GOLDWIND(SZ:002202) Ping An Securities·2024-02-05 16:00Investment Rating - The report maintains a "Recommendation" rating for the company [2] Core Views - The company is focusing on expanding its overseas market presence as a key strategy for achieving high-quality development, with significant growth in overseas orders [4][5] - The company has made notable advancements in offshore wind power, including winning major projects and establishing production bases, which are expected to enhance profitability [5][6] - The introduction of a new series of onshore wind turbines is anticipated to improve efficiency and reduce costs, addressing the current low profitability in the onshore wind market [7] Summary by Sections Company Overview - The company operates in the power equipment and renewable energy sector, with a total market capitalization of 248 billion yuan and a total share capital of 4,225 million shares [2] Financial Performance - The company's revenue is projected to decline from 46,437 million yuan in 2022 to 43,143 million yuan in 2023, before recovering to 52,595 million yuan by 2025 [6][9] - Net profit is expected to decrease from 2,383 million yuan in 2022 to 1,583 million yuan in 2023, with a forecasted recovery to 3,268 million yuan by 2025 [6][9] - The gross margin is projected to be 17.7% in 2022, decreasing to 16.8% in 2023, and then improving to 19.3% by 2025 [10] Market Position and Strategy - The company has secured a total of 29.9 GW in external wind turbine orders, with 3.8 GW coming from overseas, marking a historical high for new overseas orders in 2023 [4] - The company is enhancing its offshore wind power capabilities, with significant projects in various regions and plans for new production bases [5][6] - The new onshore wind turbine series is expected to increase energy output by over 23% and reduce the number of turbine installations needed by 20% [7]