*+#(*+081%#(*+0*+10%J SifEEWSteelwindBladtKL-TUKL-TUaa1bbMMWindEurope62018-2020BM0#(*+t“SifmdEEWjj90%_BladtmdSteelwind10%0_0_J2bbTTWoodMackenzieX0T20-30B78_tdbtSifEEWSteelwind30%26%11%JJ!#$%!#$%Wind Europe&()*+,-&()*+,-!20#2020aef4056BCmnaef4056BCmn!21#2018-2020aef405

35、6aef4056!#$%!#$%Wind Europe&()*+,-()*+,-81%10%5%2%2%:DJKLijFIMakLIMlm47%42%2%8%1%EEWSifBladtSteelwindlm30%26%11%10%8%15%SifEEWSteelwindNo.4No.5lm!22#20-30a$%.r/MNa$%.r/MNB%DEFGHIJKLMLlNmOOPQ!#$%!#$%WoodMackenzie&()*+,-()*+,-2112T()*#”“12T()*#”“KL%&VaKL%&VaRystad Energy2022BKL%&VqBKL%&Vq210HIHI#bbJd5

36、1%tGRIWindarHaizeal0BVr90HIWelconbdMax Boglb GRIb7q%&VJKL#(*+VaKL#(*+VaRystad Energy 2022BBKL#(*+VqBBKL#(*+Vq260HIHIJd11.5mXXLbTUDEUJ Sif;AA2027BK_TUDEXBK_TUDEX20HIHI28B-XDNO|RB-XDNO|R225-270HIHIJJ!#$%!#$%Sif&()*+,-&()*+,-05003003504004505002022A2023A2024E2025E2026E2027E2028E2029E11.5mt.b

37、.d05003003504004505002018A2019A2020A2021A2022A2023A2024E2025E2026E2027E2028E2029E2030E&$%&()!28#MNcdm,-./#MNcdm,-./!29#MNcop,-./#MNcop,-./B%1Rq“aST&+n+Tnu0M2FUVW+X;)80%!#$%!#$%Sif&()*+,-&()*+,-2412a)*7+-12a)*7+-DEaDEaGWEC;AA2028BKL#(PM)BKL#(PM)14.2GW23-28BBCAGR30%JJAKL#(*+DEAKL#(*+DEAA202

38、8BGBG341HIHI t t26-28BKLTU*+DEBKLTU*+DE146/190/265HIHIJJ!#$%!#$%GWEC&WindEurope&T:YI&T:YI&Sif=&()*+,-GW?3.8 3.6 5.5 8.6 10.7 14.2 35vwno=xWdy)75.1 74.5 118.0 191.5 247.3 340.9(H()Zvwno=dy?20.0 19.2 29.3 45.8 56.9 75.5(Hzvwno=dy?(Hzvwno=dy?55.1 55.3 88.8 145.7 190.4 265.3|p|pSifh?$-/z30.0 30.0 30.0 3

39、0.0 30.0 30.0$-z6.7 13.3 20.0 20.0 EEWh?*-z25.0 25.0 25.0 25.0 25.0 25.0*-z7.5 7.5 7.5 10.0 12.5 15.0 Steelwind*-z12.0 12.0 12.0 12.0 12.0 12.0 Bladt-“”/bz12.0 12.0 12.0 12.0 12.0 12.0 Haizeah?-z8.0 11.0 14.0 17.0 17.0 17.0*-$z0.0 0.0 0.0 3.3 6.7 10.0 Navantia-Windar-z15.0 15.0 15.0 15.0 15.0 15.0-&

40、30.0 30.0 30.0 30.0 30.0 30.0-vw10.0 10.0 10.0 10.0 10.0 10.0 SeAHh?*-z8.0 16.0 24.0 24.0 BSCh?-z16.7 33.3 50.0|Fzhi*vB?109.5 112.5 130.2 170.3 207.5 230.0|Fzh=|Fzh=87.6 90.0 104.1 136.3 166.0 184.0 bqzvw|bqzvw|-nono32.5 34.7 15.4(9.5)(24.4)(81.3)B%1Bladt23?2023BKLTUVBKLTUV110HIHISifEEWHaizeaSeAhBSC

