Ge Long Hui A P P·2025-11-25 09:28Core Viewpoint - The report from Huayuan Securities indicates that Goldwind Technology has shown significant improvement in profitability, with a strong outlook for the wind power industry and profit recovery trend [1] Financial Performance - In Q1-Q3 of 2025, Goldwind Technology achieved a net profit attributable to shareholders of 2.58 billion yuan, representing a year-on-year increase of 44.2% [1] - In Q3 of 2025, the net profit attributable to shareholders reached 1.097 billion yuan, marking a year-on-year increase of 170.6% [1] - The overall gross margin for the company in Q3 of 2025 was 13%, an increase of 0.84 percentage points quarter-on-quarter [1] Profitability Outlook - The gross margin for the wind turbine segment is expected to remain on an upward trend, contributing to continued profit improvement [1] - The forecast for net profit attributable to shareholders for 2025-2027 has been revised upwards to 3.08 billion, 4.83 billion, and 5.75 billion yuan, respectively, from the previous estimates of 2.66 billion, 3.85 billion, and 4.47 billion yuan [1] Industry Trends - The pace of large-scale wind power development is slowing, but the profitability of the wind turbine manufacturing segment is expected to recover, indicating potential for further profit recovery [1] - The company maintains a "Buy" rating based on the positive outlook for the wind power sector and the anticipated recovery in profitability [1]