Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on expected performance over the next six months [6]. Core Insights - The company has secured domestic offshore engineering orders totaling approximately 870 million yuan, indicating a strong position in the offshore wind market [1][2]. - The company is transitioning away from its land-based wind business by ceasing operations at six subsidiaries, allowing it to focus on high-potential offshore wind projects [1]. - The establishment of a key manufacturing base in Germany is expected to facilitate the company's entry into the European offshore wind market, with core equipment already in place [3]. Summary by Sections Domestic Market Position - The company is a leading player in the domestic offshore wind market, with over 50% share in the Yangjiang Fan Stone II offshore wind project [2]. - The company is well-positioned to accelerate its domestic offshore wind orders due to its strategic capacity in southern coastal areas [2]. International Expansion - The German base is strategically located to serve major European markets, including Germany, Denmark, the UK, and the Netherlands [3]. - Recent advancements in the German base, including the procurement of heavy-duty equipment, are set to enhance production capabilities for offshore wind projects [3]. Financial Projections - The company is projected to achieve a net profit of -199 million yuan in 2025, followed by a recovery to 655 million yuan in 2026 and 1.558 billion yuan in 2027 [3]. - The expected price-to-earnings (P/E) ratios for 2026 and 2027 are 25.1 and 10.6, respectively, indicating a potential for significant valuation improvement [3].

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Insights - The company has secured domestic offshore engineering orders totaling approximately 870 million yuan, indicating a strong position in the offshore wind market [1][2]. - The company has ceased operations at six wholly-owned subsidiaries, shedding its onshore business burdens and focusing on high-potential offshore wind projects, which is expected to lead to a turnaround by 2026 [1][3]. - The company is positioned to benefit from the increasing demand for offshore wind energy in Europe, with its German base ready for production and key equipment already in place [3]. Financial Performance - The company is projected to achieve a net profit of -199 million yuan in 2025, followed by a recovery to 655 million yuan in 2026 and 1.558 billion yuan in 2027, reflecting a significant turnaround [3]. - Revenue is expected to decline to 3.575 billion yuan in 2025, with a subsequent increase to 7.070 billion yuan by 2027, indicating a recovery trajectory [5]. - The company's P/E ratio is forecasted to be 25.1 in 2026 and 10.6 in 2027, suggesting improved valuation as profitability returns [3][5].

Group 1 - The company, Goldwind Technology, is deeply focused on the wind power industry while also paying attention to technological and market opportunities in the renewable energy sector [1]

Group 1 - The European Commission has initiated an in-depth investigation into Goldwind Technology (002202) under the Foreign Subsidies Regulation, focusing on whether government subsidies distort competition in the EU market, with the investigation expected to last until autumn 2027 [1] - The Chinese Ministry of Commerce has expressed concerns over the targeted and discriminatory nature of the investigation [1] - Goldwind Technology announced a performance guarantee of 159 million RMB for its Italian subsidiary to support local wind power projects, signaling business continuity [1] Group 2 - Following the EU investigation, Goldwind Technology's A-share price experienced significant volatility, dropping by 9.02% on February 5, closing at 24.82 RMB, with a cumulative decline of 6.67% over five days; however, the stock has risen by 24.80% year-to-date, indicating a mix of long-term confidence and short-term pressure [2] - Institutional reports suggest that the company's wind turbine profitability is expected to recover, with green methanol business potentially contributing to growth from 2026; CICC maintains a target price of 25.8 RMB for A-shares [3] - Ping An Securities believes the EU investigation will have limited short-term impact on wind turbine exports but increases future market uncertainty, while maintaining a positive outlook on the competitiveness of China's wind power industry [3]

Core Viewpoint - The company announced the resignation of Vice President Li Fei due to personal health reasons, with his term originally set to last until the end of the ninth board of directors [1] Group 1 - The resignation was formally submitted in writing to the company's board of directors [1] - Li Fei's decision to resign is based on the need to prioritize his health [1] - The timing of the resignation comes as the company is navigating its current operational strategies [1]

关于高级管理人员辞职的公告 股票代码：002202 股票简称：金风科技 公告编号：2026-016 金风科技股份有限公司 金风科技股份有限公司 董事会 本公司及董事会全体成员保证信息披露的内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 2026 年 2 月 11 日 公司董事会对李飞先生任职期间为公司做出的贡献表示衷心感 谢。 特此公告。 金风科技股份有限公司（下称"公司"）董事会于今日收到公司 副总裁李飞先生的书面辞职报告，因个人须优先关注自身健康原因， 李飞先生辞去公司副总裁职务，其原定任期至公司第九届董事会届满。 根据《深圳证券交易所股票上市规则》、《深圳证券交易所上市公 司自律监管指引第 1 号——主板上市公司规范运作》、公司《董事和 高级管理人员离职管理制度》的有关规定，李飞先生的辞职报告自公 司董事会收到时生效。辞职后，李飞先生将不在公司及控股子公司担 任任何职务，其不存在应当履行而未履行的承诺事项，并将按照公司 《董事和高级管理人员离职管理制度》做好工作交接。李飞先生的辞 职不会影响公司的正常经营。 ...

格隆汇2月11日丨金风科技(02208.HK)发布公告，董事会于今日收到公司副总裁李飞的书面辞职报告， 因个人须优先关注自身健康原因，李飞辞去公司副总裁职务，其原定任期至公司第九届董事会届满。根 据有关规定，李飞的辞职报告自公司董事会收到时生效。 ...

智通财经APP讯，金风科技(02208)发布公告，公司董事会于今日收到公司副总裁李飞先生的书面辞职报 告，因个人须优先关注自身健康原因，李飞先生辞去公司副总裁职务，其原定任期至公司第九届董事会 届满。 ...

Core Viewpoint - The announcement indicates that the Vice President of Goldwind Technology, Li Fei, has resigned due to personal health reasons, with his term originally set to last until the end of the ninth board of directors [1] Group 1 - The company has received a written resignation letter from Vice President Li Fei [1] - Li Fei's resignation is attributed to the need to prioritize his personal health [1] - His original term was expected to last until the completion of the ninth board of directors [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 GOLDWIND SCIENCE&TECHNOLOGY CO., LTD.* 金風科技股份有限公司 ( 於中華人民共和國註冊成立的股份有限公司 ) (Stock Code: 02208) 海外監管公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條而作出。 茲載列金風科技股份有限公司在深圳證券交易所網站刊登的《金風科技股份有限 公司關於高級管理人員辭職的公告》，僅供參閱。 承董事會命 金風科技股份有限公司 馬金儒 公司秘書 北京，2026年2月11日 於本公告日期，公司執行董事為武鋼先生及曹志剛先生；公司非執行董事為高建軍先生、楊 麗迎女士及張旭東先生；公司獨立非執行董事為曾憲芬先生、劉登清先生及苗兆光先生；及 公司職工代表董事為余寧女士。 *僅供識別 股票代码：002202 股票简称：金风科技 公告编号：2026-016 金风科技股份有限公司 董事会 2026 年 2 月 11 日 ...