Ge Long Hui·2025-08-27 06:33Core Viewpoint - Morgan Stanley's research report indicates that Goldwind Technology's performance in the first half of the year exceeded expectations, with a core wind turbine business gross margin of 8%, surpassing the management's annual guidance of 7% and the bank's previous expectation of 6.4% [1] Financial Performance - The operating income and asset disposal gains from wind farms were below expectations, but the bank believes that the market has adequately recognized the challenges in the wind farm business [1] - The bank has raised its profit forecasts for 2025 to 2027 by 3% to 7% [1] Target Price Adjustments - The target price for H-shares has been increased by 34% to HKD 10.3, with the rating downgraded from "Overweight" to "Neutral" [1] - The target price for A-shares has been raised by 29% to CNY 14.6, maintaining an "Overweight" rating [1]