Goldwind (02208) surged nearly 5%, reaching HK$13.79 by the time of writing, with a trading volume of HK$75.66 million. According to industry reports, domestic wind turbine bidding prices have rebounded, and institutions are optimistic about the recovery of profitability for wind turbine manufacturers.
Research from Zheshang Securities indicates that cumulative wind turbine bidding volume in Q1-Q3 2025 reached 127.3GW, a 16% year-on-year increase. The rebound in bidding prices, coupled with expanding export volumes, is expected to drive gross margins for wind turbine manufacturers back into an upward trend.
The timeline from winning bids to revenue recognition typically spans 4-8 quarters, making Q3-Q4 this year a critical period for observing profit recovery. Additionally, the rapid growth in overseas orders secured by domestic manufacturers is likely to further enhance profitability.
Statistics show that Chinese manufacturers secured 34.3GW in overseas orders in 2024, with 19.28GW achieved in the first three quarters of 2025. Guosen Securities forecasts that domestic wind power installations will maintain 10%-20% growth in 2026, supported by strong order backlogs and stable pricing.
Profitability for manufacturers is expected to improve quarter by quarter, with exports contributing significantly to earnings. Both domestic and international markets are showing synchronized growth momentum.
Furthermore, with offshore wind installations and bidding volumes rising significantly year-on-year, companies in the submarine cable and pipe pile sectors are poised to benefit from increased orders and improved performance.
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