Goldwind Science & Technology (002202) Q2 2024 earnings summary

Executive summary

• Revenue for 1H24 reached RMB20,202 million (¥20.20 billion), up 6.32% year-over-year; net profit attributable to owners was RMB1,387 million (¥1.39 billion), up 10.83%.

• Core business segments include wind turbine manufacturing, wind power services, wind farm investment/development, and water/environmental services.

• Maintained global leadership in wind power solutions, with strong R&D, product innovation, and international expansion.

• Overseas cumulative installations reached 7,421MW, with business expansion into 42 countries and an overseas order backlog of 5,173MW.

• The company’s attributable, grid-connected wind power projects totaled 8,143MW as of June 2024, with 1,079MW added in 1H24.

Financial highlights

• Revenue for 1H24 was RMB20,202 million (¥20.20 billion), up 6.32% year-over-year; net profit attributable to owners was RMB1,387 million (¥1.39 billion), up 10.83%.

• Comprehensive profit margin for 1H24 was 18.25%; wind farm development margin was 56.44%; wind power services margin was 24.77%.

• Basic and diluted EPS: ¥0.3187, up 12.38% year-over-year.

• Net operating cash outflows totaled RMB8,151 million (¥8.15 billion) in 1H24; cash to total assets ratio was 5.87% at June 2024.

• R&D investment increased 30.29% to ¥1.03 billion.

Outlook and guidance

• Policy support remains strong, with China targeting non-fossil energy at 20% of consumption by 2025 and 25% by 2030, and carbon peaking by 2030.

• Company expects continued order growth, especially in 6MW+ turbines and international markets.

• Focus on technology innovation, digitalization, and integrated energy solutions to drive future growth.

• Global and domestic wind power markets expected to maintain high growth, with China remaining the largest market.