Investment Rating - The investment rating for the company is "Buy" [1]. Core Views - The company, Goldwind Technology, is a leading player in the domestic wind turbine manufacturing industry, with a significant increase in its wind farm development business contributing to new growth points [1][12]. - The company has maintained its position as the top player in the domestic wind power market for 13 consecutive years, with a market share of 20% in domestic new wind power installations in 2023 [1][20]. - The report anticipates steady growth in the company's performance, driven by robust traditional wind turbine sales and rapid expansion in wind farm development and services [4]. Summary by Sections 1. Deepening Wind Power Industry, Solidifying Leading Position - Goldwind Technology, established in 2001, has become a leading provider of wind power solutions in China and globally, with a continuous top market share in the domestic wind power market for 13 years [12][13]. - The company has a diversified business model, including wind turbine manufacturing, wind power services, and wind farm investment and development [12]. 2. Accelerating Wind Turbine Exports by Chinese Enterprises - The global wind turbine installation volume is expected to grow at a CAGR of 8.8% from 2023 to 2028, with record installations in 2023 [2][20]. - Goldwind Technology led the global market with 16.4 GW of new installations in 2023, maintaining its top position [24]. 3. Company Maintains Industry Leadership, Continuous Expansion of Wind Farm Development and Services - The company has a strong order backlog and has consistently ranked first in domestic market share for new installations [1][20]. - The profitability of the wind farm generation business is robust, with a recovery in gross margin for the wind farm development segment in 2024 [18][19]. - The company’s revenue from wind turbine and component sales has decreased from 82.93% in 2019 to 63.20% in 2024, while the wind farm development segment has increased from 7.14% to 21.79% [18].

2024 年 9 月 18 日 证券研究报告/公司研究 风电整机/风电设备/电力设备 金风科技 002202.SZ 国内风电整机龙头 风电场开发带来新增长点 主要观点： 基础数据： ◆金风科技以风机及零部件销售板块为传统主营业务，风电场开发业 截至 2024 年 9 月 18 日 当前股价 8.24 元 务占比提升。截至 2024 年 6 月末，风电及零部件销售板块收入占比从 投资评级 买入 2019 年的 82.93%下降至 63.20%，风电场开发板块占比从 7.14%提升 评级变动 首次 总股本 42.25 亿股 至 21.79%，主要是由于公司积极落地电站产品销售，将电站作为核心 流通股本 33.94 亿股 产品推动主营业务的持续增长。各板块毛利率方面，风机及零部件销 总市值 348 亿 售板块毛利率维持平稳，2023 年毛利率约为 6.41%；风电场开发板块 流动市值 280 亿 相对市场表现： 毛利率较高，2019-2022 年基本维持在 65%左右，2023 年下滑至 47.30%。主要是由于风电场开发板块包含电站产品和发电业务，无补 贴平价发电厂占比增加，电站产品毛利率较低，随建站规模增加，板 ...

股票代码：002202 股票简称：金风科技 公告编号：2016-050 新疆金风科技股份有限公司 关于全资公司 Goldwind USA, Inc.参投丰元创投旗下基金 （二期）的公告 新疆金风科技股份有限公司（下称"公司"）全资公司 Goldwind USA, Inc.（下称"美国金风"）拟以 500 万美元为限，作为基金 LP 投资美国硅谷创投基金 zPark Capital II。 2016 年 8 月 26 日，公司第六届董事会第二次会议以 9 票赞成， 0 票反对，0 票弃权审议通过《关于全资公司参投丰元创投旗下基金 （二期）的议案》，本议案尚需提交公司股东大会审议。 本项投资不构成关联交易。 二、交易对方介绍 丰元创投(Amino Capital, 旗下基金包括 zPark Capital),成立 于 2012 年，办公地位于硅谷中心帕洛阿尔托(Palo Alto)。 丰元创投是专注于早期高科技企业的风险投资基金，自成立以来 已投资80余个创业项目，其中华人创业项目占一半左右。管理团队中 大多数合伙人均有专业的技术背景，包括大数据方面的专家，半导体 专业出身的研究硬件、集成电路、工艺等方面的专家及 ...

