Goldwind Technology (002202.SZ) In-depth Investment Analysis Report

As of H1 2025, Goldwind Technology’s overseas market orders reached

, a significant year-on-year increase of [1]. The company’s business covers worldwide, with cumulative overseas installed capacity reaching and external orders in hand of [1]. This achievement makes Goldwind Technology the earliest Chinese wind power enterprise to go overseas and the one with the largest overseas influence; among every 10 new wind turbines globally, one comes from Goldwind Technology[1].

Valuation Scenario	Intrinsic Value	Upside vs Current Price
Conservative Scenario	$48.34	+137.0%
Base Scenario	$62.69	+207.3%
Optimistic Scenario	$183.75	+800.7%
Probability-Weighted Value	$98.26	+381.7%

The current stock price of $20.40 corresponds to a P/E ratio of 32.17x, while the neutral valuation range based on the DCF model is $48.34-$62.69, representing an upside potential of

compared to the current price[0].

Indicator	Value	YoY Change
Revenue	48.147 billion yuan	+34.34%
Net Profit	2.584 billion yuan	+44.21%
Wind Turbine Sales Capacity	-	+90.01%
External Orders in Hand	49,873.87MW	+18.48%

The company shows strong performance growth momentum; both revenue and net profit achieved double-digit growth, and wind turbine sales capacity even nearly doubled[1].

Goldwind Technology’s stock price performance is extremely outstanding: the increase in the past year reached

, the increase in the past 6 months was , and the increase in the past month was [0]. On December 29, 2025, the stock price hit an all-time high, rising to the daily limit of intraday, showing the market’s high recognition of the company’s prospects[1].

1. Technological Leadership
   : Goldwind Technology is the earliest Chinese wind power enterprise to take the “direct-drive permanent magnet” route, participating in the revision of 33 International Electrotechnical Commission standards and leading the revision of 606 domestic standards[1]

2. Local Adaptation Capability
   : In Ecuador, wind turbines need to withstand magnitude 8.0 strong earthquakes; in Pakistan, they need to adapt to 45℃ high temperatures. The company has a high degree of customization capability[1]

3. Full Industry Chain Layout
   : Goldwind Investment focuses on investments across the entire wind power industry chain and also extends its reach to energy storage, hydrogen energy, equipment manufacturing and other fields; its investment income in 2024 reached 1.962 billion yuan[1]

Risk Type	Specific Description	Risk Level
Asset Liquidity Risk	Non-current assets account for 54.72% of total assets, higher than the industry average	Medium-High
Debt Pressure	Long-term loans are about 30 billion yuan, with relatively high debt repayment pressure	Medium
Depreciation Risk	Fixed asset depreciation and the progress of converting construction in progress to fixed assets may affect performance	Medium
Industry Competition	Peers’ gross profit margins are under pressure (Mingyang Smart Energy’s 2024 gross profit margin was -0.46%)	Medium-Low

1. Continuous Growth in Overseas Orders
   : The 42.27% growth rate of overseas orders provides solid support for future revenue growth
2. Stable Technological Barriers
   : Direct-drive technology route and participation in standardization build long-term competitive advantages
3. Large Valuation Repair Space
   : DCF neutral valuation has an upside potential of over 200% compared to the current price
4. High Industry Prosperity
   : In March 2025, domestic wind power and photovoltaic installed capacity exceeded thermal power for the first time[1]

The current P/E ratio of 32.17x is at a historically high level; investors need to pay attention to the progress of overseas market expansion, accounts receivable recovery, and the impact of policy changes on the company’s valuation. It is recommended that investors adopt a phased position-building strategy and look for better entry opportunities during corrections.

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[0] Jinling API Data - Company Overview, Financial Analysis and DCF Valuation

[1] NetEase Finance - “Goldwind Technology, Surprise Victory!” (https://www.163.com/dy/article/KI79RGP20556DX6R.html)

[2] Qilu Network - “Goldwind Technology Hits Daily Limit Intraday” (https://news.iqilu.com/shandong/shandonggedi/20251229/5879807.shtml)