理解市场 | 金风科技 (02208) 午后跌超 4% 前三季度纯利增超四成 大和称公司估值上调空间有限
Goldwind fell more than 4% in the afternoon, and as of the time of writing, it was down 4.38%, trading at HKD 12.89, with a turnover of HKD 224 million. In terms of news, Goldwind announced its performance for the first three quarters of 2025, with operating revenue of approximately RMB 48.147 billion, a year-on-year increase of 34.34%; net profit attributable to shareholders of the listed company was approximately RMB 2.584 billion, a year-on-year increase of 44.21%; basic earnings per share were RMB 0.5969. The announcement stated that the revenue growth was mainly due to the increase in the sales scale of the company's wind turbines and components. The net profit growth was mainly due to the increase in gross profit and fair value change income, offset by a decrease in investment income. Daiwa published a research report pointing out that there is a potential profit-taking opportunity for Goldwind before the fourth-quarter performance announcement. The firm believes that its guidance on the gross profit margin of wind turbines increasing by 2 percentage points annually by 2026 may have been largely reflected in the market, with limited positive surprises in the future. On the other hand, its largest shipment combination comes from the wind turbine business, which is expected to reach breakeven by 2026. Therefore, Daiwa believes that there is limited room for valuation adjustment in the future, downgrading Goldwind's Hong Kong stock rating from "Outperform" to "Hold," and raising the target price from HKD 9 to HKD 13
According to the Zhitong Finance APP, Goldwind (02208) fell over 4% in the afternoon, and as of the time of writing, it was down 4.38%, trading at HKD 12.89, with a transaction volume of HKD 224 million.
In terms of news, Goldwind announced its performance for the first three quarters of 2025, with operating revenue of approximately RMB 48.147 billion, a year-on-year increase of 34.34%; net profit attributable to shareholders of the listed company was approximately RMB 2.584 billion, a year-on-year increase of 44.21%; basic earnings per share were RMB 0.5969. The announcement stated that the revenue growth was mainly due to the increase in sales scale of the company's wind turbines and components. The net profit growth was mainly due to the increase in gross profit and fair value change income, offset by a decrease in investment income.
Daiwa published a research report pointing out that there is a potential profit-taking opportunity for Goldwind before the fourth-quarter performance announcement. The firm believes that its guidance regarding a 2 percentage point increase in gross margin for wind turbines in 2026 may have already been largely reflected in the market, and future positive surprises are limited. On the other hand, its largest shipment combination comes from the wind turbine business, which is expected to reach breakeven by 2026. Therefore, Daiwa believes that there is limited room for valuation adjustments in the future. It downgraded Goldwind's Hong Kong stock rating from "Outperform" to "Hold," and raised the target price from HKD 9 to HKD 13
