Core Viewpoint - The company demonstrates strong resilience and strategic positioning in a complex wind power industry environment, achieving significant revenue growth while reducing net losses in the first half of 2025 [1] Group 1: Financial Performance - The company reported a revenue of 2.664 billion yuan, representing a year-on-year increase of 118.6% [1] - The net profit attributable to shareholders was -279 million yuan, a reduction in losses by 108 million yuan compared to the previous year [1] Group 2: Market Dynamics - The wind power industry is experiencing a critical transformation period characterized by demand release and ongoing competition, with national installed wind power capacity reaching 570 million kilowatts, a year-on-year increase of 22.7% [1] - The company secured new orders totaling 5,386.95 MW, a year-on-year increase of 68.5%, with total orders on hand reaching 20,126.25 MW, up 74.8% from the previous year [2] Group 3: International Expansion - The overseas market has become a significant highlight for the company, contributing to revenue growth, with successful projects in Vietnam and Bosnia, and partnerships in the Middle East enhancing its international competitiveness [3] - The company is focusing on high-end and differentiated development strategies, optimizing product development and local operations to capture emerging market opportunities [3] Group 4: Quality and Service Commitment - The company adheres to a "return to the essence" philosophy, emphasizing high-quality products and services to strengthen competitive barriers, with a focus on reliability and cost leadership [4] - The company has established a full-cycle service model aiming for zero faults, complaints, and losses during the project lifecycle, enhancing customer confidence [4] Group 5: Industry Outlook - The wind power industry is entering a new phase of high-quality development driven by quality and efficiency, with strong growth in demand and a favorable market environment for order acquisition [6][7] - The company is well-positioned to leverage its technological and market advantages, along with its quality-driven competitive barriers, to achieve further high-quality development in the future [7]

证券研究报告 | 公司动态点评 2025 年 08 月 26 日 金风科技（002202.SZ） 25H1 风机制造盈利显著修复，风电服务出海趋势加速 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 50,457 | 56,699 | 72,681 | 80,485 | 88,224 | | 增长率 yoy（%） | 8.7 | 12.4 | 28.2 | 10.7 | 9.6 | | 归母净利润（百万元） | 1,331 | 1,860 | 3,013 | 3,650 | 4,098 | | 增长率 yoy（%） | -44.2 | 39.8 | 61.9 | 21.2 | 12.3 | | ROE（%） | 3.8 | 4.6 | 7.3 | 8.3 | 8.7 | | EPS 最新摊薄（元） | 0.32 | 0.44 | 0.71 | 0.86 | 0.97 | | P/E（倍） | 33.5 | 24.0 | 14.8 | 12.2 | 10.9 ...

2025 年8 月23 日，公司披露2025 年半年报，上半年实现营收285亿元，同比增长41.3%，实现归母净利 润14.9 亿元，同比增长7.3%；其中Q2 实现收入191 亿元，同比增长44%，环比增长101.3%，实现归母 净利润9.2 亿元，同比下降12.8%，环比增长61.8%。 经营分析 机构：国金证券 海外业务开拓加速，子公司业绩高增：公司上半年海外销售规模约83.8 亿元，同比增长75.3%，其中风 机制造、风电场开发、风电服务分别实现67.9、4.5、11.3 亿元（合同产生的营业收入口径），分别同比 +67.5%、-3.5%、+348.5%，风机制造及风电服务业务开拓加速，产品质量及服务能力获得海外客户认 可；上半年负责公司海外业务的子公司金风国际实现净利润9.8 亿元，同比+112%。 研究员：姚遥 截至报告期末，公司海外在手订单约7.36GW，同比增长42.3%，订单储备充裕，看好海外收入占比持续 提升。 业绩简评 制造端盈利修复明显，22 年以来首次转正：上半年公司风机及零部件销售业务实现收入218.5 亿元，同 比增长71.2%，实现毛利率7.97%，同比大幅修复4.22pct； ...

