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<Research> Citi Raises GOLDWIND (02208.HK) TP to HKD20, Bullish on Upcycle
Recommend 3 Positive 3 Negative 2 |
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Citi issued a research report stating that GOLDWIND (02208.HK) recorded a 59.6% YoY increase in net profit to RMB907 million in 1Q26. The company maintained its full-year 2026 wind turbine sales gross margin target of 9% to 10%. Management revealed that unit production costs have risen, particularly for components related to copper and petrochemical products. Blade costs account for about 30% of total production costs, while bearing costs represent 5% to 10%. However, the unit cost of bearings in China remains relatively stable. In addition, the first-phase green hydrogen/green methanol project is expected to commence trial operations in 3Q26, with output projected to reach 500,000 tonnes in 2027. Citi raised its net profit forecasts for 2026 and 2028 by 8% to 9%, mainly driven by increased investment income from wind farm disposals. The TP was lifted from HKD18 to HKD20, corresponding to a forecast 2026 price-to-earnings ratio of 18.6x, price-to-book ratio of 1.6x and dividend yield of 1.8%. The Buy rating was reiterated. (hc/u) This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. Auto-translated by AI AASTOCKS Financial News |
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