GOLDWIND(002202) Guoxin Securities·2025-04-03 10:15Investment Rating - The investment rating for the company is "Outperform the Market" [5][37]. Core Views - The company's performance in 2024 shows a significant increase in revenue and net profit, with a revenue of 56.7 billion yuan, up 12% year-on-year, and a net profit of 1.86 billion yuan, up 40% year-on-year [1][7]. - The wind turbine manufacturing segment has improved profitability, with a sales volume of 16.1 GW, an increase of 17% year-on-year, and a sales revenue of 38.9 billion yuan, up 18% year-on-year [2][16]. - The company is expanding its green methanol business, which is expected to contribute to new profit growth and increase 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 year-on-year increase of 12%, and a net profit of 1.86 billion yuan, up 40% year-on-year. The comprehensive gross margin was 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 decrease of 1% year-on-year but an increase of 33% quarter-on-quarter. The net profit for this quarter was 70 million yuan, down 3% year-on-year and down 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, up 18% year-on-year, with a gross margin of 5.1%, an increase of 4.9 percentage points [2][7]. - The wind farm development segment showed stable performance, with an installed capacity of 8.0 GW, a year-on-year increase of 10% [2][26]. - The wind power service segment achieved a revenue of 5.51 billion yuan, up 5% year-on-year, with a gross margin of 21.5% [31]. International Expansion - The company has made significant strides in international markets, with new orders reaching a historical high and operations in 47 countries. The cumulative installed capacity for international business reached 8.8 GW [2][26]. Green Methanol Business - The company has signed long-term contracts for green methanol supply, with expected production capacity reaching one million tons by the end of 2027. This business is anticipated to create new demand for wind power installations [3][31]. Profit Forecast - The profit forecast for 2025-2027 has been adjusted, with expected net profits of 2.66 billion yuan, 3.66 billion yuan, and 4.44 billion yuan, representing year-on-year growth of 42.8%, 37.8%, and 21.2% respectively [35][37].