HK Stock Market Move | Goldwind Science & Technology (02208) falls more than 5% as wind turbine prices are too low, leading to industry losses and liquidation. Institutions are optimistic about the company's shipments maintaining a strong growth.

Goldwind Science & Technology (02208) fell more than 5%, dropping by 5.24% to HK$11.57 as of the press release, with a trading volume of HK$1.04 billion. In terms of news, Huachuang Securities believes that in recent years, the large-scale of wind turbines has begun to face limitations in resources and production, with the rate of power growth slowing down. In the short term, low wind turbine prices have led to industry losses and clearance. Goldwind Science & Technology's gross profit margin in 23/24 was only 6.4%/5.1%, and the wind turbine main business is in a loss-making state. In 2025, the industry will face a period of cyclical rush installations, with the current high order volume of wind turbines expected to keep machine prices at a high level. The average bid price for Landwind turbines hit bottom in September 24, and prices have been rising for four consecutive quarters, with a 10% increase in January-August 25. It takes about a year from bidding to delivery for turbines, and turbine manufacturing profits are expected to reach a turning point in 2026. China Great Wall pointed out that Goldwind Science & Technology achieved wind turbine sales of 18.45GW in the first three quarters of 2025, a year-on-year growth of 90%, with 6MW and above units accounting for approximately 86%. Single quarter wind turbine sales were 7.8GW in Q3, basically flat month-on-month compared to Q2. As for the order backlog, as of September 30, 2025, the external orders on hand totaled 49.87GW, including 7.16GW of overseas orders. In addition, the "Wind Energy Beijing Declaration 2.0" sets a target for the "Thirteenth Five-Year Plan" period, with the domestic wind power annual installed capacity not less than 120GW, indicating that industry demand will remain high and the company's shipments are expected to maintain a good growth trend.