大摩：相信金风科技股价在未来15天内将下跌 取消增值税退税或影响项目内部回报率

Core Viewpoint - Morgan Stanley believes that the stock price of Goldwind Technology will decline in the next 15 days, with a probability of occurrence estimated at 70% to 80% [1] Summary by Relevant Sections - Impact of VAT Refund Cancellation - The cancellation of the VAT refund may reduce the internal rate of return for wind power operators by 0.5% to 0.6% [1] - Morgan Stanley anticipates upward pressure on wind turbine prices [1] - Financial Projections - Goldwind Technology has accounted for a VAT refund of 386 million yuan in 2024 and 112 million yuan in the first half of 2025 [1] - Market Position and Rating - Morgan Stanley maintains a "Market Perform" rating for Goldwind Technology, considering the company's increasing exposure to overseas markets and a mild recovery in gross margins [1]