GOLDWIND(002202) 华泰证券·2025-03-30 06:05Investment Rating - The report maintains a "Buy" rating for the Hong Kong stock and an "Accumulate" rating for the A-share, with target prices set at HKD 6.48 and RMB 10.24 respectively [8]. Core Views - The company achieved a revenue of RMB 56.699 billion in 2024, representing a year-on-year increase of 12.4%, and a net profit attributable to the parent company of RMB 1.860 billion, up 39.8% year-on-year, although below the previous forecast of RMB 2.71 billion due to significant impairment provisions in Q4 [1][2]. - The company is expected to benefit from a high demand for wind turbine installations in the domestic market and a robust overseas market expansion, leading to a forecasted increase in new wind power installations in 2025 [1][3]. Summary by Sections Financial Performance - In Q4 2024, the company reported revenue of RMB 20.860 billion, a decrease of 1.3% year-on-year but an increase of 33.4% quarter-on-quarter. The net profit for the same period was RMB 0.68 billion, down 2.7% year-on-year and significantly down 83.1% quarter-on-quarter, primarily due to an impairment provision of RMB 10.41 billion [2]. - The company’s total orders reached 47.40 GW by the end of 2024, a year-on-year increase of 55.9%, with external orders at 45.08 GW, up 51.4% [3]. Business Development - The company’s operational capacity in rights and maintenance of power stations grew, with a cumulative installed capacity of 8.04 GW, up 10.3% year-on-year, and a global maintenance capacity of 39.98 GW, up 29.6% [4]. - New business segments, including mixed tower projects and energy storage, saw significant growth, with new orders for mixed tower projects increasing by 104% year-on-year and energy storage orders growing by 2.4 times [4]. Profit Forecast and Valuation - The profit forecast for the company has been adjusted downwards for 2025-2026, with expected net profits of RMB 2.713 billion, RMB 3.197 billion, and RMB 3.569 billion for 2025, 2026, and 2027 respectively [5]. - The report assigns a PE ratio of 16 times for the A-share and 9.41 times for the H-share, reflecting the company's strong market position and growth potential [5].