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<Research> UBS Raises TP of GOLDWIND (02208.HK) to HKD26.9 with 'Buy' Rating
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UBS published a research report indicating that GOLDWIND (02208.HK)'s performance in the fourth quarter of last year was below expectations due to impairment losses, but the outlook for its turbine business remains optimistic. The company's net profit for the entire year was RMB28 billion, up 49% YoY; fourth-quarter net profit was RMB190 million, up 178% YoY but down 83% QoQ, falling short of market expectations mainly due to an impairment loss of RMB1.1 billion in its wind farm business. The firm noted that benefiting from the anti-involution trend in the wind power industry, which boosted average selling prices, and increased overseas shipments, last year's gross profit margin was 8.95%, up 3.9 ppts YoY. Although the Middle East conflict has led to short-term fluctuations in overseas shipping and raw material costs, exerting pressure on this year's gross profit margin, the firm predicts that the gross profit margin could reach 12% to 15% between 2027 and 2030, maintaining an optimistic long-term outlook. The firm lowered GOLDWIND's EPS forecast for 2026 to 2028 by 10% to 18%, mainly reflecting the decline in wind farm business profitability and short-term gross margin pressure due to the Middle East conflict. The target price was raised from HKD25 to HKD26.9, equivalent to a 10x P/E ratio for the wind turbine business and a 2x P/B ratio for the wind power generation business in 2027, maintaining a 'Buy' rating. (ec/u) Auto-translated by third-party software This translation was auto-generated by third-party software. 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. More Details
URL: www.aastocks.com 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. |
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