Investment Rating - The report does not provide a specific investment rating for the company [1] Core Insights - The company, Goldwind Technology, reported a 22% year-on-year revenue growth to 35.8 billion RMB in the first three quarters of 2024, with a net profit increase of 42% to 1.792 billion RMB [2][3] - The company achieved a record high of 44.3 GW in hand orders, with large turbine models accounting for 73% of these orders [2][3] - The wind turbine sales volume increased by 9% to 9.7 GW, with large turbine models (6 MW and above) making up 57.6% of total sales [3] - The industry is showing signs of recovery, with a 93% increase in bidding volume for wind turbines this year [3] Summary by Sections Company Performance - In Q3 2024, the company's revenue grew by 52% year-on-year to 15.6 billion RMB, with a stable gross margin of 14.1% [3] - The gross margin for the first three quarters increased by 2.2 percentage points to 16.4% [3] - The significant growth in net profit is attributed to increased gross margins and optimized asset and tax structures [3] Order and Sales Dynamics - The company’s hand orders reached a historical high of 44.3 GW, with 41.4 GW from external orders [3] - The sales structure has improved, with a higher proportion of high-margin large turbine models [3] Market Trends - The domestic wind turbine bidding volume increased significantly, with a 17% year-on-year growth in new wind power installations [3] - The bidding price for wind turbines stabilized at an average of 1475 RMB per kW in September 2024 [3] International Expansion - Goldwind Technology has expanded its international presence, with installations in 42 countries across six continents [3] - As of Q3 2024, the company has 8.1 GW of cumulative international installations, with significant contributions from North America, Oceania, and South America [3] Investment Recommendation - The report suggests that Goldwind Technology, as a traditional leader in the wind turbine sector, has significant growth potential due to its record high orders and expected strong performance in Q4 2024 [3]
金风科技：毛利率稳定，在手订单创新高