Ge Long Hui·2025-10-21 04:01Core Viewpoint - Morgan Stanley believes that the stock price of Goldwind Technology will decline in the next 15 days, with a probability of 70% to 80% for this scenario to occur [1] Group 1: Financial Impact - The cancellation of the value-added tax (VAT) rebate may reduce the internal rate of return (IRR) for wind power operators by 0.5% to 0.6% [1] - Morgan Stanley anticipates upward pressure on wind turbine prices [1] Group 2: Company Projections - Goldwind Technology has accounted for a VAT rebate of 386 million yuan in 2024 and 112 million yuan in the first half of 2025 [1] - The company is increasing its exposure to overseas markets alongside a moderate recovery in gross margins [1] Group 3: Rating - Morgan Stanley maintains a "Market Perform" rating for Goldwind Technology [1]