Summary of Goldwind Science & Technology Co Ltd Conference Call Company Overview - **Company**: Goldwind Science & Technology Co Ltd (2208.HK) - **Industry**: Wind Energy Key Financial Highlights - **Net Profit**: Increased by 39.8% year-on-year (yoy) to Rmb1,860 million in 2024 despite significant asset impairment losses which rose by 195.4% yoy to Rmb767 million [1] - **4Q24 Performance**: Net profit dropped by 83.1% yoy to Rmb68 million due to higher impairment losses and lower gross profit (GP) margin from wind turbine generator (WTG) sales, which was 4.9% (below the target of 6%) [1][2] - **Final Dividend**: Increased by 40% yoy to Rmb0.14 with a payout ratio of 33.3% [1] Revenue and Sales Performance - **WTG Sales Revenue**: Rose by 18.2% yoy to Rmb32.9 billion with sales volume increasing by 16.6% yoy to 16,052.99 MW [2] - **Orders on Hand**: External customer orders reached 45,083 MW, a 51.4% increase yoy, with overseas orders comprising 15.6% of total orders [2] - **Average WTG Bidding Price**: Experienced fluctuations, falling to Rmb1,403/kW in April 2024 but recovering to Rmb1,527/kW by December 2024 [2] Operational Insights - **Wind Farm Development Revenue**: Declined by 0.6% yoy to Rmb10.9 billion, with a GP margin drop of 7.3 percentage points to 40.0% due to lower utilization and tariff declines [7] - **Investment Gains**: Reported a significant decrease in investment gains from wind farm disposals, down 61.4% yoy to Rmb666.24 million [7] Financial Position - **Net Operating Cash Inflow**: Increased by 24.9% yoy to Rmb2,316 million, while investing cash outflow surged by 213.9% yoy to Rmb5,724 million [8] - **Gearing Ratio**: Increased by 0.6 percentage points to 65.1% [8] Market Position and Future Outlook - **Market Share**: Goldwind held a 22% market share in China and 15.9% globally in 2024 [2] - **Future Expectations**: Anticipated expansion of GP margin for WTG sales in 2025 due to a rising sales mix from high-margin businesses, including exports and offshore projects [9] - **New Overseas Orders**: Reached a record high from 47 countries, indicating strong international demand [9] Valuation and Investment Recommendation - **Target Price**: Set at HK$9.00, representing a potential upside of 75.8% from the current price of HK$5.12 [3] - **Expected Total Return**: 79.7%, including a dividend yield of 3.9% [3] Risks - **Key Risks**: Include fewer-than-expected new orders, less favorable government policies, and lower-than-expected WTG margins [14] This summary encapsulates the essential financial metrics, operational insights, and market positioning of Goldwind Science & Technology Co Ltd, providing a comprehensive overview for potential investors and stakeholders.

Core Viewpoint - The collaboration among global wind energy stakeholders, including Vaisala, aims to enhance the accuracy of offshore turbulence measurements, which is crucial for the design and operation of wind farms, ultimately improving their profitability [1][9]. Group 1: Research Project Overview - The POWSEIDOM JIP, led by France Energies Marines, focuses on developing high-performance measurement and modeling tools for assessing turbulence at offshore wind energy sites [2]. - The project aims to provide better design and operational safety for offshore wind turbines and farms through improved turbulence measurements [2]. Group 2: Technology and Methodology - Lidar technology is identified as the most suitable for understanding wind conditions at sea, offering a cost-effective and reliable alternative to traditional met masts and anemometers [3]. - The research utilized a Vaisala WindCube v2.1 profiling lidar at Planier Island, located 9 km offshore, to capture undisturbed atmospheric events relevant to floating offshore wind farms in the Mediterranean [5]. Group 3: Findings and Recommendations - The research resulted in valuable data on mean winds, turbulence intensity, and low-layer jets, which are essential for calculating turbulence forces on turbines [6][5]. - A preliminary motion compensation algorithm for measuring turbulence was developed, enhancing the accuracy of lidar measurements in dynamic sea conditions [8]. Group 4: Future Directions - The POWSEIDOM JIP continues as part of the DRACCAR-NEMO JIP initiated in 2023, indicating ongoing efforts to advance offshore wind farm operations [9].