GOLDWIND(SZ:002202) GOLDEN SUN SECURITIES·2025-04-08 06:28Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company is expected to see an increase in wind turbine profitability in the second half of 2024, with a rise in bidding prices since Q4 2024 [4] - The company achieved a revenue of 56.699 billion yuan in 2024, a year-on-year increase of 12.37%, and a net profit of 1.86 billion yuan, up 39.78% year-on-year [1][5] - The average price of wind turbines is stabilizing and slightly recovering, with a sales revenue of 38.921 billion yuan from wind turbines and components, representing 68.65% of total revenue [2] Financial Performance - In Q4 2024, the company reported a revenue of 20.86 billion yuan, a year-on-year decrease of 1.32%, but a quarter-on-quarter increase of 33.4% [1] - The gross margin for 2024 was 13.8%, down 3.34 percentage points year-on-year, while the net margin was 3.27%, up 0.25 percentage points year-on-year [1] - The company’s overseas sales revenue reached 12 billion yuan in 2024, a year-on-year increase of 53.1%, with an overseas sales gross margin of 14%, significantly higher than the domestic margin [2] Market Trends - The average unit price of wind turbines in 2024 was approximately 2425 yuan/KW, an increase of 33 yuan/KW year-on-year [2] - The company’s order backlog is robust, with a total of 47.40 GW of orders on hand, a year-on-year increase of 55.93% [3] - Wind turbine prices have been on the rise since September 2024, with expectations for continued improvement in bidding prices into 2025 [4] Profit Forecast - The company is projected to achieve net profits of 2.478 billion yuan, 3.370 billion yuan, and 4.162 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 15.2, 11.1, and 9.0 [4][5]