Company Performance - In 2018, Goldwind achieved over 7 GW of new installations in China, including 400 MW offshore, capturing a market share of 33.5%, maintaining the top position domestically for eight consecutive years[4]. - Goldwind's global ranking in 2018 was second in the wind power industry, reflecting its strong competitive position[4]. - In 2018, the company's revenue reached RMB 28,590.31 million, representing a year-on-year increase of 14.49%[15]. - The company's pre-tax profit was RMB 3,682.43 million, up 5.5% compared to RMB 3,490.56 million in 2017[15]. - The net profit attributable to shareholders was RMB 3,216.60 million, reflecting a growth of 5.3% from RMB 3,054.66 million in the previous year[15]. - The wind turbine manufacturing segment generated revenue of RMB 22,168.54 million, an increase of 14.59% from RMB 19,345.99 million in 2017[15]. - The wind power service segment saw a decline in revenue to RMB 1,647.49 million, down 19.89% from RMB 2,056.62 million in 2017[15]. - The wind farm investment and development segment reported revenue of RMB 3,903.99 million, a growth of 20.22% compared to RMB 3,247.36 million in 2017[15]. - The total comprehensive income for the year was RMB 2,761.03 million, a decrease of 17.30% from RMB 3,338.76 million in 2017[15]. - The company's order backlog reached a new high of over 18GW, representing a year-on-year growth of 16.27%[20]. - The company achieved a market share of over 30% in the domestic wind power market, maintaining its leading position[46]. Technological Advancements - The company offers a diverse product line including 1.5 MW, 2S, 2.5S, 3S, and 6S direct-drive permanent magnet wind turbines, suitable for various operating environments[4]. - Goldwind's direct-drive permanent magnet technology eliminates the gearbox, enhancing efficiency and reliability in wind turbine operations[8]. - The company launched the GW131/2.2MW unit on the 2S platform, completing high-voltage testing and obtaining international certification, marking a significant technological advancement[20]. - The company’s new product, "Double140" (GW140-2.5MW140mHH), is the world's first 2.5MW product with a rotor diameter and tower height of 140 meters, expanding its market coverage[50]. - The GW3S platform's first unit, GW140/3400, received DNV type certification and was recognized as the best onshore model of the year by Windpower Monthly[50]. - The company obtained 50 type certification certificates for its products, including 6 international certifications, enhancing its adaptability to various regional demands[52]. - The company filed 941 domestic patent applications and 228 overseas patent applications in 2018, reflecting a strong commitment to innovation and intellectual property protection[53]. Market Expansion and Strategy - The company is actively involved in the development of integrated solutions for wind power services and wind farm development, addressing various segments of the value chain[3]. - The company is actively pursuing market expansion through its "Two Seas" strategy, focusing on offshore wind power technology and project development[59]. - The company plans to continue developing wind power equipment and services, enhancing solutions for both onshore and offshore wind power[22]. - The company has made significant progress in international markets, achieving breakthroughs in key target markets across the Americas, Australia, and Europe, and has established a presence in emerging markets in Africa and Asia[118]. - As of December 31, 2018, the company's international business has expanded to cover all six continents[118]. - The company has entered the supply chain of five major international clients, including EDF R and E.ON, with overseas project equity capacity reaching 1.5GW[21]. Financial Health and Metrics - Goldwind's financial reports are prepared in accordance with International Financial Reporting Standards, ensuring transparency and compliance[9]. - The company’s capital structure and financial health are monitored through metrics such as the capital debt ratio, which is calculated as net debt divided by total capital and net debt[8]. - The gross profit margin for the company decreased to 25.69% in 2018 from 29.90% in 2017[76]. - The weighted average return on equity decreased to 14.03% in 2018 from 15.04% in 2017[68]. - The capital debt ratio as of December 31, 2018, was 61.51%, an increase of 3.55% from 57.96% in 2017[100]. - The total liabilities increased to RMB 54,888.93 million in 2018 from RMB 49,312.84 million in 2017, with current liabilities rising to RMB 31,600.59 million from RMB 29,600.32 million[95]. Operational Efficiency - The company managed over 4.7 million kW of self-owned wind power capacity, enhancing asset management efficiency through a digital platform and advanced technologies[58]. - The company’s operational service team managed over 470,000 kW of self-owned wind power capacity, enhancing asset management efficiency and profitability through a data center and digital platform[21]. - The company’s operational capacity for domestic and international service projects reached 6,968 MW, with a significant increase in service capacity for non-company units[57]. - The company’s water treatment business scaled over 3 million tons per day, with a year-on-year growth of 80%, and achieved sales revenue of RMB 581.96 million, up 259.90% from the previous year[22]. Regulatory Compliance and Governance - The company adheres to the relevant laws and regulations in China and Hong Kong, ensuring compliance with corporate governance standards[167]. - The company has established a comprehensive internal control system, which was found to be effective and well-executed in 2018[176]. - The board of directors approved all related party transactions, which were conducted under normal commercial terms and did not exceed the annual caps disclosed in previous announcements[161]. - The company has maintained appropriate liability insurance for directors and senior executives, which remains effective[154]. Future Outlook - The company aims to enhance its core competitiveness through digitalization, providing comprehensive digital products and solutions to clients[108]. - The company plans to issue new shares, including H-shares and A-shares, at a ratio of 1.9 shares for every 10 existing shares, with H-shares priced at HKD 8.21 and A-shares at RMB 7.02[166]. - The company has set a revenue guidance of $500 million for the next fiscal year, reflecting a 10% growth target[125]. - New product launches are expected to contribute an additional $100 million in revenue, with a focus on renewable energy solutions[126]. - The company is expanding its market presence in Southeast Asia, targeting a 25% market share by 2025[126].
金风科技(02208) - 2018 - 年度财报