Goldwind (02208) fell more than 5%, dropping 5.24% to HKD 11.57 by the time of writing, with a turnover of HKD 104 million.
Analysts note that the rapid scaling up of wind turbine units in recent years has begun to face constraints in resources and production, slowing the growth in power capacity. In the short term, excessively low turbine prices have led to industry-wide losses. Goldwind's gross margins for 2023/24 were only 6.4% and 5.1%, respectively, with its wind turbine manufacturing business operating at a loss.
However, the industry is expected to see a cyclical rush for installations in 2025, and with high order backlogs, turbine prices are likely to remain elevated. The average bid price for onshore wind turbines bottomed in September 2024 and has since risen for four consecutive quarters, increasing by 10% from January to August 2025. Given the roughly one-year lag between winning bids and delivery, profitability in turbine manufacturing could see a turnaround by 2026.
Great Wall Securities highlighted that Goldwind sold 18.45GW of wind turbines in the first three quarters of 2025, up 90% year-on-year, with 6MW and larger units accounting for about 86% of sales. Third-quarter sales reached 7.8GW, roughly flat compared to Q2. As of September 30, 2025, the company's external order backlog stood at 49.87GW, including 7.16GW in overseas orders.
Additionally, the "Beijing Wind Energy Declaration 2.0" set a target for China's annual new wind power installations to exceed 120GW during the 15th Five-Year Plan period, indicating sustained high industry demand. This bodes well for Goldwind's continued strong shipment growth.
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