GOLDWIND(SZ:002202)2025-04-09 10:38Group 1: Business Performance and Strategy - The company focuses on innovation, efficiency, and high-quality development to navigate intense competition in the wind turbine manufacturing industry [1] - The company's service business, including operation and maintenance, is expected to grow significantly, with a projected capacity of nearly 40GW by the end of 2024, representing a year-on-year increase of nearly 30% [1] - The mixed tower business achieved a 104% year-on-year increase in new orders for 2024, holding the top market share, and is currently included in the wind turbine and component sales segment [2] Group 2: Research and Development - In 2024, the company plans to invest 2.803 billion in R&D, accounting for 4.94% of revenue, with a commitment to maintaining R&D investment despite short-term profit pressures [2] - The company emphasizes long-term strategic growth over short-term operational sacrifices in its R&D approach [2] Group 3: Financial Management - The company is actively managing its asset-liability ratio through optimizing business models, asset structures, and increasing equity assets, ensuring that the debt ratio remains within a reasonable and safe range [2] Group 4: Market Expansion and Challenges - The impact of the US-China tensions on the company's overseas business layout is currently limited, with strategies in place for market diversification and supply chain optimization [2] - The company is focusing on key overseas markets including South America, Australia, the Middle East, Central Asia, South Africa, and Southeast Asia [2] Group 5: Technical Performance - The utilization hours of domestic distributed wind turbines are highly correlated with local wind resource conditions, and while the average may not reach 4,000 hours, some regions can achieve this [2]