股票代码：002202 股票简称：金风科技 公告编号：2024-057 金风科技股份有限公司 关于回购股份事项前十名股东及前十名无限售条件股东 持股情况的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 金风科技股份有限公司（下称"公司"）于 2024 年 8 月 23 日召开 的第八届董事会第二十五次会议、第八届监事会第十一次会议审议通 过了《关于以集中竞价交易方式回购公司 A 股股份方案的议案》，该 议案尚需提交公司 2024 年第三次临时股东大会审议。具体内容详见 公司分别于 2024 年 8 月 24 日、8 月 31 日披露的《第八届董事会第 二十五次会议决议公告》（编号：2024-046）、《第八届监事会第十一次 会议决议公告》（编号：2024-047）、《关于以集中竞价交易方式回购公 司 A 股股份方案的公告》（编号：2024-052）、《关于召开 2024 年第三 次临时股东大会的通知》（编号：2024-055）。 根据《深圳证券交易所上市公司自律监管指引第 9 号—回购股 份》等相关规定，现将公司 2024 年第三次临时股东大会股权登记日 ...

股票代码：002202 股票简称：金风科技 公告编号：2024-056 金风科技股份有限公司 关于全资子公司金风国际为全资子公司金风阿根廷 提供担保的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 特别提示：本次拟担保的被担保对象 Goldwind Argentina S.A.的 资产负债率超过 70%，请投资者充分关注担保风险。 一、担保情况概述 金风科技股份有限公司（下称"公司"）的全资子公司金风国际控 股（香港）有限公司（下称"金风国际"）与金风国际的全资子公司 Goldwind Argentina S.A.（下称"金风阿根廷"）作为联合供应商与阿根 廷新能源开发企业 Genniea SA.的 SPV（Special Purpose Vehicle）公司 Parque Eólico Loma Blanca IV S.A.U.签署了《机组供货、安装及吊装 协议》，其中金风国际作为离岸供应商，负责上述协议中的机组供货 以及中国港口集港和海运工作；金风阿根廷作为在岸供应商，负责阿 根廷港口的接货，阿根廷境内内陆运输以及机组安装、吊装、调试工 作。 金风国 ...

附件二：投资者关系活动记录表格式 答：气候变化为企业带来风险的同时也带来了机遇。金风科技高度关注气 候变化转型机遇，并努力将这些机遇融入日常运营及战略中。面向市场需 求，稳步做好风电设备研发制造主业，提高风机的发电率和可靠性，提升 智能化服务水平；坚持高质量发展，并开展全球产业链布局。公司按照相 关标准，开展产品全生命周期评估，完成风机环境产品声明认证；打造环 境友好型风机产品，开发新产品与新服务，提供满足客户偏好的低碳产品 与服务。面对高耗能、高排放工业企业对风电等绿色电力需求的提升，公 司利用在风电领域积累的经验和优势，积极开发客户侧综合能源服务，拓 展风电为主体的新能源应用场景，为工业和产业园区提供绿色能源低碳技 术及整体解决方案。 证券代码： 002202 证券简称：金风科技 附件清单（如 金风科技股份有限公司投资者关系活动记录表 | | | 编号： | | --- | --- | --- | | 投资者关系活动 类别 | □特定对象调研 □分析师会议 | | | | □媒体采访 □业绩说明会 | | | | □新闻发布会 路演活动 | | | | □现场参观 | | | | □其他 （请文字说明其 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2024年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 金風科技股份有限公司 (於中華人民共和國註冊成立的股份有限公司) FF301 | 1. 股份分類 | 普通股 | 股份類別 | H | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02208 | 說明 | H股 | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | 已發行股份總數 | | | 上月底結存 | | | 773,572,399 | 0 | | 773,572,399 | | 增加 / 減少 (-) | | | | | | | | 本月底結存 | | | 773,572,399 | 0 | | 773,572,399 | | 2. 股份分類 | 普通股 | | 股份類別 | A | 於香港聯交所上市 (註1) | 否 | | | --- | --- | --- | --- | -- ...

