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<Research>JPM Lifts GOLDWIND (02208.HK) TP to $12, Raises Earnings Forecasts
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GOLDWIND (02208.HK) showed strong 1-3Q25 earnings performance, with a YoY increase of 44.2% to RMB2.584 billion, JPMorgan issued a research report saying. During the period, the order backlog slightly decreased, but the average price remained stable. It is also expected that the gross profit margin will further improve next year. Moreover, the management aims for onshore power generation to reach 23GW this year, while offshore power generation will reach 2.6GW, with China's offshore wind installations anticipated to continue growing next year. However, policy changes posed challenges to the operation and sale of wind farms, bringing potential impairment risks. As a result, the broker raised its 2026-2027 earnings forecasts for GOLDWIND by 8-10%, and kept rating at Neutral on GOLDWIND's H-shares. JPMorgan lifted its target price by 17% to $12 from $10.3. The broker also kept rating at Overweight for GOLDWIND's A-shares (002202.SZ), and raised its target price from RMB14.6 to RMB17, representing an increase of 16%. AASTOCKS Financial News Website: www.aastocks.com |
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