证券研究报告 | 2025年08月25日 金风科技（002202.SZ） 优于大市 上半年业绩同比增长 7%，风机制造板块毛利率显著改善 2025 年上半年业绩 14.9 亿元，同比+7%。2025 年上半年，公司实现营业收 入 285.4 亿元，同比+41%；归母净利润 14.9 亿元，同比+7%；扣非归母净利 润 13.7 亿元，同比基本持平；综合毛利率 15.3%，同比-2.9pct；净利率 5.8%， 同比-1.3pct。单季度来看，2025 年第二季度公司实现营业收入 190.6 亿元， 同比+44%，环比+101%；归母净利润 9.2 亿元，同比-13%，环比+62%；扣非 归母净利润 8.1 亿元，同比-22%，环比+46%；综合毛利率 12.2%，同比-1.9pct， 环比-9.6pct；净利率 5.2%，同比-2.7pct，环比-1.8pct。 风机制造板块毛利率显著改善。2025 年第二季度，公司对外销售风机容量 8.1GW，同比+117%，环比+211%；上半年累计对外销售风机容量 10.6GW，同 比+107%。风机大型化趋势不断加速，2025 年上半年 6MW 及以上机组销售容 量同 ...

投资要点 事件：公司发布2025 年中报：2025H1 公司营收285.37 亿元，同比+41.26%；归母净利润14.88 亿元，同 比+7.26%；扣非净利润13.68 亿元，同比-0.4%；毛利率15.35%，同比-2.9pct；净利率5.83%，同 比-1.3pct。 单25Q2 来看，营收190.65 亿元，同环比+44.18%/+101.28%；归母净利润9.19 亿元，同环 比-12.8%/+61.78%，毛利率12.16%，同环比-1.9/-9.6pct，净利率5.22%，同环比-2.7/-1.8pct。 业务拆分：①25H1 风机及零部件销售219 亿元，同比+71.2%，毛利率8.0%，同比+4.2pct；出货 10.6GW，受531 及"十四五"抢装影响Q2 出货大幅增长；②25H1 风电场开发31.7 亿元，同比-27.9%，毛 利率57.5%，同比+1.0pct；③25H1 风电服务29.0 亿元，同比+22.0%，毛利率22.5%，同比-2.3pct。此 外，25H1 公司自营风电场新增并网容量709MW，累计装机容量8.6GW，在建容量3.7GW，当前转让容 量100MW，对应投 ...

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The report highlights that the company's wind turbine gross margin exceeded expectations, indicating a positive outlook for wind turbine profitability [1] - The company reported a significant increase in revenue and net profit for the first half of 2025, with total revenue reaching 28.54 billion yuan, a year-on-year increase of 41.26% [8] - The report anticipates a strong growth trajectory for the company's net profit, projecting a 80% increase in 2025, followed by 22% and 18% in the subsequent years [8] Financial Performance Summary - For 2023A, total revenue is projected at 50.457 billion yuan, with a year-on-year growth of 8.66% [1] - The net profit attributable to shareholders is expected to be 1.331 billion yuan in 2023A, reflecting a decline of 44.16% [1] - The earnings per share (EPS) for 2025E is forecasted to be 0.79 yuan, with a price-to-earnings (P/E) ratio of 13.31 [1] - The company’s gross margin for the first half of 2025 was reported at 15.35%, a decrease of 2.9 percentage points year-on-year [8] - The company’s operating cash flow for 2024A is projected at 2.316 billion yuan, with a significant increase expected in 2025E [9]

电力设备及新能源 2025 年 08 月 24 日 金风科技(002202.SZ) 风机业务盈利水平显著提升 推荐（维持） 股价：10.56 元 主要数据 | 行业 | 电力设备及新能源 | | --- | --- | | 公司网址 | www.goldwind.com | | 大股东/持股 | 香港中央结算(代理人)有限公司 | | | /18.28% | | 实际控制人 | | | 总股本(百万股) | 4,225 | | 流通 A 股(百万股) | 3,355 | | 流通 B/H 股(百万股) | 774 | | 总市值（亿元） | 425 | | 流通 A 股市值(亿元) | 354 | | 每股净资产(元) | 8.85 | | 资产负债率(%) | 73.1 | 行情走势图 证券分析师 皮秀 投资咨询资格编号 S1060517070004 PIXIU809@pingan.com.cn 事项： 公司发布 2025 年半年报，上半年实现营收 285.37 亿元，同比增长 41.26%， 归母净利润 14.88 亿元，同比增长 7.26%，扣非后净利润 13.68 亿元，同比减 少 0.4%。 平安观 ...

