GOLDWIND(SZ:002202) Soochow Securities·2025-04-01 01:10Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's revenue for 2024 is projected to be 56.699 billion yuan, representing a year-on-year increase of 12.37% [8] - The net profit attributable to shareholders for 2024 is expected to be 1.860 billion yuan, with a year-on-year growth of 39.78% [8] - The gross margin for 2024 is forecasted at 13.80%, a decrease of 3.34 percentage points year-on-year [8] - The company has a record high order backlog of 47.4 GW, with external orders at 45.1 GW and overseas orders at 7.04 GW [8] Financial Performance Summary - Total revenue for 2023 was 50.457 billion yuan, with a year-on-year growth of 8.66% [1] - The net profit for 2023 was 1.331 billion yuan, reflecting a year-on-year decline of 44.16% [1] - The earnings per share (EPS) for 2024 is projected to be 0.44 yuan, with a price-to-earnings (P/E) ratio of 20.17 [1] - The company expects a gradual improvement in gross margins, with 2025 and 2026 net profit forecasts adjusted to 2.485 billion yuan and 2.968 billion yuan respectively [8] Market Data - The closing price of the company's stock is 8.88 yuan, with a market capitalization of approximately 37.519 billion yuan [5] - The price-to-book (P/B) ratio is 1.03, indicating the market's valuation relative to the company's book value [5] Operational Insights - The company achieved a sales volume of 16.05 GW in 2024, marking a year-on-year increase of 16.6% [8] - The average selling price for wind turbines is approximately 2303 yuan/kW, with a gross margin of 5.05% for the year [8] - The company’s operational cash flow for 2024 is projected to be 2.316 billion yuan, a year-on-year increase of 24.90% [9]