Core Insights - The company reported Q3 2025 revenue of 19.61 billion yuan, a year-on-year increase of 25.4%, and a net profit attributable to shareholders of 1.097 billion yuan, up 170.64% [1] - The company achieved a total revenue of 48.147 billion yuan for the first three quarters, reflecting a year-on-year growth of 34.34% [1] Financial Performance - Q3 2025 gross margin improved to 13.00%, an increase of 0.84 percentage points quarter-on-quarter, driven mainly by improved margins in the wind turbine manufacturing business [2] - The total profit for Q3 was 1.6 billion yuan, with a core profit of 730 million yuan after excluding investment income and fair value changes [2] Wind Turbine Business - The company sold 18.4 GW of wind turbines in the first three quarters, a significant increase of 90.01% year-on-year, with approximately 7.8 GW sold in Q3 alone [2] - As of the end of Q3, the company had a total of 38.86 GW in external pending orders and 11.01 GW in signed but unexecuted orders, totaling 49.87 GW in hand [2] Hydrogen and Ammonia Projects - The company added 745 MW of new wind power capacity in the first nine months of 2025, with a total of 8,688 MW of self-operated wind power capacity as of Q3 [3] - The successful verification of the biomass gasification furnace process for the green hydrogen and green methanol project is expected to yield an annual production capacity of 1.45 million tons upon full operation [3] - The total investment for the integrated hydrogen and ammonia project is approximately 18.92 billion yuan, which is anticipated to contribute positively to the company's performance [3] Profit Forecast - The profit forecast for the company has been adjusted to 3.693 billion yuan, 4.918 billion yuan, and 6.206 billion yuan for 2025-2027, respectively, reflecting an increase from previous estimates [3] - The current stock price corresponds to dynamic P/E ratios of 18.1, 13.6, and 10.8 for the respective years [3]

Investment Rating - The investment rating for the company is "Recommended" [1] Core Views - The wind turbine manufacturing situation is improving, and hydrogen-ammonia methanol projects are providing incremental business for power station operations [1] - In Q3 2025, the company reported a revenue of 19.61 billion yuan, a year-on-year increase of 25.4%, and a net profit attributable to shareholders of 1.097 billion yuan, a year-on-year increase of 170.64% [3] - The company has a strong order backlog, with external orders totaling 49.87 GW, including 7.16 GW from overseas [6] - The company is advancing hydrogen-ammonia methanol projects, which are expected to contribute to performance growth [6] Financial Summary - For the fiscal years 2024A to 2027E, the projected revenue is as follows: 56.699 billion yuan in 2024, 77.314 billion yuan in 2025, 85.215 billion yuan in 2026, and 91.968 billion yuan in 2027 [5] - The projected net profit for the same period is: 1.860 billion yuan in 2024, 3.693 billion yuan in 2025, 4.918 billion yuan in 2026, and 6.206 billion yuan in 2027 [5] - The company’s gross margin is expected to improve, with projections of 13.8% in 2024, 13.7% in 2025, 15.5% in 2026, and 16.4% in 2027 [5] Business Performance - The company achieved a wind turbine sales capacity of 18.4 GW in the first three quarters, a year-on-year increase of 90.01% [6] - The comprehensive gross margin for Q3 2025 was 13.00%, an increase of 0.84 percentage points from the previous quarter [6] - The company is also expanding its self-operated wind power projects, with a total installed capacity of 8,688 MW as of the end of Q3 [6]

证券代码： 002202 证券简称：金风科技 附件二：投资者关系活动记录表格式 | | 编号： | | --- | --- | | 投资者关系活动 类别 | □特定对象调研 □分析师会议 | | | □媒体采访 业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 □其他 （请文字说明其他活动内容） | | 参与单位名称及 | 长江证券 曹海花 汇丰银行 许冰莹 中金公司 车昀佶 东吴证券 曾朵红 中信建投证券 | | 人员姓名 | 花旗银行 刘显达 陈思同 华夏基金 毛俊 | | 时间 | 2025年10月27日 | | 地点 | 线上会议 董事长兼总工程师 武钢 | | 上市公司接待人 员姓名 | 副董事长兼总裁 曹志刚 副总裁兼董事会秘书及公司秘书 | | | 马金儒 首席财务官 王宏岩 副总裁兼风电产业集团总经理 陈秋华 | | | 公司2025年前三季度财务业绩情况？ | | | 2025年前三季度，公司实现营业收入人民币48,146,709,129.40元，归属母 公司净利润人民币2,584,374,593.56元；基本每股收益0.5969元/股，加权 平均净资产收益率为6. ...

中金发表研究报告指，金风科技（002202）(02208)第三季业绩表现符合市场预期，收入同比升 25.41%，按季增2.86%，而纯利则同比升170.64%，按季增19.31%。该行上调金风科技今明两年盈测 7.8%及12.5%，分别至33.1亿和47.4亿元人民币，该行续予公司跑赢行业评级，H股目标价升56.5%至 17.39港元。 ...

