2025-07-16 00:55Summary of the Conference Call on Goldwind Technology Industry Overview - The wind power industry is experiencing significant growth, with exports and new order volumes increasing by over 60% in 2024. Domestic onshore wind power bidding has reached a historical high, laying a foundation for installations in 2025 [2][3][4] - Offshore wind power bidding is high, but delivery volumes are declining, with an expected addition of 25 GW of new installations over the next two years [2][3] - The onshore wind power approval volume continues to hit new highs, but future installations are expected to fluctuate [2][3] - The deep-sea offshore wind projects are increasing in proportion, which will drive capital expenditure and equipment manufacturing output growth [2][4] Key Points on Goldwind Technology - Goldwind Technology and other leading companies are gradually increasing bidding prices to cope with low-price order pressures, with manufacturing gross margins generally below 10% [2][5] - The CR5 market share in the wind power industry is close to 75%, indicating increased concentration. The profit sources are expected to shift towards downstream non-standard product transactions due to price policies and excessive competition [2][5] - Future strategies for wind power companies should focus on the profitability of each contract rather than merely pursuing market share, emphasizing the transformation of team capabilities to ensure sustainable development [2][6][7] Export Market Opportunities - New opportunities in the wind power equipment export market are concentrated in emerging markets in Asia, Africa, and Latin America, where demand for wind power equipment is rapidly increasing [2][10] - Goldwind Technology has accelerated its international expansion, with significant increases in order volumes from emerging markets, expecting to exceed 80% market share in the installation of domestic wind turbines by 2030 [2][10][12] Financial Performance - In the first half of 2025, Goldwind's international business revenue reached 7.8 billion yuan, a significant increase from 3.4 billion yuan in the same period last year, with an expected annual revenue exceeding 15 billion yuan [24] - The domestic manufacturing gross margin has improved from 3.5%-4% to 6%-7%, with losses narrowing from approximately 1.5 billion yuan in 2024 to under 800 million yuan in 2025 [25][26] - The company anticipates a profit of 2.6 to 2.7 billion yuan for 2025, with a projected profit of 4 to 4.5 billion yuan in 2027 due to growth in offshore and overseas markets [28][29] Challenges and Market Dynamics - The wind power industry faces short-term challenges in bidding models, particularly after the issuance of Document No. 136. However, the overall market size is expanding, with major listed companies seeing a year-on-year increase in new orders and backlog [8] - The industry is rapidly moving towards larger-scale developments, which has put cost pressure on some technology route companies, but they are adapting to the competitive landscape [8][9] Conclusion - Goldwind Technology is well-positioned to capitalize on the growing demand in emerging markets and is adapting its strategies to focus on profitability and sustainable growth amidst a competitive landscape. The company's financial performance is improving, and it is expected to continue benefiting from international expansion and market dynamics in the wind power sector.