41、!Va1btd$V;2bKLX0VI3buVBak 1 B 33%k 2 B 66%k 3 B 100%4bVdvs80%;A;A26-28BKLTUXBKLTUX136/166/184HIHI!XD!XD10/24/81HIHIJJ12a)*7+-12a)*7+-!30#23-28aefMN56cgaefMN56cg!#$%!#$%GWEC&WindEurope&T:YI&T:YI&Sif=&()*+,-=&()*+,-B%1Bladt23GW?3.8 3.6 5.5 8.6 10.7 14.2 35vwno=xWdy)75.1 74.5 118.0 191.5 247.3 340.9(H(

42、)Zvwno=dy?20.0 19.2 29.3 45.8 56.9 75.5(Hzvwno=dy?(Hzvwno=dy?55.1 55.3 88.8 145.7 190.4 265.3|p|pSifh?$-/z30.0 30.0 30.0 30.0 30.0 30.0$-z6.7 13.3 20.0 20.0 EEWh?*-z25.0 25.0 25.0 25.0 25.0 25.0*-z7.5 7.5 7.5 10.0 12.5 15.0 Steelwind*-z12.0 12.0 12.0 12.0 12.0 12.0 Bladt-“”/bz12.0 12.0 12.0 12.0 12.

43、0 12.0 Haizeah?-z8.0 11.0 14.0 17.0 17.0 17.0*-$z0.0 0.0 0.0 3.3 6.7 10.0 Navantia-Windar-z15.0 15.0 15.0 15.0 15.0 15.0-&30.0 30.0 30.0 30.0 30.0 30.0-vw10.0 10.0 10.0 10.0 10.0 10.0 SeAHh?*-z8.0 16.0 24.0 24.0 BSCh?-z16.7 33.3 50.0|Fzhi*vB?109.5 112.5 130.2 170.3 207.5 230.0|Fzh=|Fzh=87.6 90.0 104

44、.1 136.3 166.0 184.0 bqzvw|bqzvw|-nono32.5 34.7 15.4(9.5)(24.4)(81.3)26TT+5D(0K5D(0K!#$%!#$%Oceantic Network&()*+,-()*+,-#(_#(_ M):TaM):Ta24Q1d#(gM)d#(gM)242MWJd#(!KL jS1b3QD)(o/23|qD6Bx2b2Lzds-XtS0UJ#(ei|#(ei|?/U(1U(1OOaAA2050Bdr#(eM)GBdr#(eM)G115.6GWJJRRefq-wefq-w16.4GW2”2”10.2-11.3GW6M6M0.73GW;r%

45、F;r%F3.3GWheheMMbbJJjdBOEM6RS5B12#(wx0dMcd|/drF)b2.)b3()DheMc5wxds;=IRAVZeNd#(J!#$%!#$%infolink&()*+,-()*+,-!31#r40op.M#r40op.M#GW/!32#,24a|-a|-440u40u115.616.3510.19-11.330.7320.24202040608050789:;?9ABCDEFGHIJK9LM27T(OM5HIT(OM5HI(L6+,(L6+,!#$%!#$%WHITE&CASE&()*+,-()*+,-#(pqa#(pqaEF/drFT2

46、030B#(gM)8:GB#(gM)8:G10GW2040BGBG30RR45GWJ2019B#$(pq“eOBY1GW0M8:JefUo#(hepqr3.5GWbklo1.1GW;24BJd8Md8M2030eaeadY/drF3020AA2030B”B”12GW0#$(0#$(Jld2021B2_F)a-_tmUQ)aQ(-33J!#$%!#$%InfoLink&()*+,-()*+,-!33#,24anan!34#2034rwxuvrwxuvww58%0w0w32%10%77.8GW02UV02UVUVUV1c1c&Noshiro-Mitane-Oga2021.12478Mitsubis

47、hi2028-2030Yurihonjo2021.12819Mitsubishi2028-2030Choshi2021.12390Mitsubishi2028-2030|&|&Happo-Noshiro2024.3356Japan Renewable Energy(a subsidiary of ENEOS Corporation),Iberdrola Renewables Japan,and Tohoku Electric Power.20296fOga-Katagami-Akita2023.12336JERA,J-Power,Itochu and Tohoku Electric20286f

