GOLDWIND(SZ:002202) Ping An Securities·2026-03-30 06:30Investment Rating - The report maintains a "Strong Buy" rating for the wind power sector, specifically for Goldwind Technology, due to its significant overseas revenue growth and market expansion [1]. Core Insights - Goldwind Technology's international business achieved sales revenue of 18.082 billion RMB in 2025, representing a year-on-year growth of 50.59%, with a gross margin increase of 10.45 percentage points to 24.29% [5][10]. - The report highlights a decline in domestic photovoltaic installations by 18% in the first two months of 2026, indicating a challenging demand environment for the solar industry [32]. - The establishment of energy efficiency targets for electrolytic hydrogen production equipment by four ministries aims to enhance technology standards and potentially reduce hydrogen production costs [6]. Summary by Sections Wind Power - Goldwind Technology's overseas revenue growth reflects the expanding international market for wind turbines, with operations in 49 countries by the end of 2025 [5][10]. - The wind power index increased by 0.49%, outperforming the CSI 300 index by 1.90 percentage points during the week of March 23-27, 2026 [11][13]. - The current price-to-earnings ratio (P/E TTM) for the wind power sector is approximately 25.11 times [11]. Photovoltaics - The domestic photovoltaic sector saw a significant drop in new installations, with only 32.48 GW added in January-February 2026, down 18% year-on-year [32]. - The report notes a cautious investment attitude from state-owned enterprises towards solar projects, as evidenced by New Tian Green Energy's decision to focus on wind and natural gas while divesting from solar [32]. - The photovoltaic equipment index fell by 4.40%, underperforming the CSI 300 index by 2.99 percentage points [33]. Energy Storage & Hydrogen - The new energy efficiency targets for electrolytic hydrogen production aim for a direct current consumption of less than 4.2 kWh/Nm³ by 2028, which could lower hydrogen production costs by 5-7% [6]. - The report recommends investments in domestic and international large-scale energy storage companies, highlighting firms like Sungrow Power Supply and Huaneng Renewables [6]. - The energy storage sector is experiencing high demand, with a current P/E ratio of 39 times, while the hydrogen sector has a P/E ratio of 30.4 times [4].