HK Stock Market Move | Goldwind Science & Technology (02208) rises more than 4% Wind turbine gross profit margin is expected to continue to improve International and offshore wind turbine shipments increase significantly

Goldwind Science & Technology (02208) rose more than 4%, closing at a 4.34% rise as of press time, at HK$6.49, with a turnover of HK$40.5351 million. On the news front, Guoyuan International pointed out that Goldwind Science & Technology's comprehensive gross profit margin from January to September 2024 was 16.43%, and is expected to exceed 16% for the full year of 2024. The gross profit margin of its domestic units in China increased by more than 5% year-on-year from January to September, and is expected to reach 3% for the full year of 2024 (compared to -6.5% for the full year of 2023). Including offshore units (currently with a gross profit margin of 10% or higher), the overall gross profit margin for complete units is expected to reach 6% for the full year of 2024, with a potential increase to 8% in 2025. At the same time, the average gross profit margin for the company's international units is above 12%, and with the increasing proportion of international units and offshore units delivery, as well as the cost reduction brought by the increasing proportion of high-speed models, the overall unit gross profit margin is expected to continue to improve in 2025. The brokerage pointed out that as of September 30, 2024, the company had a backlog of orders of 44.28GW, including 5.5GW overseas. The onshore wind power shipments in China for the full year of 2024 are expected to be 1GW, and will reach 2GW in 2025. As for international business, the company has received 4GW in orders for the full year of 2024, with actual deliveries of 3GW, and is expected to exceed 5GW in 2025. The company expects wind turbine shipments for the full year of 2024 to be 18-20GW, benefiting from the high growth in international and offshore wind turbine shipments, and forecasts a continuous growth in wind turbine shipments for the year 2025.