Bank of America Securities: Raises Goldwind Science & Technology (02208) target price to HK$18.5, first quarter net profit exceeds expectations.

Bank of America Securities released a research report stating that Goldwind Science & Technology (02208) achieved a 60% year-on-year increase in net profit to 907 million yuan in the first quarter of this year, exceeding expectations. This growth was mainly driven by an increase in wind turbine shipments and the resumption of wind farm sales. The overall gross profit margin decreased by 5 percentage points year-on-year, mainly affected by the performance of wind farm operations and a decline in overseas shipments. The bank raised its average profit forecast for Goldwind Science & Technology for the years 2026 to 2028 by 3%, reflecting an increase in wind turbine shipment forecasts, with an expected 35% growth for the year, but partially offset by a decrease in wind turbine profit margin to 10.8%. The target price for Goldwind Science & Technology's Hong Kong stocks was raised from 17.6 HKD to 18.5 HKD, reaffirming a "buy" rating; the target price for Goldwind Science & Technology's A-shares (002202.SZ) was reduced from 31.6 yuan to 26 yuan, maintaining an "underperform the market" rating.