Core Viewpoint - Goldwind Technology (02208) has launched a new generation of Ultra series wind power products, which are expected to enhance its market position despite potential short-term stock price declines predicted by Morgan Stanley [1] Group 1: Product Launch - Goldwind Technology has officially introduced the new Ultra series wind power product matrix, which covers both onshore and offshore scenarios [1] - The GWH204-Ultra series model shows a 2% improvement in power generation performance compared to the same power 242-meter rotor unit, with power generation equal to that of the same power 300-meter rotor unit [1] - The design lifespan of the onshore model has been extended to 25 years, while the offshore model's lifespan has been extended to 30 years [1] Group 2: Market Analysis - Morgan Stanley has issued a research strategy indicating a 70% to 80% probability that Goldwind Technology's stock price will decline in the next 15 days [1] - The cancellation of the value-added tax refund could reduce the internal rate of return for wind power operators by 0.5% to 0.6%, as wind turbine prices are expected to face upward pressure [1] - Morgan Stanley noted that Goldwind Technology has accounted for a value-added tax refund of 386 million yuan in 2024 and 112 million yuan in the first half of 2025 [1] - The firm maintains a "market perform" rating on Goldwind Technology, considering the company's increasing exposure to overseas markets and a moderate recovery in gross margins [1]

Core Viewpoint - Morgan Stanley believes that the stock price of Goldwind Technology will decline in the next 15 days, with a probability of occurrence estimated at 70% to 80% [1] Summary by Relevant Sections - **Impact of VAT Refund Cancellation** - The cancellation of the VAT refund may reduce the internal rate of return for wind power operators by 0.5% to 0.6% [1] - Morgan Stanley anticipates upward pressure on wind turbine prices [1] - **Financial Projections** - Goldwind Technology has accounted for a VAT refund of 386 million yuan in 2024 and 112 million yuan in the first half of 2025 [1] - **Market Position and Rating** - Morgan Stanley maintains a "Market Perform" rating for Goldwind Technology, considering the company's increasing exposure to overseas markets and a mild recovery in gross margins [1]

Core Viewpoint - Morgan Stanley believes that the stock price of Goldwind Technology will decline in the next 15 days, with a probability of 70% to 80% for this scenario to occur [1] Group 1: Financial Impact - The cancellation of the value-added tax (VAT) rebate may reduce the internal rate of return (IRR) for wind power operators by 0.5% to 0.6% [1] - Morgan Stanley anticipates upward pressure on wind turbine prices [1] Group 2: Company Projections - Goldwind Technology has accounted for a VAT rebate of 386 million yuan in 2024 and 112 million yuan in the first half of 2025 [1] - The company is increasing its exposure to overseas markets alongside a moderate recovery in gross margins [1] Group 3: Rating - Morgan Stanley maintains a "Market Perform" rating for Goldwind Technology [1]