Zhi Tong Cai Jing·2025-11-06 02:53Group 1 - The core viewpoint of the article highlights the positive performance of Goldwind Technology (02208), with a stock price increase of 6.17% to HKD 14.45 and a trading volume of HKD 143 million [1] - According to Guojin Securities, the operating net cash flow of the wind power industry improved in Q3 2025, reaching RMB 3.4 billion, an increase of RMB 700 million year-on-year [1] - The industry inventory continued to rise in Q3, while contract liabilities decreased, indicating a strong demand forecast for Q4 due to the peak installation season [1] Group 2 - The domestic wind power bidding remained high in the first three quarters, with an estimated 300 GW of orders on hand, ensuring sustained demand and stable pricing in the industry [1] - Guohai Securities reported that Goldwind Technology achieved revenue of RMB 48.147 billion in Q1-Q3 2025, a year-on-year increase of 34%, and a net profit attributable to shareholders of RMB 2.584 billion, up 44% year-on-year [1] - In Q3 2025 alone, the company recorded revenue of RMB 19.610 billion, a 25% year-on-year increase and a 3% quarter-on-quarter increase, with a net profit of RMB 1.097 billion, reflecting a significant year-on-year increase of 171% and a 19% quarter-on-quarter increase [1] Group 3 - The "14th Five-Year Plan" and Document No. 136 are expected to drive a surge in domestic wind turbine sales in Q4 2025, potentially leading to record quarterly sales for the company [1] - The price of wind turbines has been on the rise since Q4 2024, with an estimated 8% increase in bidding prices for the first nine months of 2025 compared to the entire year of 2024, indicating a positive trend for the company's main unit delivery prices starting Q4 2025 [1]