Core Viewpoint - The article discusses the performance and resilience of Goldwind Technology (金风科技) in the wind energy sector, highlighting its revenue growth, profit recovery, and strategic advantages in a challenging market environment [5][6]. Financial Performance - In Q3 2025, Goldwind reported revenue of 19.6 billion, a year-on-year increase of 25.4%, and a non-GAAP net profit of 1.05 billion, up 160.5% [5]. - For the first three quarters of 2025, total revenue reached 48.15 billion, with a non-GAAP net profit of 2.42 billion [5]. - The company's revenue in 2024 is projected to reach a new high of 56.7 billion, with a revenue index of 148 compared to 2019 [8]. Market Dynamics - The wind energy sector has shown relative strength compared to the solar energy sector, which is facing losses due to rapid supply growth and reduced policy support in major markets [5]. - Global electricity demand is expected to grow, with renewable energy being the primary solution to meet this demand [5]. Product and Service Development - Goldwind has upgraded its product offerings, increasing the capacity of its wind turbines from 2MW to 6MW, significantly reducing unit costs [17]. - The company has also expanded its service revenue, which is less affected by industry cycles, providing maintenance and operational support for wind farms [19][22]. Project Development and Revenue Streams - Goldwind has a strong advantage in securing quality project resources, allowing it to retain some projects for power generation revenue while selling others for investment returns [24]. - In 2023, Goldwind added 17.9GW of new installed capacity, with total power generation revenue of 6.43 billion and revenue from sold power station products of 4.5 billion [24]. Profit Structure and Resilience - The company's profit sources have diversified, with wind turbine sales contributing less to overall profits as service and project development revenues grow [29]. - Despite challenges in 2022, Goldwind maintained profitability through cost management and strategic focus on service and project development [38].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside in the stock price [4][7][9]. Core Insights - The company achieved a revenue of 48.15 billion RMB in the first three quarters of 2025, representing a year-over-year increase of 34%. The net profit reached 2.58 billion RMB, up 44.2% year-over-year [7][8]. - The wind power market remains robust, with significant growth in both domestic and international orders. The company has a strong market position, with a notable increase in high-margin overseas business [7][9]. - The report forecasts net profits for 2025, 2026, and 2027 to be 3.46 billion RMB, 4.51 billion RMB, and 5.81 billion RMB, respectively, reflecting year-over-year growth rates of 86%, 30%, and 29% [9][11]. Company Overview - The company operates in the power equipment industry, with a current H-share price of 12.99 HKD and a market capitalization of 21.55 billion HKD [3][4]. - The major shareholder holds an 18.28% stake in the company, and the book value per share is 9.09 HKD, resulting in a price-to-book ratio of 1.43 [3][4]. Financial Performance - The company reported a gross margin of 13% in Q3 2025, an increase of 0.84 percentage points from Q2, attributed to stable wind turbine prices and a higher proportion of overseas high-margin products [8]. - The company’s Q3 revenue was 19.61 billion RMB, with a year-over-year increase of 25.4%, and a net profit of 1.10 billion RMB, up 170.6% year-over-year [7][8]. Market Outlook - The wind power industry is expected to maintain a favorable outlook, with a projected annual installed capacity of 110 GW for the year, a 39% increase year-over-year [8][9]. - The report anticipates a significant rebound in bidding volumes for new wind projects in Q4, driven by the implementation of competitive pricing mechanisms [8][9].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming year [5][45]. Core Insights - The company is experiencing a recovery in wind turbine profitability, with significant growth potential in overseas markets. The domestic wind power project bidding volume increased by 8.8% year-on-year in the first half of 2025, reaching 71.9GW, with onshore wind projects dominating [2][18]. - The company has a robust order backlog, with external orders totaling 41.4GW as of the end of the first half of 2025, including a notable increase in overseas orders, which grew by 42.27% year-on-year [2][29]. - Revenue for the first half of 2025 reached 285.37 billion yuan, a year-on-year increase of 41.26%, while net profit attributable to shareholders was 14.88 billion yuan, up 7.26% year-on-year [9][31]. Summary by Sections Financial Performance - In the first half of 2025, the company reported a revenue of 285.37 billion yuan, a 41.26% increase year-on-year, and a net profit of 14.88 billion yuan, reflecting a 7.26% growth. The second quarter alone saw revenues of 190.65 billion yuan, a 44.18% increase year-on-year and a 101.28% increase quarter-on-quarter [9][31]. - The sales revenue from wind turbines and components was 218.52 billion yuan, a 71.15% increase, accounting for 76.58% of total revenue, with a gross margin of 7.97% [14][31]. Business Segments - Wind turbine and component sales are the primary revenue drivers, with significant growth in this segment. Wind farm development revenue decreased by 27.93% year-on-year, while wind power service revenue increased by 21.99% [14][31]. - The company is diversifying its business, focusing on wind turbine manufacturing, wind power services, and wind farm investment and development, with a strong emphasis on technological innovation and international market expansion [23][18]. Future Outlook - The company forecasts revenues of 778.1 billion yuan, 881.4 billion yuan, and 959.1 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 33.6 billion yuan, 42.7 billion yuan, and 49.7 billion yuan [3][45]. - The report highlights the expected recovery in wind turbine profitability and the growth of international business as key drivers for future performance [2][45].

Core Insights - The company reported a revenue of 28.537 billion yuan for H1 2025, representing a year-on-year increase of 41.26% [1] - The net profit attributable to shareholders was 1.488 billion yuan, up 7.26% year-on-year, while the non-recurring net profit slightly decreased by 0.4% to 1.368 billion yuan [1] - The gross margin was 15.35%, down 2.9 percentage points year-on-year, and the net margin was 5.83%, down 1.3 percentage points year-on-year [1] Revenue Breakdown - Wind turbine and component sales reached 21.9 billion yuan in H1 2025, a year-on-year increase of 71.2%, with a gross margin of 8.0% [2] - Wind farm development revenue was 3.17 billion yuan, down 27.9% year-on-year, but with a high gross margin of 57.5% [2] - Wind service revenue was 2.9 billion yuan, up 22.0% year-on-year, with a gross margin of 22.5% [2] - The company added 709 MW of new grid-connected capacity, bringing the total installed capacity to 8.6 GW [2] Cost and Cash Flow Analysis - Total operating expenses for H1 2025 were 2.81 billion yuan, a year-on-year increase of 3.6%, resulting in an expense ratio of 9.8%, down 3.6 percentage points [3] - As of Q2 2025, inventory stood at 18.9 billion yuan, up 28% quarter-on-quarter [3] - Operating cash flow was negative at -2.9 billion yuan for H1 2025, indicating short-term cash flow pressure [3] Profit Forecast and Investment Rating - The company has revised its profit forecasts for 2025-2027, expecting net profits of 3.35 billion, 4.09 billion, and 4.84 billion yuan respectively, reflecting increases of 80%, 22%, and 18% [3] - The corresponding price-to-earnings ratios are projected at 13.3x, 10.9x, and 9.2x for the same years [3] - The investment rating is maintained at "Buy" [3]