Citic Securities pointed out that wind power bearing, as a core part of wind power, has the characteristics of high technical barriers and high added value. As wind power enters the stage of parity, we judge that the high prosperity of the wind power industry will remain. It is estimated that the domestic and global wind power bearing industry space will reach 22.5 billion yuan /48 billion yuan in 2025, corresponding to a CAGR of 15%/11% in 2021-2025. At present, the localization rate of wind power spindle, especially large MW spindle bearings, is still at a low level. The localization acceleration brought by the large-scale fan is expected to bring alpha benefits to the wind power bearing industry.
Post time: Mar-24-2022