业绩简评 2025 年 8 月 23 日，公司披露 2025 年半年报，上半年实现营收 285 亿元，同比增长 41.3%，实现归母净利润 14.9 亿元，同比增长 7.3%； 其中 Q2 实现收入 191 亿元，同比增长 44%，环比增长 101.3%，实 现归母净利润 9.2 亿元，同比下降 12.8%，环比增长 61.8%。 经营分析 制造端盈利修复明显，22 年以来首次转正：上半年公司风机及零 部件销售业务实现收入 218.5 亿元，同比增长 71.2%，实现毛利率 7.97%，同比大幅修复 4.22pct；考虑到上半年海外制造收入占比 约 31%，同比 24H1 基本持平，我们预计制造端毛利率修复在国内 及海外项目中或均有所体现。在毛利率大幅修复的带动下，公司 "风机及零部件销售"经营分部实现自 2022 年以来的首次利润总 额转正。 风险提示 零部件价格波动风险、行业竞争加剧的风险、因电价政策不及预期 而导致的资产减值的风险。 销售规模大幅增长，费用端规模效应体现明显：受益于国内需求 高景气，公司上半年收入规模同比增长 41.3%，带动期间费用率实 现明显下降，上半年公司销售/管理/研发费用率分别 ...

Core Viewpoint - Goldwind Technology (002202) reported strong revenue growth in the 2025 mid-year report, with total revenue reaching 28.537 billion yuan, a year-on-year increase of 41.26%, while net profit attributable to shareholders was 1.488 billion yuan, up 7.26% year-on-year [1][3]. Financial Performance - Total revenue for the second quarter was 19.065 billion yuan, reflecting a 44.18% year-on-year increase [1]. - Net profit for the second quarter was 919 million yuan, showing a decline of 12.8% year-on-year [1]. - The company's accounts receivable reached 33.728 billion yuan, a 21.38% increase year-on-year, with accounts receivable accounting for 1812.89% of the latest annual net profit [1][4]. Profitability Metrics - Gross margin was 15.35%, down 15.91% year-on-year, while net margin was 5.83%, down 17.98% year-on-year [1]. - Total selling, administrative, and financial expenses amounted to 1.902 billion yuan, representing 6.67% of revenue, a decrease of 26.13% year-on-year [1]. - Earnings per share (EPS) increased to 0.34 yuan, a 7.34% rise year-on-year [1]. Cash Flow and Debt - Operating cash flow per share was -0.7 yuan, an improvement of 63.81% year-on-year [1]. - The net increase in cash and cash equivalents was up 41.84% due to increased cash receipts from sales [3]. - The company’s interest-bearing debt was 39.737 billion yuan, a slight decrease of 0.19% year-on-year [1]. Investment Insights - Analysts expect the company's performance in 2025 to reach 2.964 billion yuan, with an average EPS forecast of 0.7 yuan [4]. - The company’s return on invested capital (ROIC) was reported at 3.19%, indicating weak capital returns [4]. - The company’s cash flow situation is a concern, with cash and cash equivalents to current liabilities ratio at 24.65% [4]. Fund Holdings - The largest fund holding Goldwind Technology is the Bosera Theme LOF, with 14.24 million shares newly entered into the top ten holdings [5]. - Other funds such as the China Merchants Industry Select Stock Fund and the Xisi Zhongzheng Rare Earth Industry ETF have also increased their holdings [5].

摘要今日周三（8月20日)亚盘时段，伦敦金目前交投于3311.50美元附近，截至发稿，伦敦金最新报 315.64美元/盎司，涨幅0.02%，最高上探3317.68美元/盎司，最低触及3311.19美元/盎司。目前来看，伦 敦金短线偏向震荡走势。 今日周三（8月20日)亚盘时段，伦敦金目前交投于3311.50美元附近，截至发稿，伦敦金最新报315.64美 元/盎司，涨幅0.02%，最高上探3317.68美元/盎司，最低触及3311.19美元/盎司。目前来看，伦敦金短线 偏向震荡走势。 【最新伦敦金行情解析】 金价近日连续回落走低，持续运行在中轨及60日等均线下方，空头占据优势，那么在重回中轨等均线上 方持稳之前，继续保持震荡偏弱行情对待，不过，下方触及100日均线支撑附近，ZZ指标也显示回落触 底，暗示下方空间有限，100日均线支撑附近或布林带下轨附近支撑，可先行尝试看涨。上方则关注5日 均线压力及中轨线压力可看空回落。 【要闻速递】 当地时间8月19日，欧洲理事会举行视频会议讨论乌克兰问题华盛顿会晤。欧盟外交与安全政策高级代 表卡拉斯在会后表示，欧盟领导人都致力于实现持久和平，以保护乌克兰和欧洲至关重要的安全 ...