GOLDWIND(002202) 光大证券·2025-04-02 05:14Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [4][6]. Core Views - The company reported a revenue of 56.699 billion CNY for 2024, a year-on-year increase of 12.37%, and a net profit attributable to shareholders of 1.860 billion CNY, up 39.78% year-on-year [1]. - The company has a strong order backlog, with total orders reaching 47.40 GW by the end of 2024, representing a 51.37% increase in external orders year-on-year [2]. - The company is focusing on international and offshore business, which has led to a significant improvement in profitability, with the gross margin for wind turbine and component sales increasing by 4.89 percentage points to 5.05% [2]. Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 20.860 billion CNY, a decrease of 1.32% year-on-year, and a net profit of 0.680 billion CNY, down 2.71% year-on-year and 83.14% quarter-on-quarter [1]. - The company’s revenue for 2024 was 56.699 billion CNY, with a net profit of 1.860 billion CNY, and a proposed cash dividend of 1.4 CNY per 10 shares [1]. Sales and Orders - The company sold 16.05 GW of wind turbine capacity in 2024, a 16.56% increase year-on-year, with sales of large-scale turbines (6 MW and above) rising by 59.15% to 9.78 GW [2]. - The company’s order backlog includes 45.08 GW of external orders, with overseas orders growing by 50.33% to 7.03 GW [2]. Profitability and Business Development - The company’s wind power service revenue reached 5.507 billion CNY in 2024, with after-service revenue growing by 29.26% to 3.913 billion CNY [3]. - The company has made significant progress in wind farm investment, with a total installed capacity of 8.04 GW and an average utilization of 2,340 hours for domestic units, exceeding the national average by 213 hours [3]. Future Projections - The report projects net profits for 2025, 2026, and 2027 to be 2.622 billion CNY, 3.068 billion CNY, and 3.391 billion CNY respectively, with corresponding EPS of 0.62 CNY, 0.73 CNY, and 0.80 CNY [4][5].