Goldwind Science & Technology (002202) Q3 2024 earnings summary

Executive summary

• Revenue for Jan–Sep 2024 reached RMB35,839 million, up 22.24% year-over-year; Q3 revenue was RMB15,640 million, up 51.55% year-over-year.

• Net profit attributable to owners for Jan–Sep 2024 was RMB1,792 million, up 42.14% year-over-year; Q3 net profit was RMB405 million, a 4,195.25% increase year-over-year.

• Total assets at period end were RMB156,310 million, up 8.93% from the previous year-end.

• External sale capacity for Jan–Sep 2024 totaled 9,709.76MW, up 9.05% year-over-year.

• Overseas cumulative installation reached 8,051MW, with business expansion into 42 countries.

Financial highlights

• Net profit for Jan–Sep 2024 was RMB1,792 million, with a comprehensive profit margin of 16.43%.

• Operating cash outflow for Jan–Sep 2024 was RMB6,507 million, up 37.80% year-over-year.

• Basic and diluted EPS for Jan–Sep 2024 were RMB0.4093, up 46.91% year-over-year.

• R&D expenses rose 44.51% year-over-year to RMB1,500 million.

• Trade receivables at Sep 2024 were RMB31,436 million (20% of total assets); days of trade receivables was 184.

Outlook and guidance

• Recent state policies emphasize dual control of carbon emissions, green transformation, and equipment upgrades in energy sectors.

• By 2030, significant progress is expected in green transformation and resource efficiency.

• Tradable green certificates for renewable energy, including wind, are being implemented.

• Overseas orders reached 5,536.02MW, up 45.48% year-over-year.

• Total order backlog as of Sep 30, 2024, was 44.28GW, with 41.38GW external orders, up 40.53% and 38.21% year-over-year, respectively.