GOLDWIND(002202) Soochow Securities·2024-10-28 02:00Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a revenue of 35.84 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 22.2%, with a net profit attributable to shareholders of 1.79 billion yuan, up 42.1% year-on-year [2] - The gross margin for Q3 2024 was 14.1%, showing a decrease of 4.1 percentage points year-on-year, while the net profit margin was 2.6%, an increase of 2.5 percentage points year-on-year [2] - The company has a robust order backlog, with external orders totaling 29.5 GW as of the end of Q3 2024, an increase of 5 GW from the end of Q2 2024 [2] - The company is expected to see significant improvement in profitability from its wind turbine business starting in 2025 due to cost reduction effects exceeding expectations [3] Financial Summary - Total revenue forecast for 2024 is 60.072 billion yuan, with a year-on-year growth of 19.06% [1][3] - The net profit attributable to shareholders is projected to be 2.278 billion yuan in 2025, reflecting a 25% increase from the previous year [3] - The earnings per share (EPS) for 2024 is estimated at 0.54 yuan, with a price-to-earnings (P/E) ratio of 20.40 based on the current price [1][3] - The company’s operating cash flow turned positive in Q3 2024, with a cash flow of 1.64 billion yuan [2]