Goldwind Science & Technology (002202) Q4 2023 earnings summary

Executive summary

• FY2023 revenue reached RMB50,457 million, up 8.66% YoY; net profit attributable to owners was RMB1,331 million and weighted average ROE was 3.45%.

• WTG external sales totaled 13,772MW, down 0.7% YoY; year-end external order backlog was 29.8GW, with 49% in 6MW-and-above turbines.

Financial highlights

• Comprehensive profit margin was 17.14%, maintaining the same level YoY.

• WTG manufacturing and sales revenue was RMB32,937 million versus RMB32,602 million in 2022; gross margin was 5.97% versus 6.02%.

• Wind farm development revenue rose to RMB10,915 million from RMB6,910 million; gross margin was 47.30% versus 65.39%.

Outlook and guidance

• IEA forecasts global renewable capacity of 7,300GW by 2028 under its main case; solar and wind additions are expected to reach nearly 710GW, with renewables accounting for 96% of additions over the next five years.

• GWEC expects annual offshore wind installations to exceed 30GW in 2026 and 50GW by 2030; 2023–2032 additions are forecast above 380GW.

• Wood Mackenzie forecasts China onshore wind grid connections above 59GW annually in 2023–2032, totaling 597GW of additions; repowering is forecast to reach 62GW by 2032.