Core Viewpoint - The report from CICC indicates that Goldwind Technology (02208) has met market expectations for its third-quarter performance, with significant year-on-year growth in both revenue and net profit [1] Financial Performance - Revenue increased by 25.41% year-on-year and by 2.86% quarter-on-quarter [1] - Net profit saw a substantial rise of 170.64% year-on-year and a 19.31% increase quarter-on-quarter [1] Earnings Forecast - CICC has raised its earnings estimates for Goldwind Technology for the next two years by 7.8% and 12.5%, adjusting them to RMB 3.31 billion and RMB 4.74 billion respectively [1] Investment Rating - The company continues to be rated as outperforming the industry, with the target price for H-shares increased by 56.5% to HKD 17.39 [1]

Core Viewpoint - Citigroup maintains a "Buy" rating on Goldwind Technology, raising the target price from HKD 11 to HKD 17, reflecting profit growth and improved cash flow [1] Financial Performance - The company's Q3 2025 performance exceeded expectations, with a significant increase in wind turbine sales and improved profit margins [1] - Investment income has also increased, contributing positively to overall financial results [1] Earnings Forecast - Citigroup has raised the net profit forecast for Goldwind Technology for 2026 and 2027 by 11% to 12% [1] - Factors influencing this adjustment include a strong order volume, with expected wind turbine sales growth revised from 15% and 10% to 20% and 15% year-on-year, respectively [1] - Sales management expenses are well-controlled, leading to a reduction in expenditures [1]

Core Viewpoint - Citigroup maintains a "Buy" rating on Goldwind Technology, raising the target price from HKD 11 to HKD 17, reflecting profit growth and improved cash flow [1] Group 1: Financial Performance - The company is expected to outperform expectations in Q3 2025, with a significant increase in wind turbine sales and improved profit margins [1] - Investment income has also increased, contributing positively to overall financial performance [1] Group 2: Earnings Forecast - Net profit forecasts for 2026 and 2027 have been raised by 11% to 12%, driven by strong order volumes [1] - Wind turbine sales growth expectations have been adjusted from 15% and 10% year-on-year to 20% and 15% respectively [1] Group 3: Cost Management - Sales and management expenses are being effectively controlled, leading to a reduction in expenditures [1]

Investment Rating - The report maintains a "Recommended" rating for the company [5] Core Views - The company reported a revenue of 48.147 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 34.34%. The net profit attributable to shareholders was 2.584 billion yuan, up 44.21% year-on-year [1] - In Q3 2025, the company achieved a revenue of approximately 19.610 billion yuan, a year-on-year increase of 25.40% and a quarter-on-quarter increase of 2.86%. The net profit attributable to shareholders for the same quarter was 1.097 billion yuan, showing a significant year-on-year growth of 170.64% [1] - The company has actively expanded its overseas business, with a cumulative installed capacity of 11,214.62 MW in international markets by the end of Q3 2025 [3] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a gross margin of approximately 13.00% and a net margin of about 5.98% [1] - The company expects revenues of 77.81 billion yuan, 88.14 billion yuan, and 95.91 billion yuan for 2025, 2026, and 2027, respectively, with growth rates of 37%, 13%, and 9% [3][4] - The projected net profit attributable to shareholders for the same years is 3.36 billion yuan, 4.28 billion yuan, and 4.98 billion yuan, with growth rates of 80%, 27%, and 16% [3][4] Business Segments - In the wind turbine manufacturing segment, the company sold approximately 18.45 GW of wind turbines in the first three quarters of 2025, a year-on-year increase of 90%. The sales in Q3 2025 were about 7.81 GW, reflecting a year-on-year growth of approximately 71% [2] - The company has a total order backlog of 52.5 GW, with 41,553 MW of orders for units of 6 MW and above, accounting for 83% of the total [2] Overseas Expansion - The company has made significant strides in international markets, with installed capacity exceeding 3 GW in Asia (excluding China) and over 2 GW in both South America and Oceania [3] - By the end of Q3 2025, the company had approximately 7.16 GW of external orders in overseas markets, up from 5.54 GW in the same period last year [3]

中金发表研究报告指，金风科技第三季业绩表现符合市场预期，收入按年升25.41%、按季增2.86%，而 纯利则按年升170.64%、按季增19.31%。该行上调金风科技今明两年盈测7.8%及12.5%，分别至33.1亿 和47.4亿元，续予"跑赢行业"评级，H股目标价上调56.5%至17.39港元。 ...

Core Viewpoint - Jin Feng Technology (02208.HK) experienced a decline of over 4% in early trading, despite a year-to-date increase of 107% [2] Group 1 - The stock opened high but subsequently fell, currently trading at 13.26 HKD, down 4.06% [2] - The trading volume reached 315 million HKD [2]