48、Murakami-Tainai2023.12700Mitsui,RWE and Osaka Gas20296fSaikai-Enoshima2023.12424Sumitomo and TEPCO Renewable Power.20298fg&g&Sea of Japan(South)600247fhij&2412f:kflYuza450247fhij&2412f:kfl28T5(PNOT5(PNO!#$%!#$%u;$m&u;$m&()*+,-()*+,-!#$%!#$%Offshore Wind Asia&()*+,-()*+,-!35#stADwxb*stADwxb*.M#.M#MTO

49、E/!37#mr401|mr401|DE|aDE|aRSB0:;F-OBOB6%0OPQ3DJc0eAA2025B6FmM)8:t/drFGAB6FmM)8:t/drFGA23%mm35%J(EFTUa(EFTUa_CCba(no/:(no/:3.42B:GB:G766xx8:“G8:“G18-30%(S|JqdY+0!0F*Z/”eJ!36#stAb()*.MstAb()*.M#MW/!#$%!#$%u;$m&u;$m&()*+,-()*+,-*-G-G2021NDhiWk2030Nt30GW3456tuG=8Iriiix345iiH2022N10ei2056DEF42g3456xWkE6G

50、=30GW000kP602030N3456tuG=10GW29CONTENTS目录CCONTENTS专 业 领 先 深 度 诚 信专 业 领 先 深 度 诚 信中 泰 证 券 研 究 所中 泰 证 券 研 究 所3789:;=1789:;?#ABCD?#ABCD30?6T?7+?6T?7+K0K0+!#$%T:YI&!#$%T:YI&offshoreWind.bizn&()*+,-n&()*+,-!38#MNwu3#MNwu32020H12020H22021H12021H22022H12022H22023H12023H22024H12024H220252026SifW1W-2e，,-4e D2

51、e，3e，!7e，*?*?$e9:%&9:,M:%&(e:,MSeAh9e*)*+,Wz7e-)-.4e，/,-W6e，-07e，D123456,MN2Dh kraWindEurope%Sif%;A;A26-27BKL#(TUDEYZXBKL#(TUDEYZXDDwxTUVVQ-#T!14DEwxTUVVQ-#T!14DEdU*$Y#dU*$Y#:d:dJJ#TUV#TUVbA”uv;bA”uv;3-5BBJJSifp”ap”a/5AuEx1.5-2BdAuV;1.5-2BMC;3-4BJEEWdp”adp”a$”Aruv;x5BJSeAhcdp”acdp”a-AuEox1.5BdArV;2.

52、5BMC;4BJ31#U*$T!a#U*$T!a24Q1Sif6T44.5HI t24B712.5HI-A25-26B32HISeAhcdp;25B$B|bxrVo4IlB0T“qTJB%o-L&d1Iipq/!#$%!#$%T:YIT:YI&rs23&()*+,-&rs23&()*+,-!39#SifaMopaMop?6T?7+?6T?7+K0K0+0070200224Q1nop:8BC9!40#ef4056+mMop#ef4056+mMopB%23?+)$IM IberdrolaUEast Anglia 3)$50:DNav

53、antia-WindarYN).$?)$IM20155-N/qrIberdrolaUEast Anglia 3)$45:DOcean WindsQRSMoray West)$14:DPGErstedSBaltica 2)$z77:DSeAHSeAH Steel!/qr)$IMVattenfallUNorfolk Vanguard East&West)$:DrstedUHornsea 3)$:D32#B#B1TT!#$%:Y:&()*+,-!#$%:Y:&()*+,-#!D-ra#!D-ra#T0o0VW*0z%e.$E%Y0D0E#=M)Vestas(XTErXcY!Ufl6#_0t0#!-r

54、U0c00#!-rU0c0JJd#!”ad#!”adt(|zp(l#Y2023BBl#!l#!5.8/17.1/13.9 e0VW-QJSW!41#mrVop#mrVop!42#m4op.M#/#m4op.M#/!#$%:Y:&()*+,-!#$%:Y:&()*+,-050,000100,000150,000200,000250,0002002120222023$Xi.33#B#B2Trs57nTrs57n!#$%:Y:&()*+,-!#$%:Y:&()*+,-%&%&/U*Y=EDU*Y=EDEF!aEF!av%&/U*Y0d=0”I b”G1-2BOBHI-$PQOB

