GOLDWIND(SZ:002202) GF SECURITIES·2024-04-02 16:00Investment Rating - The report maintains a "Buy" rating for both A and H shares of the company [4][3]. Core Views - The company reported a revenue of 50.457 billion yuan in 2023, an increase of 8.7% year-on-year, while the net profit attributable to shareholders was 1.331 billion yuan, a decrease of 44.2% [2][7]. - The share of large wind turbines is continuously increasing, with the company maintaining the largest market share in the wind turbine sector. In 2023, the company sold 13.77 GW of turbine capacity, with over 50% being 4MW (including) to 6MW units, and a 29.36% year-on-year increase in sales capacity for units of 6MW and above [2][8]. - The company has a robust order backlog, with a total of 30.40112 GW of orders on hand, a year-on-year increase of 12.13%. This includes 4.67747 GW from overseas orders [2][8]. - Wind farm projects have become a significant profit growth point, with revenue from wind power projects reaching 6.431 billion yuan, and investment income from the transfer of wind farm project equity increasing by 54.07% [2][8]. Financial Summary - The company’s revenue is projected to be 50.199 billion yuan in 2024, with a slight decrease of 0.5%, followed by increases of 10.3% and 9.9% in 2025 and 2026, respectively [8][9]. - The estimated EPS for 2024, 2025, and 2026 is 0.57, 0.69, and 0.77 yuan per share, respectively [3][8]. - The report estimates a reasonable value of 8.60 yuan per share for A shares and HKD 3.41 for H shares based on a 15x PE ratio for 2024 [3][8].