智通财经网·2025-10-29 06:59Core Viewpoint - The wind power market is currently experiencing favorable conditions, with significant growth in both domestic and international orders for Goldwind Technology (02208), leading to an optimistic outlook for the company's performance [1][5]. Company Performance - For the first three quarters of 2025, the company achieved revenue of 48.15 billion yuan, a year-over-year increase of 34%, and a net profit of 2.58 billion yuan, up 44.2% year-over-year (net profit after deduction was 2.42 billion yuan, up 36.2%) [2][3]. - In Q3, the company reported revenue of 19.61 billion yuan, a year-over-year increase of 25.4%, and a net profit of 1.097 billion yuan, up 170.6% year-over-year (net profit after deduction was 1.05 billion yuan, up 160.5%) [3][4]. - The company's wind turbine sales volume saw a significant increase, with external sales capacity reaching 7,809 MW, a year-over-year growth of 71% [3]. Order Backlog - As of the end of September, the company had an order backlog of 49.9 GW, a year-over-year increase of 20.6%, with overseas orders accounting for 14.3% of the total [3][5]. Profitability and Margins - The company's gross margin in Q3 was 13%, an increase of 0.84 percentage points from Q2, attributed to stable wind turbine prices and a higher proportion of high-margin overseas products [4]. - The average public bidding price for wind turbines reached 1,610 yuan/kW in September, a year-over-year increase of 9.2% [4]. Industry Outlook - The wind power industry is expected to maintain a favorable outlook during the "14th Five-Year Plan" period, with domestic new wind power installations reaching 61.09 GW in the first three quarters, a year-over-year increase of 56% [5]. - The company is projected to achieve net profits of 3.46 billion, 4.51 billion, and 5.81 billion yuan for 2025, 2026, and 2027, respectively, with corresponding EPS of 0.82, 1.07, and 1.38 yuan [6].