Ge Long Hui·2025-12-26 08:29Group 1 - The core viewpoint of the article highlights that Goldwind Technology is a leading provider of wind power solutions in China and globally, maintaining the number one market share in China for 14 consecutive years and globally for three years [1] - The company has benefited from a recovery in wind power demand, with stable and rising prices for wind turbines, leading to continuous growth in revenue and net profit attributable to shareholders [1] - In the first three quarters of 2025, the company achieved a revenue of 48.147 billion yuan, representing a year-on-year increase of 34.34%, and a net profit attributable to shareholders of 2.584 billion yuan, reflecting a year-on-year increase of 44.21% [1] Group 2 - The company's performance is supported by improved industry demand, recovering turbine prices, and a high-quality order structure [1] - Comparable companies in the industry include Yunda Co., Sany Renewable Energy, Dongfang Electric, and Three Gorges Energy, with an average industry PE of 15 times expected for 2026 [1] - Considering the company's industry position and a certain margin of safety, a valuation of 15 times the industry average for 2026 is assigned, with a rating of "Accumulate" [1]