GOLDWIND(SZ:002202) Huaxin Securities·2025-03-30 12:23Investment Rating - The report assigns a "Buy" investment rating for the company, marking its first coverage [2][12]. Core Insights - The company has a solid order backlog, with a total of 47.40GW of orders as of the end of 2024, representing a year-on-year growth of 55.93% [9]. - The company achieved a revenue of 566.99 billion yuan in 2024, a year-on-year increase of 12.37%, and a net profit attributable to shareholders of 18.60 billion yuan, up 39.78% year-on-year [6][7]. - The wind turbine market is experiencing improved supply-demand dynamics, with the company maintaining its leading position in the domestic market, capturing a 22% market share [8]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 566.99 billion yuan, with a gross margin of 13.80%, down 3.34 percentage points year-on-year, and a net profit margin of 3.27%, up 0.25 percentage points year-on-year [7]. - The revenue from wind turbine and components was 389.21 billion yuan, accounting for 68.65% of total revenue, with a year-on-year growth of 18.17% [7]. Market Position - The company ranked first in the domestic wind power market with a new installed capacity of 18.67GW in 2024, holding a 22% market share [8]. - The company also led globally with a new installed capacity of 19.3GW, capturing a 15.9% market share [8]. Order Backlog and Future Outlook - The company’s order backlog includes 45.08GW of external orders, with 7.03GW from overseas markets, indicating strong international expansion [9]. - Revenue forecasts for 2025-2027 are projected at 628.69 billion yuan, 699.31 billion yuan, and 780.17 billion yuan, respectively, with corresponding EPS estimates of 0.64 yuan, 0.78 yuan, and 0.90 yuan [12][14].