55、HI-$PQEFHJ=$UefaUDvVrzIRST0vURST0vUJQ6Y!0=%IJ2v0cJK#vYLMJT0NxOPJK#vYLMJT0NxOPJ!43#rxop.M#/#rxop.M#/!44#m9:M.M#m9:M.M#/!#$%yz#&()*+,-!#$%yz#&()*+,-05000250030000500000002500030000350002000202021202256789=dy:;#B#B3T()*r5“T()*r5“!#$%TnH8#I&()*+,-!#$%TnH8#I&()

56、*+,-KtdWX%&VWYZVKtdWX%&VWYZVaa1bbKaKatd%&YZ7.2%-19.2%0V0V t|zp|zpVsTVsT7.2%JJ2bbdadatd%&YZ44.99%-70.63%0V0V34.81%-28.34%0V0VVr/GVr/G79.8%-98.97%JJ3bbl|d|dc24B416(%JKaStd0TU(#(*+VWYZV0!bcKaStd0TU(#(*+VWYZV0!bcd/d$U*Yd/d$U*YJJefKLWX%&VWtd$YZVRTUp“|*WYVd!7623B12Ya#$TUVWQ6td(%mJ|hh|s47.59%9:2;44.99%c146

57、.38%o2346.38%n170.63%9:2;34.81%-Q28.34%TZlxTZlx|hhs7.50%_L7.20%9:2;14.40%cd111.20%-Q119.20%!#$%,8&()*+,-!#$%,8&()*+,-!45#r7r9:#r7r9:!46#e7r9:#e7r9:35#B#B4TxyzOTxyzOXYZXYZTghiU!UefaTghiU!Uefa%&/U*0ghit#$%Wh4d0W&Vefd%gizTd_JMysteel2021B-StKt#z|24.5.22dt#z1320/IK790/Idt#z564/It$#!VWzXJ By(2021BSifAhiU(

58、8j|AhiU(8j|GG846/I|RI|R4743/IIJJ!#$%!#$%Mysteel&()*+,-&()*+,-!47#eE78.#eE78./9,984 5,241 02,0004,0006,0008,00010,00012,0002002120222023SIF$!#$%T:Y=&(2;4?&()*+,-!#$%T:Y?8235).+,-5898/C9$)!48#SIF3r;78.3r;#B#B4TxyzOTxyzO/!(pa(pa#(no()p*op(b(UDJCWEAGU2030B0(beKL(6RS0+A,BF-f0-f030HPRHPR45H-$H-

59、$JefKL(nop$.p3/mno(0DE:|_01Z(2_$4A3Jn(SIFTITIA(p6A(p61300-1600/IId$45Aq0Gd$45Aq0GJJXtaXtan(SIFTIXtuv!(qTIXtuv!(q200-400/IGIGJJ05001,0001,5002,0002002120222023SIFNOPQXYPQ!#$%T:Y=&(2;4?&()*+,-!#$%T:Y?8235).-.-1907/C9$)!49#SIF3r;78.3r;78./!#$%T:Y=&(2;4?&()*+,-!#$%T:Y?8235).01231028/C9$)!50#S

60、IF3rO78.3rO78./05001,0001,5002,0002,5002002120222023SIFNOPQXYPQ37?6?6+#BCD5“a)EF3#BCD5“a)EF3#p65a)7td$Y#)65a)7td$Y#)JJ;626-27BKLTU*+YZXDwxTUGV8Q3-5Bb28B-RV914NO|-#T!14DEdU*$flo4T)Jp5a5a9e%=9e%=V:V:,-Uef,-Uef14d$.9Y#14d$.9Y#JJ1bbaa#0d$c3$;VW%:OPO&!()*,-D.89Ad./.89:;KL#(*+_J2bb=ava.|0TUE.De

