GOLDWIND(002202) Caixin Securities·2024-10-31 07:46Investment Rating - The investment rating for the company is "Buy" [1][12] Core Views - The company has shown significant improvement in profitability and performance in the first three quarters of 2024, with revenue reaching 35.839 billion yuan, a year-on-year increase of 22.24%, and net profit attributable to shareholders of 1.792 billion yuan, up 42.14% year-on-year [5][6] - The company has a strong order backlog, with external orders totaling 41.38 GW, a 36% increase year-on-year, indicating robust future growth potential [7][8] - The company is expanding its international business, with over 8 GW of installed capacity in international markets, and is expected to accelerate its overseas wind power demand [8][9] Financial Performance Summary - Revenue and Profitability: - Main revenue for 2024 is projected at 58.5 billion yuan, with net profit expected to be 2.42 billion yuan [4][9] - The gross profit margin for Q3 was 14.09%, with a year-on-year decrease of 2.16 percentage points [6] - Earnings Per Share (EPS) and Valuation: - EPS is projected to be 0.57 yuan for 2024, increasing to 0.75 yuan by 2026 [4][9] - The company is valued at a P/E ratio of 19.00 for 2024, decreasing to 14.51 by 2026 [4][9] Market Position and Growth Potential - The company is well-positioned in the wind power equipment sector, with a significant increase in the proportion of large megawatt units sold, which supports stable profitability [6][7] - The domestic public bidding market has seen a 93% year-on-year increase in new bidding volume, indicating strong demand for wind power projects [7][8] - The company is expected to benefit from the traditional peak season for wind power industry bidding, construction, and delivery in the coming quarters [9]