Goldwind (02208.HK): Strong growth momentum

$GOLDWIND(02208.HK) The company demonstrated strong growth momentum in the first quarter. Operating income reached RMB 15.485 billion, a significant increase of 63.48% year-on-year. Net profit attributable to shareholders of the listed company was RMB 907 million, up 59.65% year-on-year; basic earnings per share rose from RMB 0.1299 to RMB 0.2091, an increase of 60.97%.

The performance highlights were mainly driven by the expansion of wind turbine and component sales, which led to a simultaneous rise in operating income and costs. External sales capacity for the quarter reached 6,040.89MW, a substantial surge of 133.45% year-on-year. In terms of product structure, 6MW to 10MW units were the main sales drivers, accounting for as high as 71.39%. Furthermore, investment income for the period was exceptionally strong at RMB 282 million, a sharp increase of 547.17% compared to the same period last year, primarily due to increased gains from the transfer of subsidiaries.

Looking ahead, the company's order backlog is very substantial, providing clear growth visibility. As of the end of March 2026, total external orders on hand amounted to 50,699.79MW, of which overseas orders were 9,567.22MW. The total order backlog reached 53,934.25MW, a steady growth of 5.56% year-on-year. The company is also actively implementing the 2024 restricted stock incentive plan and executed its first H-share share repurchase this quarter, demonstrating its confidence in long-term development and emphasis on shareholder returns. With scale effects and a stable order base, it is expected to maintain its market-leading position.

Source: KGI Securities