61、%=,H5=EF0$.,-efwxUJ3bbVaVaefKtdWX%&VWYZw30VmV_#(*+VWTU(baYV0bcYTUVW(QVX.d$YTUJ4bbUefaUefa#(*+tghiUDdWhzjkTK,-8j0Uefwx!lmnop.qU.TrVRsDXtuv7.TJp)+NdU*$;#e%_NdU*$;#e%_ZP:0wx+ZP:0wx+DMCDMCJJ38P$_T12a%&5?()*P$_T12a%&5?()*!#$%:Y:&()*+,-!#$%:Y:&()*+,-!51#Q4M#Q4M#TDP#TDPKL_KL_aZKLOP#$(*+0X2023BKLgv#$KLgv#$(

62、#pVWrj(#pVWrj10 HIHIJ7efgCzCz10KK#TTXFJwx0KLd(q#phe0CDE:0KLd(q#phe0CDE:300 HIHI;6 2024-2027 BAJqqzz/yyp:p:NN8989202454)$wxy)$IMc1,400B(N-1.09)2202451Inch Cape)$zInch Cape Offshore Wind Limited8ICOL9XXL:DIM20245w01O202552023512P)$zwx:D1.66 20255w12023512Nordseeclusterz8Nordsee ANordsee B9RWENorthland

63、 Power105:D6.26 20245w1202355wx:D1.96 202354Thor)$8RWE936:DIM202452Fw.02022511U Dogger Bank B)$zGE41)$?0.73 2022510Moray West)$zY12)$?1.23 245432454NOY-Ile DYeu et Noirmoutier)$zwxy Eoliennes en Mer Iles dYeu et de Noirmoutier S.A.S62:D20225Boskalis)$Xz202255Moray West)$zOcean Winds8EDP RenewablesEn

64、gie948X:D2023511NONO11.83 39P$_TP$_T +,-.V/50p+,-.V/50p!#$%:Y:&()*+,-!#$%:Y:&()*+,-!52#Q4w+.M#/#Q4w+.M#/?+ACAC+BCl|Y#p*BCl|Y#p*2D2D+e%=4E#ae%=4E#a;A;A25B#pVB#pV150HIJHIJ6v0?*“78TCV|0(#p*F(G uv9 3#2 10 HI1 3.5 HI(MHvIJKLJKvRsa”vKLJKvRsaefktu2-4M*NvO”tOP51mQ240m5HI-$Q28Z|0INR8Sq|ATUjkSTvUDvRsJ;2MOMO66

65、25BOPJRSbFUIBOPJRSbFUI1020 MwI|*v“TO*”0vOLJMwI|*v“TO*”0vOLJ!53#APQMN#APQMN!#$%:YI&()*+,-!#$%:YI&()*+,-aa20232024E2025Etu606060vu202020“”5050t500cc801301804012(T%“()512/3.412(T%“()512/3.4”+Q-Q-7d#(*a7d#(*a2”+Q-)7d#(_;A;A25B78#pUVB78#pUV250HIJHIJ*-0|*VW2XY=(Z-m*+Jwx2pcYewx2pcYef6KLL,-0pJf6KLL,-0pJ”#p*

66、STvuUQb(a”#p*STvuUQb(a#*dq0e%_e76#0#(UTvEJ;2025BuVBuVrVDOPefSTvuURb/r0V(Jd*FZ#(6KLm0VJ!54#!0w4wop+.M#/#!0w4wop+.M#/!#$%:Y:&()*+,-!#$%:Y:&()*+,-!#$%:YI&()*+,-!#$%:YI&()*+,-!55#!r45#$%!r45#$%XaXa20232024E2025Ea202020a|3030ya252525vu a202020vua303030vua3030*ya50na50dX;dX;9515525541O(MT567589(|4O(MT5675

67、89(|4!#$%:Y:&()*+,-!#$%:Y:&()*+,-!56#4&01#4&0144w+.M#/w+.M#/VaVa2abcC#(J;A;A24BBMC#$VMC#$V/GG129HHIIJJ=a=aR2023H12dm:e2HIHI0=-nn5HIHI=23B6p;24BGVJwx23B12fuE”*rV5&!=13-5HIHImrr15-10HImHIm12HIHIJJg#_Sag#_Saef-d_Y0#flhc#jk-l6n#mu”0*he*Y0M=6#_Jaa20232024E2025Eyyy303030u121212777uGia151515tuu-101010tut10

