Goldwind Science & Technology (002202) Q4 2024 earnings summary

Executive summary

• Global wind power installations in 2024 reached 121.6 GW, up 3.9%, with China contributing 85.5 GW and maintaining industry leadership.

• 2024 revenue reached RMB56,699 million, with net profit attributable to owners at RMB1,860 million, and a comprehensive profit margin of 13.80%.

• WTG manufacturing and sales accounted for 68.87% of revenue, with record growth and a global cumulative installation of 135 GW across 38 countries.

• The company achieved a historic order backlog of 47.4 GW, with 80% of orders above 6 MW and strong overseas presence.

• Sustainability initiatives included 61.8% of global operations powered by green electricity and significant reductions in emissions and energy use.

Financial highlights

• Revenue for 2024 was RMB56,699 million, up from RMB50,457 million in 2023.

• Comprehensive profit margin rose to 30.8%, up 0.74% year-over-year.

• Net profit attributable to owners was RMB1,860 million, with income tax reduced by RMB 750 million.

• Weighted average ROE for 2024 was 4.91%.

• Asset liability ratio at year-end was 73.96%, with total assets of RMB 155.2 billion.

• Cash-to-total-assets ratio was 7.49%, with strong operating cash flow and quarterly financing reserves of at least RMB 40 billion.

Outlook and guidance

• Global renewable capacity forecast to reach 935 GW by 2030, with wind and solar accounting for 97% of additions.

• Offshore wind installations expected to exceed 40 GW in 2029 and 60 GW in 2032, with a 25% CAGR until 2028.

• By 2030, 100% of global production and operations to be powered by green electricity.

• Key suppliers to achieve 100% green power production by 2025; all products to be recyclable by 2040.

• Wood Mackenzie forecasts China's new grid-connected onshore wind capacity to exceed 72 GW annually through 2033.