Industry Overview - The global wind power market is projected to show significant growth, with a 4.4% increase in global power generation and a 9.6% rise in renewable energy generation, reaching 9,868 terawatt hours, which accounts for 31.6% of total power generation [4][5] - Global wind power generation increased by 8% to 2,511 terawatt hours, representing 8% of global power generation, with China leading at 997 terawatt hours, which is 40% of total wind power generation [5] Company Performance - The earnings call for Goldwind Science and Technology Company highlights the management's focus on industry performance and financial results, with key executives present to discuss these aspects [2][3]

Group 1: Wind Power Industry Development - In the first three quarters of 2025, China's newly installed wind power capacity reached 61.1 GW, a year-on-year increase of 56.2% [2] - As of September 30, 2025, the cumulative installed wind power capacity in China was 581.6 GW, accounting for 15.6% of the total installed power capacity [2] - Thermal power accounted for 40.4% of the total installed power capacity [2] Group 2: Company Financial Performance - For the first three quarters of 2025, the company achieved operating revenue of RMB 48,146,709,129.40 and a net profit of RMB 2,584,374,593.56 [3] - Basic earnings per share were RMB 0.5969, with a weighted average return on equity of 6.67% [3] Group 3: Wind Turbine Sales Performance - The company sold 18,449.70 MW of wind turbine capacity from January to September 2025, representing a year-on-year growth of 90.01% [3] - Sales breakdown: - Units below 4 MW: 22.50 MW (0.12%) - Units between 4 MW and 6 MW: 2,550.05 MW (13.82%) - Units above 6 MW: 15,877.15 MW (86.06%) [3] Group 4: International Market Expansion - The company has expanded its international business to 47 countries across six continents, with a cumulative installed capacity of 11,214.62 MW as of Q3 2025 [4] - Installed capacity in Asia (excluding China) exceeded 3 GW, while South America and Oceania each surpassed 2 GW, and North America and Africa each exceeded 1 GW [4] - As of September 30, 2025, the company had external orders totaling 7,161.72 MW [4] Group 5: Self-owned Wind Farms - The total equity installed capacity of the company's self-owned wind farms reached 8,688 MW as of September 30, 2025 [4] - The domestic wind farm equity under construction was 4,062 MW [4] - The average utilization hours of self-owned wind farms from January to September 2025 were 1,730 hours [4] Group 6: Green Supply Chain Initiatives - Since 2016, the company has implemented a "green supply chain" project to promote low-carbon practices across the industry [4] - In 2024, the green audit coverage rate for major component suppliers reached 100% [4] - The proportion of green electricity used in the production of the company's products by major suppliers reached 78% in 2024 [4]

Core Insights - The wind power sector in A-shares is experiencing a significant recovery, with major companies like Goldwind Technology, Xinqianglian, and China National Materials Technology reporting substantial revenue and profit growth, marking a transition from losses to profits driven by policy support and market demand [1][2][5] Industry Performance - The recovery trend in the wind power industry is evident across the entire supply chain, with leading companies reporting net profit growth exceeding 200% and improved gross margins compared to the previous year [2][5] - Goldwind Technology reported a revenue of 48.147 billion yuan, a year-on-year increase of 34.34%, and a net profit of 2.584 billion yuan, up 44.21% [2] - Xinqianglian achieved a revenue of 3.618 billion yuan, a growth of 84.10%, and a net profit of 664 million yuan, reversing a loss from the previous year [4] - Haile Wind Power reported a revenue of 3.671 billion yuan, a 246.01% increase, and a net profit of 347 million yuan, marking a significant turnaround [4] - China National Materials Technology recorded a revenue of 21.701 billion yuan, a 29.09% increase, and a net profit of 1.480 billion yuan, up 143.24% [5] Policy and Market Dynamics - The strong performance in Q3 is attributed to a combination of policy benefits and the steady advancement of major projects, with the government implementing measures to curb unhealthy competition in the industry [6][7] - The "anti-involution" policies introduced by the government aim to stabilize market prices and promote fair competition, leading to a recovery in bidding prices for wind power projects [6][7] - Major projects like the Kubuqi Desert Wind Power Base, with an investment of 98.8 billion yuan and a planned capacity of 4 million kilowatts, are set to drive demand in the sector [7] Future Growth Prospects - The "Wind Energy Beijing Declaration 2.0" anticipates that China's annual new installed capacity for wind power will not be less than 120 GW during the 14th Five-Year Plan period, doubling the previous average [9] - The offshore wind power sector is expected to see significant growth, with policies supporting its development and a projected increase in global offshore wind capacity from 15.5 GW to 38.5 GW by 2030 [10][12] - Domestic companies are accelerating their global expansion, with firms like Envision Energy and Mingyang Smart Energy securing international contracts and establishing manufacturing bases abroad [14][15] Technological Innovations - The integration of AI and energy solutions is becoming a focal point for innovation in the wind power industry, with companies exploring new business models and technologies [15] - The emphasis on green hydrogen and ammonia, along with zero-carbon initiatives, is expected to shape the future landscape of the industry [15]

