GOLDWIND(SZ:002202) Ping An Securities·2025-04-02 01:43Investment Rating - The investment rating for the company is "Recommended" [1] Core Views - The company has seen a significant increase in wind turbine orders, leading to an upward trend in profitability. The revenue for 2024 is projected to be 566.99 billion yuan, a year-on-year increase of 12.37%, with a net profit of 18.60 billion yuan, up 39.78% year-on-year [4][8] - The gross margin for wind turbine sales has improved significantly, contributing to the rapid growth in performance. The company expects further growth in wind turbine shipments and revenue in 2025 due to a substantial increase in orders [7][8] - The company is also experiencing stable growth in its power plant business and rapid development in wind power service operations, with service revenue reaching 55.1 billion yuan in 2024, a year-on-year increase of 29.26% [7][8] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 566.99 billion yuan, with a net profit of 18.60 billion yuan, and a diluted EPS of 0.44 yuan. The company plans to distribute a cash dividend of 1.40 yuan per 10 shares [4][8] - The projected revenues for 2025 and 2026 are 80.36 billion yuan and 90.01 billion yuan, respectively, with net profits expected to reach 30.00 billion yuan and 39.60 billion yuan [6][8] Business Segments - Wind turbine sales volume reached 16.05 GW in 2024, a year-on-year increase of 16.56%, with revenue from wind turbines and components at 389.2 billion yuan, up 18.17% year-on-year [7][8] - The company has a backlog of external wind turbine orders totaling 45.08 GW, a 51% increase year-on-year, with overseas orders accounting for 7.03 GW, also up approximately 50% [7][8] Market Outlook - The wind power industry is expected to remain favorable, with the company maintaining a strong competitive advantage in the wind turbine sector. The current stock price corresponds to dynamic P/E ratios of 12.5, 9.5, and 7.6 for the years 2025 to 2027 [8]