Ge Long Hui·2025-11-12 03:20Core Viewpoint - Morgan Stanley's report indicates that Goldwind Technology has shown strong profit performance in the first three quarters, with a year-on-year increase of 44.2% to 2.584 billion yuan [1] Financial Performance - The backlog of orders has slightly decreased, but the average price remains stable [1] - The management's target for onshore power generation is 23 GW, while offshore power generation is set at 2.6 GW [1] Market Outlook - It is expected that China's offshore wind power installed capacity will continue to grow next year [1] Risks and Adjustments - Policy changes pose challenges to the operation and sale of wind farms, potentially leading to impairment risks [1] - Morgan Stanley has raised Goldwind Technology's earnings forecast for 2026 to 2027 by 8% to 10% [1] Target Price Adjustments - The target price for H-shares has been increased from 10.3 HKD to 12 HKD, maintaining a "Neutral" rating [1] - The target price for A-shares has been raised from 14.6 CNY to 17 CNY, maintaining an "Overweight" rating [1]