Investment Rating - The report maintains an "Outperform" rating for the industry [1] Core Insights - The pace of wind turbine large-scale development is clearly slowing down, with a focus on hydrogen energy as a "future industry" in the 14th Five-Year Plan [1][7] - The wind power index increased by 5.91%, outperforming the CSI 300 index by 2.66 percentage points [4][12] - The overall PE ratio for the wind power index is 25.72 times [12] Summary by Sections Wind Power - The recent Beijing International Wind Energy Conference showcased few new products, with a trend towards standardizing rotor diameters rather than further increasing size [6][11] - The domestic wind turbine market is expected to stabilize, with a focus on international expansion, leading to a gradual recovery in profitability for wind turbine manufacturers by 2026 [6][11] - The wind power index's performance indicates a strong market sentiment, with a year-to-date increase of 40.03% [12][13] Photovoltaics - Tongwei's Q3 earnings showed significant improvement, with a revenue of 24.09 billion yuan, a year-on-year decrease of 1.57%, and a net loss reduction of 5.29 billion yuan [6][4] - The overall PE ratio for the photovoltaic sector is approximately 44.31 times, indicating a high valuation despite short-term supply-demand challenges [4][12] Energy Storage & Hydrogen Energy - The 14th Five-Year Plan emphasizes hydrogen energy as a key future industry, highlighting its potential for significant market growth [7] - The report suggests that the hydrogen energy sector is gaining policy support, with expectations for orderly project implementation across the entire industry chain [7] - Investment opportunities are identified in companies focusing on green hydrogen project investment and operation [7] Investment Recommendations - For wind power, the report recommends focusing on domestic offshore demand, profitability recovery, and international expansion opportunities, highlighting companies like Mingyang Smart Energy and Goldwind [7] - In photovoltaics, attention is drawn to structural opportunities within the industry, with recommended stocks including Dier Laser and Longi Green Energy [7] - In energy storage, the report suggests looking at companies with strong global competitiveness and low valuations, such as Sungrow Power Supply [7]

Core Viewpoint - Daiwa's report indicates that the positive factors for Goldwind Technology may have been fully reflected in the market, suggesting limited future upside potential [1] Group 1: Company Performance - Goldwind Technology's guidance for wind turbine generator (WTG) shipments for 2025 to 2026 is set at 2.5 GW, which may indicate that the pace of wind farm construction is slower than expected [1] - The company is expected to reach breakeven in its largest shipment segment, the WTG business, by 2026, compared to its current loss-making status [1] Group 2: Market Expectations - Daiwa believes there is a potential opportunity for profit-taking before Goldwind's fourth-quarter earnings announcement, as the market may have already priced in the guidance of a 2 percentage point increase in WTG gross margin by 2026 [1] - The valuation adjustment space for Goldwind is considered limited, leading to a downgrade in rating from "Outperform" to "Hold" [1] Group 3: Financial Projections - Daiwa raised the 12-month target price for Goldwind's H-shares from HKD 9 to HKD 13 [1] - Earnings per share estimates for the fiscal years 2025 to 2027 have been increased by 11% to 14% to account for the improvement in WTG gross margin [1]

大和：金风科技未来估值上调空间有限，评级降至"持有"。 ...

