GOLDWIND(SZ:002202) Guoxin Securities·2025-04-03 08:45Investment Rating - The investment rating for the company is "Outperform the Market" [5][37]. Core Views - The company is expected to achieve a revenue of 56.7 billion yuan in 2024, representing a year-on-year growth of 12%. The net profit attributable to shareholders is projected to be 1.86 billion yuan, a 40% increase compared to the previous year [1][7]. - The wind turbine manufacturing segment shows improved profitability, with a sales volume of 16.1 GW in 2024, up 17% year-on-year, and a sales revenue of 38.9 billion yuan, an 18% increase [2][16]. - The company has signed long-term green methanol supply agreements, which are expected to contribute to new growth points in revenue and open up additional demand for wind power installations [3][31]. Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 56.7 billion yuan, a 12% increase year-on-year. The net profit attributable to shareholders was 1.86 billion yuan, up 40% year-on-year, with a comprehensive gross margin of 13.8%, an increase of 0.7 percentage points [1][7]. - The fourth quarter of 2024 saw a revenue of 20.86 billion yuan, a slight decrease of 1% year-on-year but a 33% increase quarter-on-quarter. The net profit for this quarter was 70 million yuan, down 3% year-on-year and 83% quarter-on-quarter due to asset and credit impairment losses [1][7]. Business Segments - The wind turbine and components sales segment generated a revenue of 38.9 billion yuan in 2024, an 18% increase year-on-year, with a gross margin of 5.1%, up 4.9 percentage points [2][7]. - The wind farm development segment reported a revenue of 10.85 billion yuan, a slight decrease of 1% year-on-year, with a gross margin of 40% [7]. - The wind power service segment achieved a revenue of 5.51 billion yuan, a 5% increase year-on-year, with a gross margin of 21.5% [7]. Order Backlog and International Expansion - As of the end of 2024, the company had a total external order backlog of 45.1 GW, a 51% increase year-on-year, with overseas orders accounting for 7.0 GW, also up 50% [2][23]. - The company has successfully expanded its international business, achieving a record number of new orders across 47 countries, with a cumulative installed capacity of 8.8 GW in international markets [2][26]. Green Methanol Business - The company has entered into long-term agreements for green methanol supply, with a total delivery volume of 500,000 tons per year to A.P. Moller-Maersk and 250,000 tons per year to Hapag-Lloyd, aiming for a production capacity of one million tons by the end of 2027 [3][31]. Profit Forecast - The profit forecast for 2025 and 2026 has been adjusted to 2.66 billion yuan and 3.66 billion yuan, respectively, reflecting a year-on-year growth of 42.8% and 37.8%. A new profit forecast for 2027 is set at 4.44 billion yuan, a 21.2% increase [3][35].