Core Viewpoint - Daiwa's report indicates that the positive factors for Goldwind Technology may have been fully reflected in the market, suggesting limited future upside potential [1] Group 1: Company Performance - Goldwind Technology's guidance for wind turbine generator (WTG) shipments for 2025 to 2026 is set at 2.5 GW, which may indicate that the pace of wind farm construction is slower than expected [1] - The company is expected to reach breakeven in its largest shipment segment, the WTG business, by 2026, compared to its current loss-making status [1] Group 2: Market Expectations - Daiwa believes there is a potential opportunity for profit-taking before Goldwind's fourth-quarter earnings announcement, as the market may have already priced in the guidance of a 2 percentage point increase in WTG gross margin by 2026 [1] - The valuation adjustment space for Goldwind is considered limited, leading to a downgrade in rating from "Outperform" to "Hold" [1] Group 3: Financial Projections - Daiwa raised the 12-month target price for Goldwind's H-shares from HKD 9 to HKD 13 [1] - Earnings per share estimates for the fiscal years 2025 to 2027 have been increased by 11% to 14% to account for the improvement in WTG gross margin [1]