GOLDWIND(002202)2024-03-28 16:00Investment Rating - The report maintains an "Accumulate" rating for the company [1][4]. Core Views - The company has achieved a record high in its order backlog, with a total of 30.4GW as of the end of 2023, representing a year-on-year increase of 12.13% [4]. - The company continues to lead the domestic market for 13 consecutive years, with a market share of 20% in new wind power installations in China [4]. - The revenue for 2023 reached 50.457 billion RMB, an increase of 8.66% year-on-year, while the net profit attributable to the parent company was 1.331 billion RMB, a decrease of 44.16% year-on-year [4]. Summary by Relevant Sections Financial Performance - Revenue (in million RMB): - 2022: 46,437 - 2023: 50,457 - 2024E: 59,135 - 2025E: 67,737 - 2026E: 75,542 - Revenue Growth Rate: - 2022: -8.17% - 2023: 8.66% - 2024E: 17.20% - 2025E: 14.55% - 2026E: 11.52% [3][4]. Profitability Metrics - Net Profit (in million RMB): - 2022: 2,383 - 2023: 1,331 - 2024E: 2,558 - 2025E: 2,831 - 2026E: 3,220 - Net Profit Growth Rate: - 2022: -31.05% - 2023: -44.16% - 2024E: 92.20% - 2025E: 10.67% - 2026E: 13.75% [3][4]. Market Position - The company has maintained its position as the top player in the domestic wind power market, with a significant increase in the proportion of large wind turbines sold, particularly those above 4MW [4]. - The company’s external orders include 20.7GW of pending execution and 9.1GW of orders won but not yet signed [4]. Future Outlook - The report adjusts the net profit forecast for 2024 to 2.558 billion RMB, reflecting a 25% decrease, and for 2025 to 2.831 billion RMB, reflecting a 31% decrease [4].