GOLDWIND(SZ:002202) SINOLINK SECURITIES·2025-03-30 07:19Investment Rating - The report maintains a "Buy" rating for the company, anticipating a price increase of over 15% in the next 6-12 months [5][13]. Core Viewpoints - The company achieved a revenue of 56.7 billion yuan in 2024, representing a year-on-year growth of 12.4%, and a net profit attributable to shareholders of 1.86 billion yuan, up 39.8% year-on-year [2]. - The manufacturing business shows significant profit recovery, with wind turbine and component revenue reaching 38.92 billion yuan, a growth of 18.2% year-on-year, and an overseas revenue increase of 53.1% to 12 billion yuan [3]. - The wind power service business also saw growth, with service revenue of 5.51 billion yuan, a 5.1% increase, and after-service revenue growing by 29.3% to 3.91 billion yuan [4]. - The company is expected to gradually recover profitability in the long term, driven by increased overseas revenue, expansion of after-service income, and a return to domestic wind turbine pricing [5]. Summary by Sections Performance Review - In Q4 2024, the company reported a revenue of 20.9 billion yuan, a decline of 1.3% year-on-year, and a net profit of 68 million yuan, down 2.86% year-on-year [2]. Operational Analysis - The manufacturing business's gross margin improved to 5.05%, up 4.89 percentage points year-on-year, with a further increase to 5.68% in the second half of the year [3]. - The company has a significant first-mover advantage in overseas markets, with a total installed wind power capacity of 135 GW and nearly 14 GW in asset management services [4]. Profit Forecast and Valuation - The forecast for net profit attributable to shareholders for 2025-2027 is 2.6 billion, 3.0 billion, and 3.4 billion yuan, respectively, with corresponding P/E ratios of 15, 13, and 11 [5].