Zhi Tong Cai Jing·2025-11-24 06:21Core Viewpoint - The report from Huayuan Securities maintains a "buy" rating for Goldwind Technology (002202), highlighting strong performance in the first three quarters of the year, with revenue and net profit attributable to shareholders increasing by 34.3% and 44.2% year-on-year, respectively. The growth is primarily driven by the high demand in the wind power industry, with wind turbine sales surging by 90% year-on-year, and an ongoing improvement in gross margins [1]. Performance Summary - For the first three quarters of 2025, the company achieved operating revenue of 48.15 billion yuan (up 34.3% year-on-year) and a net profit attributable to shareholders of 2.58 billion yuan (up 44.2% year-on-year). In Q3 2025, the company reported revenue of 19.61 billion yuan (up 25.4% year-on-year) and a net profit of 1.097 billion yuan (up 170.6% year-on-year) [1]. Wind Turbine Sales and Margins - Wind turbine sales remained high, with external sales capacity reaching 18.4 GW in the first three quarters of 2025 (up 90% year-on-year), and Q3 sales alone were 7.8 GW (up 124% year-on-year), making it the main contributor to revenue. The overall gross margin for Q3 reached 13%, an increase of 0.84 percentage points quarter-on-quarter, indicating a continued upward trend in profitability [2]. - As of September 30, the company had an order backlog of 52.5 GW (up 18.5% year-on-year), with over 7 GW of overseas orders [2]. Capacity and Utilization - From January to September, the company added 745 MW of new installed capacity and sold a wind farm of 100 MW. By the end of September, the self-operated installed capacity was 8,688 MW, with 4,062 MW under construction, and the average utilization hours reached 1,730 hours [3]. Future Outlook - The "14th Five-Year Plan" is expected to sustain high levels of wind power installations, with an annual average of no less than 120 million kW of new capacity. The recovery in wind turbine prices over the past year is anticipated to continue, with the average bidding price for wind turbines in September being 1,610 yuan per kW, indicating a rebound from the bottom and potential for improved profitability [4]. Profit Forecast and Rating - Due to better-than-expected recovery in wind turbine gross margins and changes in the fair value of equity holdings, the profit forecast for 2025-2027 has been revised upwards to 3.08 billion yuan, 4.83 billion yuan, and 5.75 billion yuan, respectively, with year-on-year growth rates of 65%, 57%, and 19%. The current stock price corresponds to P/E ratios of 15, 9, and 8 times. The company is expected to see further recovery in wind turbine manufacturing profitability, leading to a maintained "buy" rating [5].