GOLDWIND(002202) 华鑫证券·2025-03-30 14:12Investment Rating - The report assigns a "Buy" investment rating for the company, marking its first coverage [2][12]. Core Views - The company has a solid order backlog and is expected to see a recovery in profitability due to favorable market conditions and demand for wind energy [7][8]. - The company achieved a revenue of 566.99 billion yuan in 2024, representing a year-on-year growth of 12.37%, and a net profit of 18.60 billion yuan, up 39.78% year-on-year [6][7]. - The company holds a leading position in the wind turbine market, with a domestic market share of 22% and a global market share of 15.9% in 2024 [8][9]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 566.99 billion yuan, a 12.37% increase year-on-year, and a net profit of 18.60 billion yuan, which is a 39.78% increase year-on-year [6][7]. - The gross margin was 13.80%, down 3.34 percentage points year-on-year, while the net margin improved by 0.25 percentage points to 3.27% [7]. Market Position - The company maintained its leading position in the wind turbine sector, with a total installed capacity of 18.67 GW in 2024, ranking first in the domestic market [8]. - The company’s sales of wind turbine units reached 16.05 GW, reflecting a year-on-year increase of 16.56% [8]. Order Backlog and Future Outlook - As of the end of 2024, the company had an order backlog of 47.40 GW, a 55.93% increase year-on-year, with external orders accounting for 45.08 GW [9]. - The company is expected to benefit from the domestic "14th Five-Year Plan" and the global offshore wind market entering a favorable cycle, with projected revenues of 628.69 billion yuan, 699.31 billion yuan, and 780.17 billion yuan for 2025, 2026, and 2027 respectively [12][14].