Core Insights - The wind power industry is transitioning from policy-driven growth to market-driven dynamics, marking a critical turning point in its development [1] - The average bidding price for wind turbine manufacturers has been gradually increasing since August 2024, expected to stabilize at 1616 RMB/kW by June 2025 [1] - Goldwind Technology launched its new Ultra series wind power products at the 2025 Beijing International Wind Energy Conference, focusing on optimizing the full lifecycle value of its products [1] Industry Developments - The new Ultra series includes upgraded GWH204-Ultra models and introduces a 10.5MW-11.1MW capacity model, as well as a GWH266-14MW model designed for offshore low wind speed markets [1][2] - The design lifespan of onshore models has been extended to 25 years, while offshore models have been extended to 30 years, leading to increased project returns due to prolonged product lifecycles [2] - The lifespan upgrade is estimated to reduce investment costs by 279-361 RMB per kW, equating to an increase in annual operating hours by 129-206 hours [2] Strategic Collaborations - Goldwind Technology, in collaboration with Jianheng Certification Center, released a white paper on comprehensive solutions for wind power trading scenarios, providing guidance for optimizing project value in a market-oriented electricity trading environment [2] - The company has signed agreements with Datang Ningxia Company and State Power Investment Research Institute to jointly promote innovative demonstration projects, exploring long-lifecycle technology applications and lean operational models [2] Competitive Landscape - The focus of competition in the wind power sector has shifted from equipment pricing to optimizing full lifecycle value, with value competition replacing price competition as the main theme of industry development [2] - The trend of larger wind turbines is slowing, bidding prices are stabilizing, and policy reforms are deepening, indicating a transition from "price competition" to a new phase of "value competition" in the wind power industry [2]

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]