Investment Rating - The report recommends investment in the electric power equipment industry, highlighting specific companies for potential investment opportunities [1][3]. Core Insights - Lithium battery material prices continue to rise, with domestic lithium hexafluorophosphate averaging 95,000 yuan/ton, up 20.25% month-on-month, and export prices at 104,000 yuan/ton, up 20.93% [1]. - The average winning bid price for lithium battery energy storage systems increased to 0.4771 yuan/Wh in September 2025, reflecting a 4.33% month-on-month rise [1]. - The report emphasizes the ongoing high demand in the wind power sector, with a target of adding no less than 120GW of new installed capacity annually during the 14th Five-Year Plan period [3]. - The Indian market shows strong demand for photovoltaic installations, with 29.5GW added in the first three quarters of 2025, a 70% year-on-year increase [3]. Summary by Sections Lithium Battery Materials - Domestic lithium hexafluorophosphate prices are at 95,000 yuan/ton, a 20.25% increase month-on-month, while export prices are at 104,000 yuan/ton, up 20.93% [1]. - Recommended companies in the lithium battery sector include Zhuhai Guanyu, Shangtai Technology, and XWANDA [1]. Energy Storage Systems - The average winning bid price for lithium battery energy storage systems reached 0.4771 yuan/Wh in September 2025, marking a 4.33% increase month-on-month [1]. - Recommended companies in the energy storage sector include Yiwei Lithium Energy, Sungrow Power, and CATL [1]. Wind Power - The "Wind Energy Beijing Declaration 2.0" sets a target of at least 120GW of new installed capacity annually during the 14th Five-Year Plan, with a cumulative target of 1,300GW by 2030 [3]. - Recommended companies in the wind power sector include Goldwind Technology and Daikin Heavy Industries [3]. Photovoltaic Market - India added 29.5GW of new photovoltaic capacity in the first three quarters of 2025, a 70% year-on-year increase [3]. - Recommended companies in the photovoltaic sector include Aiko Solar, LONGi Green Energy, and Mibet [3].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][33][38] Core Views - The company achieved a revenue of 48.15 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 34%. The net profit attributable to shareholders was 2.58 billion yuan, up 44% year-on-year [8][33] - The company has a strong order backlog, with external orders reaching 49.9 GW, a 21% increase year-on-year, indicating robust demand for its wind turbines [2][19] - The international business is expanding, with operations in 47 countries across six continents and a total installed capacity of 11.2 GW outside of China [2][27] Summary by Sections Financial Performance - In Q3 2025, the company reported a revenue of 19.61 billion yuan, a 25% increase year-on-year, and a net profit of 1.1 billion yuan, which is a significant increase of 171% year-on-year [8][9] - The gross profit margin for the first three quarters was 14.4%, down 2.0 percentage points year-on-year, while the net profit margin was 5.9%, up 0.7 percentage points year-on-year [8][9] Sales and Orders - The company sold 7.8 GW of wind turbines in Q3 2025, a 71% increase year-on-year, with a total sales volume of 18.4 GW for the first three quarters, up 90% year-on-year [2][17] - The company added 23.2 GW of new external orders in the first three quarters, a 9% increase year-on-year, with a total backlog of 52.5 GW, including internal orders [19][27] International Expansion - The company is actively pursuing an internationalization strategy, with a 91% year-on-year increase in new installation capacity in international markets, totaling 2.4 GW in the first three quarters [2][27] - The installed capacity in Asia (excluding China) surpassed 3 GW, while South America and Oceania each exceeded 2 GW [2][27] Profitability Forecast - The profit forecast for 2025-2027 has been revised upwards to 2.98 billion yuan, 3.68 billion yuan, and 4.96 billion yuan, respectively, reflecting a year-on-year growth of 60.4%, 23.4%, and 34.8% [33][34] - The current stock price corresponds to dynamic P/E ratios of 22.4, 18.2, and 13.5 for the years 2025, 2026, and 2027, respectively [33][34]

Group 1 - The core point of the article is that Goldwind Technology (SZ 002202) held its seventh board meeting of the ninth session on October 24, 2025, to discuss the proposal for the 2026 annual continuous related transaction (H shares) exemption limit [1] - For the first half of 2025, Goldwind Technology's revenue composition was 97.84% from the wind power industry and 2.16% from other sources [1] - As of the report date, Goldwind Technology's market capitalization was 66.9 billion yuan [1] Group 2 - A notable event mentioned is a well-known brand's acquisition of 2,000 shares for 170 million yuan, despite the target company's registered capital being only 10,000 Hong Kong dollars and not yet operational, raising questions about the necessity of the acquisition [1]

