풍력에 부는 늦바람, K-GX가 신호탄을 쏜다!ㅣ유틸리티ㅣ문경원 애널리스트

Global wind power has already taken off. Over the past year, Nordex has tripled and Vestas has doubled. However, CS Wind, the leading Korean wind stock, remains stuck at +50%. Why is Korean wind power lagging behind? And when and how will that late wind start to blow? The turning point in the wind industry identified by Meritz Securities analyst Moon Kyung-won. Policy momentum continuing in succession, starting with the K-GX announcement in June, the 12th Basic Plan for Electricity Supply and Demand in August, and the US midterm elections in November; and large-scale domestic offshore wind projects lined up, awaiting groundbreaking starting with Sinan and Ui. The key conditions for the ambitious 100GW goal to become a reality; the financing puzzle involving the National Growth Fund, Productive Finance, and Green Government Bonds; and even the valuation attractiveness of Korean wind stocks, which have stalled at a P/E ratio of 13. Researcher Moon Kyung-won explains! 🔖 Analyst Moon Kyung-won 🎬 Filmed: May 8, 2026 ⏱ Timeline 0:00 Intro 0:40 Why Wind Power Was Bringed Back — The Path of Renewable Energy Re-rating Created by War 1:48 Policy Is the Key Variable for Renewable Energy — Triggers Coming in Succession in June, August, and November 2:54 K-GX and 100GW — Meaning the Market Must Grow Fourfold 4:49 The Financing Puzzle — The Answer Solved by the National Growth Fund and Productive Finance 6:28 A Blow That Shakes Market Confidence: Green Government Bonds 7:39 10 Trillion Won in Construction Starts This Year, Going Up to 30–40 Trillion Won Once Opened 8:41 Europe, Bid Volumes Surge Two to Three Times 9:57 US, PTC Expiration and Midterm Elections — Two Variables Underlying Wind Power 12:04 Recovery of Earnings and Order Backlogs for Global Wind Turbine Companies 13:33 Nordex Why Only CS Wind Didn't Rise, While Vestas Rises at 3x 15:12 Late Blooms Are the Scariest 15:22 P/E 13x — A Buy Level Where You Can Wait Comfortably 16:13 Stock Strategy — CS Wind + SK Eternix · GS Global · LS Marine Solution · Taewoong 18:04 Wrap-up #MoonKyungWon #MeritzSecuritiesMoonKyungWon #MeritzResearch #MeritzSecurities #WindPower #OffshoreWind #OnshoreWind #K_GX #GreenTransition #RenewableEnergy #GreenGovernmentBonds #NationalGrowthFund #ProductiveFinance #100GW #12thBasicPlanForElectricitySupplyAndDemand #WindPowerStocks #CSWind #CSBearing #SKEternix #GSGlobal #LSMarineSolution #Taewoong #Vestas #Nordex #PTC #USMidtermElections #EnergySecurity #WindTurbine #WindPowerEquipment [Disclaimer] This video is based on research and analysis materials issued by Meritz Securities. This video and materials are distributed for the purpose of providing information to assist investors in making investment decisions. While the content of this video and materials is derived from reliable data and information, its accuracy or completeness is not guaranteed. Please make your final investment decisions regarding this video and materials based on your own judgment. Therefore, under no circumstances can this material be used as evidence or for establishing legal liability regarding investment results. The intellectual property rights to this video and research and analysis materials belong to our company; therefore, they may not be copied, lent, or distributed without our permission.