GOLDWIND(002202) 长城国瑞证券·2024-09-19 10:03Investment Rating - The investment rating for the company is "Buy" [1]. Core Views - The company, Goldwind Technology, is a leading player in the domestic wind turbine manufacturing industry, with a significant increase in its wind farm development business contributing to new growth points [1][12]. - The company has maintained its position as the top player in the domestic wind power market for 13 consecutive years, with a market share of 20% in domestic new wind power installations in 2023 [1][20]. - The report anticipates steady growth in the company's performance, driven by robust traditional wind turbine sales and rapid expansion in wind farm development and services [4]. Summary by Sections 1. Deepening Wind Power Industry, Solidifying Leading Position - Goldwind Technology, established in 2001, has become a leading provider of wind power solutions in China and globally, with a continuous top market share in the domestic wind power market for 13 years [12][13]. - The company has a diversified business model, including wind turbine manufacturing, wind power services, and wind farm investment and development [12]. 2. Accelerating Wind Turbine Exports by Chinese Enterprises - The global wind turbine installation volume is expected to grow at a CAGR of 8.8% from 2023 to 2028, with record installations in 2023 [2][20]. - Goldwind Technology led the global market with 16.4 GW of new installations in 2023, maintaining its top position [24]. 3. Company Maintains Industry Leadership, Continuous Expansion of Wind Farm Development and Services - The company has a strong order backlog and has consistently ranked first in domestic market share for new installations [1][20]. - The profitability of the wind farm generation business is robust, with a recovery in gross margin for the wind farm development segment in 2024 [18][19]. - The company’s revenue from wind turbine and component sales has decreased from 82.93% in 2019 to 63.20% in 2024, while the wind farm development segment has increased from 7.14% to 21.79% [18].