（文章来源：每日经济新闻） 每经AI快讯，金风科技(02208.HK)午后跌超4%，截至发稿，跌4.38%，报12.89港元，成交额2.24亿港 元。 ...

Core Viewpoint - Goldwind Technology (02208) experienced a decline of over 4% in its stock price despite reporting a significant increase in net profit for the first three quarters of 2025, indicating potential profit-taking by investors ahead of the fourth-quarter earnings announcement [1] Financial Performance - The company reported a revenue of approximately 48.147 billion yuan, representing a year-on-year growth of 34.34% [1] - The net profit attributable to shareholders was around 2.584 billion yuan, reflecting a year-on-year increase of 44.21% [1] - Basic earnings per share were reported at 0.5969 yuan [1] Market Analysis - Daiwa published a report suggesting that there may be opportunities for profit-taking before the fourth-quarter results are released [1] - The firm believes that the market has largely priced in the guidance of a 2 percentage point increase in gross margin for wind turbines by 2026, indicating limited potential for positive surprises in the future [1] - Daiwa noted that the largest product mix for Goldwind comes from the wind turbine business, which is expected to reach breakeven by 2026 [1] Rating and Target Price - Daiwa downgraded Goldwind's stock rating from "Outperform" to "Hold" [1] - The target price was raised from 9 Hong Kong dollars to 13 Hong Kong dollars [1]

Core Viewpoint - Goldwind Technology (金风科技) reported strong revenue and profit growth for the first three quarters of 2025, but its stock price declined over 4% amid concerns about future earnings surprises and valuation adjustments [1] Financial Performance - Revenue for the first three quarters reached approximately 48.147 billion yuan, representing a year-on-year increase of 34.34% [1] - Net profit attributable to shareholders was about 2.584 billion yuan, showing a year-on-year growth of 44.21% [1] - Basic earnings per share stood at 0.5969 yuan [1] Market Analysis - Daiwa published a report suggesting that there may be potential profit-taking opportunities for Goldwind Technology ahead of its fourth-quarter earnings announcement [1] - The firm believes that the market has largely priced in the guidance of a 2 percentage point increase in gross margin for wind turbines by 2026, indicating limited future positive surprises [1] - Goldwind's largest product segment, wind turbine business, is expected to reach breakeven by 2026, which may limit future valuation upside [1] Rating Adjustment - Daiwa downgraded Goldwind Technology's Hong Kong stock rating from "Outperform" to "Hold" [1] - The target price was raised from 9 HKD to 13 HKD [1]

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company has seen a significant increase in wind turbine shipments, with a year-on-year increase in backlog orders [3][10] - The operating cash flow has improved significantly, with a net cash flow of 2.32 billion yuan in Q3 2025, a year-on-year increase of 40.9% [3][10] - The company expects a slight increase in wind turbine bidding prices, leading to upward adjustments in profit forecasts for 2026 and 2027 [4] Financial Performance - Total revenue for 2023 is projected at 50.457 billion yuan, with a year-on-year growth of 8.66% [1] - The net profit attributable to shareholders is expected to be 1.331 billion yuan in 2023, reflecting a year-on-year decline of 44.16% [1] - The company anticipates a net profit of 3.351 billion yuan in 2025, representing a year-on-year increase of 80.11% [4] Sales and Orders - The company shipped 18.4 GW of wind turbines in the first three quarters of 2025, with Q3 shipments at 7.8 GW, a year-on-year increase of 70% [10] - As of Q3 2025, the company has a backlog of 52.5 GW, with external orders accounting for 50 GW, a year-on-year increase of 21% [10] Cost and Expenses - Selling expenses have increased significantly, with Q3 2025 selling expenses at 530 million yuan, a quarter-on-quarter increase of 102.4% [3] - The overall expense ratio for Q3 2025 was 9.2%, a decrease of 4% year-on-year [3] Market Data - The closing price of the company's stock is 15.57 yuan, with a market capitalization of approximately 65.784 billion yuan [7] - The price-to-earnings ratio (P/E) is projected to be 19.63 for 2025, decreasing to 11.85 by 2027 [1][4]