Zhi Tong Cai Jing·2025-10-29 07:02Core Viewpoint - The report from Yuanta Securities indicates that Goldwind Technology (002202)(02208) has a strong presence in both domestic and international wind power markets, with significant growth in orders and stable pricing for new wind turbine orders, suggesting a positive outlook for the company's performance [1][6]. Company Performance - In 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 (non-recurring net profit was 2.42 billion yuan, a 36.2% increase) [2][3]. - For 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 (non-recurring net profit was 1.05 billion yuan, a 160.5% increase) [3][4]. - The company sold 7,809 MW of wind turbines in Q3, representing a 71% year-over-year increase, and cumulative sales for the first nine months reached 18,449.7 MW, a 91% increase [3][4]. 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 7.16 GW of overseas orders, accounting for 14.3% of the total [3][4]. Profitability and Margins - The company's gross margin for 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 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, with domestic new wind power installations reaching 61.09 GW in the first nine months of 2025, a year-over-year increase of 56% [5]. - The total installed capacity for wind power is projected to reach around 110 GW for the year, a 39% year-over-year increase [5]. - The report anticipates that the wind power installation capacity will double during the "14th Five-Year Plan" period compared to the previous plan, with significant growth expected [5]. Earnings Forecast - The company is expected to achieve net profits of 3.46 billion yuan, 4.51 billion yuan, and 5.81 billion yuan in 2025, 2026, and 2027, respectively, representing year-over-year growth of 86%, 30%, and 29% [6]. - The earnings per share (EPS) are projected to be 0.82 yuan, 1.07 yuan, and 1.38 yuan for the same years, with corresponding price-to-earnings (PE) ratios of 14, 11, and 8.5 times [6].