Zhitong Financial APP learned that Morgan Stanley released a research report that downgraded Xinjiang Goldwind Science & Technology (02208) to "keep pace with the market". Due to changes in its product mix, its wind turbine (WTG) shipments are expected to increase and its market share will stabilize at 28% Rue 30%. However, the 2022-24 business gross profit margin may be reduced to 14.8% MAQ 15.4%, and the target price will be reduced to HK $16.48.
According to the report, China's offshore wind power development is expected to continue to exceed market expectations, and the company, China's leading wind turbine manufacturer, should benefit from the broad prospects of the wind power industry in China's carbon-neutral development process. But given Xinjiang Goldwind Science & Technology's large proportion of onshore business and fierce competition among wind turbine participants, there is little sign of the market entering the consolidation phase in the short term.