2024年上半年，公司自营风电场装机及发电情况？ 答：截至2024年6月底，全球累计权益并网装机容量8,143.06MW，权益在 建风电场容量3,689.21MW；公司风电项目实现发电收入347,157.41万元， 较上年同期增加3.72%；公司国内合并报表范围内风电资产已覆盖全国23 个省份，公司国内合并报表范围发电量74.54亿kWh，上网电量72.84亿 kWh。2024年上半年，国内机组平均发电利用小时数1,268小时，超全国风 电机组平均水平134小时。 公司在可回收风机叶片方面有哪些研发或应用进展？ 附件二：投资者关系活动记录表格式 证券代码： 002202 证券简称：金风科技 金风科技股份有限公司投资者关系活动记录表 | | 编号： | | | | --- | --- | --- | --- | | 投资者关系活动 类别 | □特定对象调研 □分析师会议 | | | | | □媒体采访 | | □业绩说明会 | | | □新闻发布会 | | 路演活动 | | | □现场参观 | | | | | □其他 （请文字说明其他活动内容） | | | | 参与单位名称及 | 花旗银行 刘显达 | 美银证 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][3]. Core Views - The company reported a year-on-year revenue growth of 10.83% in the first half of 2024, with total revenue reaching RMB 20.20 billion and net profit attributable to shareholders at RMB 1.39 billion, reflecting a 10.83% increase [3][5]. - The company's gross margin improved by 0.98 percentage points to 18.25%, while the net profit margin increased by 0.03 percentage points to 7.11% [3][5]. - The internationalization strategy is accelerating, with overseas sales revenue growing by 83.88% to RMB 4.78 billion, accounting for 23.65% of total revenue [3][5]. Financial Performance Summary - In H1 2024, the company achieved a revenue of RMB 20.20 billion, a 6.32% increase from the previous year, and a net profit of RMB 1.39 billion, up 10.83% [3][5]. - The company’s sales of wind turbines and components generated RMB 12.77 billion in revenue, with a gross margin of 3.75%, an increase of 6.29 percentage points [3][5]. - The company’s overseas order volume reached 5,173.12 MW, a year-on-year increase of 12.44% [3][5]. Earnings Forecast - The earnings per share (EPS) for 2024-2026 are adjusted to RMB 0.47, 0.62, and 0.74 respectively, with corresponding price-to-earnings ratios of 17.8, 13.6, and 11.3 [3][4]. - The company’s projected revenue for 2024 is RMB 62.30 billion, with a growth rate of 23.5% [4][6]. Market Position - The company is positioned to benefit from the increasing demand for wind energy and the ongoing trend of larger wind turbine models, with sales capacity for turbines of 6MW and above rising by 97.05% [3][5]. - The total market capitalization of the company is approximately RMB 35.58 billion [1]. Shareholder Information - The major shareholder is Hong Kong Central Clearing Limited, holding 18.28% of the shares [2]. - The total number of shares issued is 4,225.07 million, with 4,167.80 million shares in circulation [2].

Investment Rating - Buy rating, first coverage [1] Core Views - The company's performance has significantly improved in H1 2024, with revenue of 20.202 billion yuan, up 6.32% YoY, and net profit attributable to the parent company of 1.387 billion yuan, up 10.83% YoY [4] - Q2 2024 saw a remarkable YoY and QoQ growth in net profit, with a net profit attributable to the parent company of 1.054 billion yuan, up 6251.60% YoY and 216.94% QoQ [4] - The company's profitability has improved due to a decrease in expense ratio and lower steel costs [4] - The sales price of wind turbines has rebounded, and the revenue from wind farm development has grown rapidly [5] - The gross margin of wind turbines and components has significantly recovered, driven by optimized product structure and lower steel prices [6] - Overseas revenue has grown significantly, with international business contributing 47.79 billion yuan, up 83.88% YoY [6] Financial Performance - Revenue for 2024E is projected to be 59 billion yuan, with net profit attributable to the parent company of 2.207 billion yuan [3] - EPS for 2024E is expected to be 0.52 yuan, with a P/E ratio of 15.24x [3] - The company's gross margin for H1 2024 was 18.25%, up 5.13 ppts YoY, and the net margin was 7.11%, up 0.03 ppts YoY [4] - The gross margin for wind turbines and components in H1 2024 was 3.75%, up 6.29 ppts YoY [6] Market and Industry Comparison - The company's stock price has outperformed the wind power equipment industry, with a 1-month increase of 3.51% compared to the industry's decline of 9.64% [2] - The company's 12-month performance shows a decline of 13.29%, while the wind power equipment industry declined by 34.27% [2] Future Outlook - The company has external orders totaling 35.6GW as of June 30, 2024, up 26.4% YoY, with 65% of orders for 6MW and above units [6] - Revenue for 2025E and 2026E is projected to be 65.5 billion yuan and 72.5 billion yuan, respectively, with net profit attributable to the parent company of 2.634 billion yuan and 3.141 billion yuan [3] - The target price range is 6.2-9.3 yuan, based on a 10-15x P/E ratio for 2025E [6] Business Segments - Wind turbine and component sales accounted for 12.768 billion yuan in H1 2024, up 0.21% YoY, with sales volume of 5.15GW, down 10.9% YoY [5] - Wind farm development revenue was 4.401 billion yuan, up 31.49% YoY, with 1.01GW of new installed capacity in H1 2024 [5] - Overseas revenue contributed 4.779 billion yuan, up 83.88% YoY, with international business covering 42 countries and cumulative installed capacity of 7,421MW [6]