Zhi Tong Cai Jing·2025-11-12 07:40Core Insights - Morgan Stanley reports that Goldwind Technology (002202) has shown strong profit performance in the first three quarters, with a year-on-year increase of 44.2% to 2.584 billion RMB [1] - The backlog of orders has slightly decreased, but the average price remains stable, with expectations for further improvement in gross margins next year [1] - The management's target for this year is to achieve 23 GW of onshore power generation and 2.6 GW of offshore power generation, with continued growth anticipated in China's offshore wind power installations next year [1] Financial Projections - Morgan Stanley has raised its earnings forecast for Goldwind Technology for 2026-2027 by 8% to 10% [1] - The target price for Goldwind's H-shares has been increased by 17%, from 10.3 HKD to 12 HKD [1] - The target price for Goldwind's A-shares has been raised from 14.6 RMB to 17 RMB, representing a 16% increase [1] Challenges - Policy changes pose challenges for the operation and sale of wind farms, potentially leading to impairment risks [1]