Core Insights - The company, Goldwind Technology, reported significant growth in its operating performance for the first three quarters of 2025, with a net profit increase of 170.64% in the third quarter [1] - The company's revenue for the first nine months reached 48.147 billion yuan, a year-on-year increase of 34.34%, while net profit was 2.584 billion yuan, up 44.21% [1] Financial Performance - For the first three quarters, the company achieved an operating revenue of 48.147 billion yuan, a 34.34% increase year-on-year, and a net profit of 2.584 billion yuan, up 44.21% [1] - In Q3 alone, the operating revenue was 19.61 billion yuan, reflecting a 25.4% year-on-year growth, with a net profit of 1.097 billion yuan, marking a 170.64% increase [1] - The company's operating costs for the first three quarters were 41.218 billion yuan, a 37.63% increase, aligning with revenue growth [1] Cash Flow - The net cash flow from operating activities showed significant improvement, with a net outflow of 633 million yuan, an improvement of 90.27% compared to the previous year's outflow of 6.507 billion yuan [2] - Cash received from sales of goods and services reached 53.475 billion yuan, a 28.61% increase year-on-year [2] Business Operations - The company experienced a substantial increase in wind turbine sales, with a total sales capacity of 18,449.7 MW for the first nine months, a 90.01% year-on-year growth [2] - The sales capacity breakdown included 22.50 MW for units below 4 MW, 2,550.05 MW for units between 4 MW and 6 MW, and 15,877.15 MW for units above 6 MW, with the latter representing 86.06% of total sales [2] Order Backlog - As of September 30, 2025, the company had a robust order backlog of 52,460.84 MW, a year-on-year increase of 18.48% [3] - The external orders included 38,861.14 MW, with significant portions in the 6 MW and above category [3] - The company also had internal orders totaling 2,586.97 MW, contributing to the overall order volume [3] Asset and Liability Changes - Inventory balance increased to 21.650 billion yuan, a 46.01% rise from the previous year-end, driven by increased procurement to meet order delivery needs [3] - Short-term borrowings decreased by 36.69% to 999.8 million yuan due to repayment of bank loans [3]

Financial Performance - The company reported a significant increase in net profit for Q3, with a year-on-year growth of over 170% [1][6] - Revenue for the first three quarters reached 48.147 billion yuan, a year-on-year increase of 34.34% [3][6] - Operating costs for the same period were 41.218 billion yuan, up 37.63% year-on-year [3][6] - Q3 revenue was 19.61 billion yuan, reflecting a 25.40% year-on-year growth [6] Core Business Progress - The company achieved external sales capacity of 18,449.70 MW in the first three quarters, a 90.01% increase year-on-year [3][6] - Sales of wind turbines with a capacity of 6 MW and above accounted for 86.06% of total sales capacity [3][6] - The total order backlog as of September 30 was 52,460.84 MW, an 18.48% increase year-on-year [3][6] Profitability Enhancement - Fair value changes contributed significantly to performance growth, with fair value change income reaching 787 million yuan, a 741.39% increase year-on-year [4] - Basic earnings per share increased by 45.83% to 0.5969 yuan [4] - The weighted average return on equity rose to 6.67%, an increase of 1.90 percentage points year-on-year [4] Investment Income - Investment income for the first three quarters was 641 million yuan, a decrease of 53.19% compared to the previous year, primarily due to reduced gains from subsidiary transfers [5] Asset Scale Expansion - As of September 30, total assets amounted to 167.307 billion yuan, a 7.78% increase since the beginning of the year [7] - Inventory surged by 46.01% to 21.65 billion yuan, mainly due to increased procurement to meet order delivery needs [7]

格隆汇10月24日丨金风科技(002202.SZ)公布2025年第三季度报告，营业收入为196.10亿元，同比上升 25.40%；归属于上市公司股东的净利润为10.97亿元，同比上升170.64%；归属于上市公司股东的扣除非 经常性损益的净利润为10.51亿元，同比上升160.54%。 ...

【金风科技：第三季度净利润同比增长171% 在手订单总计同比增长18.48%】智通财经10月24日电，金 风科技(002202.SZ)公告称，第三季度营收为196.1亿元，同比增长25.40%；净利润为10.97亿元，同比增 长170.64%。前三季度营收为481.47亿元，同比增长34.34%；净利润为25.84亿元，同比增长44.21%。截 至2025年9月30日，公司外部待执行订单总量为38,861.14MW，分别为：4MW以下机组605.12MW， 4MW(含)-6MW机组6,596.23MW，6MW及以上机组31,659.79MW；公司外部中标未签订单为 11,012.73MW，包括4MW(含)-6MW机组1,119.80MW，6MW及以上机组9,892.93MW；公司在手外部订 单共计49,873.87MW，其中海外订单量为7,161.72MW；此外，公司另有内部订单2,586.97MW。公司在 手订单总计52,460.84MW，同比增长18.48%。 转自：智通财经 ...

人民财讯10月24日电，金风科技（002202）10月24日发布2025年三季报，公司第三季度营业收入196.1 亿元，同比增长25.4%；净利润10.97亿元，同比增长170.64%。前三季度营业收入481.47亿元，同比增 长34.34%；净利润25.84亿元，同比增长44.21%。报告期内，公司风机及零部件销售规模增加。 ...

Core Insights - The company reported a third-quarter revenue of 19.61 billion, representing a year-on-year increase of 25.40% [1] - The net profit for the third quarter was 1.097 billion, showing a significant year-on-year growth of 170.64% [1] - For the first three quarters, the total revenue reached 48.147 billion, marking a year-on-year growth of 34.34% [1] - The net profit for the first three quarters was 2.584 billion, with a year-on-year increase of 44.21% [1]

GOLDWIND SCIENCE&TECHNOLOGY CO., LTD. * 金風科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 股份代號：02208 持續性關連交易 持續性關連交易 董事會在此宣佈，於2025年10月24日，公司與新疆風能就持續性關連交 易訂立2026年產品銷售框架協議。 上市規則之含義 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 截至本公告日，新疆風能為公司主要股東。根據上市規則，新疆風能為 公司關連人士，訂立2026年產品銷售框架協議構成公司與新疆風能的持 續性關連交易。 2026年產品銷售框架協議下截至2026年12月31日之持續性關連交易年度 上限所適用百分比率中，有一項或多項超過0.1%但低於5%，該等交易遵 守上市規則14A章下的公告及年檢規定，無須獨立股東批准。 * 僅供識別 1 1. 持續性關連交易 茲提述公司日期為2024年10月25日發佈之公告，內容有關2025年產品銷售框架協 議項下之持續性 ...