68、1010055yuz4040y0yvucc8412912942:;:;+?35ABCDE?35ABCDEVV+=#(!akM-15l20HI/BVJwx-mno=HI=HI/$/#401u,-./$/!#$%!#$%:Yp:Yp:&()*+,()*+,-/=78/=78TUTU?A0B&78$C$DE$*6,FG./0H2345678I0(z$C$(E(fJKI05634z$C$(ELABMLN#$N3456vw$C$(ELOPQP345678$RST$C$UL*6,VWXY$Z(C345678I0vw$C$UL+_0LZ345678vw$C$UL+iFG./0DZ3578R&$C$LU$+i

69、_0DZ3578avw$C$LUL+iFG./0DZ3578bR&$C$LUL+i%GULc(3578L(R&$C$LUL*idUN3578bRvw$C$LUL43FG(TH/)IJ?5GK-./0FG(TH/)IJ?5GK-./0!#$%:Y:&()*+,-!#$%:Y:&()*+,-p*”Uap*”Uamp*V25HI%&VWY#b2023BBtuVefV6t4z(qn3F(Nordex(r|,-X.2s%X.2J#Y!PQNOa#Y!PQNOatqB#Y!Y5#|du(dwx778|0()M)Xt78|0()M)XtVESTAS6td0rX6td0rXJ!B#6T76BPQ24Q1#6T

70、G#6TG15!23BPQj2J!59#010w4w+.M#/#010w4w+.M#/aa20232024E2025Ey(202020y252525vuvucc454545!60#01234#00252002220232024Q1S_Iabcad&S_ef!61#014Mz756.7/#014Mz756.7/!#$%:Y!#$%:YII&()*+,-&()*+,-!#$%:Y:&()*+,-!#$%:Y:&()*+,-B%ya&Q0sQsX;441_T)L1_T)L+5?K%MN5?K%MN!#$%:Y:&()*+,-!#$%:Y:&()*+,-!6

71、2#w45w+.M#/#w45w+.M#/DD#pV#pVTUVWaTUVWag3#p*6vwm23BPC*uVAA23BU#pVBU#pV48HIHIJJxy*V;P8HIVzx#pVFGAzx#pVFGA56HHIIwxnP./n,/U(VW%()|23#noDEJdd_Za_Zad)”r“QtLY!Z#!Jwx2023BU Enercon 0%&mX.2md+m!0pJaa20232024E2025EBB“k8.0 8.0 8.0 10.0 10.0 15.0 oG&Qs5”l1”l1lX;lX;&aSaS1”&”&2”&”&2”1”1vu 10.0 10.0 13.0 X*2mX&m1

72、WOWK&Or&oGQs3”lmX;&aS”lmX;&aS1”+2”m”mtuu-20.0 20.0 20.0 UV*XG0s23N20”l”lmX;mX;cc4848.0 5645CONTENTS目录CCONTENTS专 业 领 先 深 度 诚 信专 业 领 先 深 度 诚 信中 泰 证 券 研 究 所中 泰 证 券 研 究 所4$EFG$EFG46(;=(;=#(M)DE;J _d=J (dU*$YAJ(J(J47_#OP_#OPn!#$%&()*+,-./01)*234!5#$6789:;?#$ABCDEAFG!#$%&()*+,-./01)*234!5#$6789:;?#$ABCDEA

73、FG1HIJK1)*?LMNOG1)*PQRSTSU1HIVWXYLMG1HIJK1)*?LMNOG1)*P?)aAbcdefAbghijkl?mngopqrsLmt)ugvwPxyz|?cG1)*opP#?tg1HI!?AbsshiHI)a“”?gP“?-gAl?-cG1HI?Abs4ssKLMkOgPyzAssPLMgPLMTBCGn gAGyz-g1)*PyzTQNO1HI!?yz?yzyzyGn Alg=?-g1)*X1)*?Y)*uKcKAsEtEG1)*X1)*?cT1HI)a“”NOcjX!?Gn 1HI0!#$%&()*2G1)*gyztTgP1HIyz?!s“”s#s$s%&sgP1HI()?*+cG