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GOLDWIND(2208)
Analysis¡G
As the global leader in wind turbine manufacturing, Goldwind Science & Technology has drawn significant market attention due to favorable overseas policies and gains from its cross-sector investments.
Starting April 1, 2026, the UK will eliminate import tariffs on 33 wind power components (such as blades and cables), reducing the tariff rate from 2%¡V6% to 0%. This will substantially lower the overseas cost for Chinese wind power components.
The EU is accelerating its energy transition, creating additional market opportunities in Europe for Chinese wind turbine manufacturers with strong scale advantages.
As one of the earliest Chinese wind power companies to expand internationally, Goldwind has established a global ¡§1+1+6¡¨ R&D layout, along with 7 regional centers, 5 global solution factories, and 3 international production bases.
Its overseas business has successfully penetrated markets across North America, Oceania, Europe, Asia, South America, and Africa, giving it comprehensive capabilities to deliver stable and reliable renewable energy solutions worldwide.
To date, the company¡¦s operations span six continents and 47 countries. Its installed capacity has exceeded 2GW in both Asia (excluding China) and South America, and over 1GW each in North America, Africa, and Oceania.
In the first three quarters of 2025, Goldwind recorded operating revenue of RMB 48.146 billion, representing a year-on-year increase of 34.34%. Net profit attributable to shareholders reached RMB 2.584 billion, up 44.21% year-on-year.
From January to September 2025, the company achieved external sales of 18,449.70 MW, a year-on-year surge of 90.01%. Of this, units of 6MW and above accounted for 15,877.15 MW, or 86.06% of total sales.
As of September 30, 2025, the company¡¦s total external pending orders stood at 38,861.14 MW, consisting of:
• Under 4MW: 605.12 MW
• 4MW (inclusive) to 6MW: 6,596.23 MW
• 6MW and above: 31,659.79 MW
External bid-won but unsigned orders totaled 11,012.73 MW, including 1,119.80 MW for 4¡V6MW units and 9,892.93 MW for 6MW+ units.
Total external orders in hand reached 49,873.87 MW, of which overseas orders accounted for 7,161.72 MW. In addition, there were 2,586.97 MW of internal orders.
Overall orders in hand totaled 52,460.84 MW, representing an 18.48% year-on-year increase.
The Global Wind Energy Council (GWEC) released its Global Offshore Wind Report 2025, forecasting that global new offshore wind installations will exceed 350GW over the next decade (2025¡V2034). By the end of 2034, cumulative global offshore wind capacity is projected to surpass 441GW.
GWEC further noted that China¡¦s new offshore wind installations from 2025 to 2030 will total 80GW, accounting for 51% of global new offshore wind capacity during that period.
On the cross-sector investment front, Blue Arrow Aerospace ¡X in which the company invested eight years ago ¡X has received approval for its STAR Market (¬ì³ÐªO) IPO application. The book value of this investment is expected to appreciate by more than 50 times.(I do not hold the above stock.)
Strategy¡G
Buy-in Price: $16.20, Target Price: $18.00, Cut Loss Price: $15.30
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MICROPORT NEURO(2172)
Analysis¡G
The Company is a pioneer and the largest in China's neurointerventional medical device industry, with a comprehensive product portfolio covering three major areas of neurovascular diseases, namely, hemorrhagic stroke, cerebral atherosclerosis stenosis and acute ischemic stroke. In the first half of 2025, the Company achieved operating revenue of 383 million yuan, down 6.2% yoy; net profit attributable to the parent company was 92.92 million yuan, down 35.3% yoy, primarily due to domestic centralized procurement price pressures and the termination of agency product collaborations. However, profitability and internationalization progress still demonstrated resilience, with a net profit margin as high as 24%. The Company's product portfolio continues to expand, with five new products approved since 2025, while overseas operations are accelerating breakthroughs, helping to hedge against domestic centralized procurement risks. The Company holds a 22.3% stake in Rapid Medical, strengthening overseas technical collaboration, and has granted 500,000 share purchase rights to the brain-computer interface R&D director. Leveraging the clinical entry point of neurointervention, it is positioning itself in the cutting-edge medical-grade BCI sector, benefiting from the national policy framework that includes BCI in the "Future Industries" initiative.
Strategy¡G
Buy-in Price: $10.95, Target Price: $12.70, Cut Loss Price: $10.00
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Great Wall Motor (2333 HK) New Energy Vehicles and Overseas Markets Drive Sales Growth
Investment SummaryRevenue Growth Amid Transformation While Profits Face PressureAccording to the 2025 annual result forecast of Great Wall Motor, the Company reported total revenue of RMB222.79 billion in the full year (RMB, the same hereafter), up 10.2% yoy. Net profit attributable to shareholders was RMB9.912 billion, down 21.7% yoy. Non-GAAP net profit attributable to the parent company fell 36.5% yoy to RMB6.158 billion. The decline in profit was mainly due to the Company accelerating the build-out of a new channel model that connects directly with users, while also increasing investment in the launch and promotion of new models and technologies as well as brand enhancement, which reduced the Company's profitability. Looking at the fourth quarter alone, the Company recorded net profit attributable to the parent company of RMB1.28 billion, down 43.5% yoy and down 44.4% qoq, mainly due to one-time year-end bonus accruals and delayed tax refunds on scrapped vehicles. Excluding these factors, the Company's operations remained stable. New Energy Vehicles and Overseas Markets Drive Sales Growth, While Product Mix Optimisation Lifts Per-Vehicle RevenueSales volume of Great Wall Motor reached a record high of 1,324 thousand units in 2025, up 7.3% yoy, driven by the dual engines of new energy vehicles and overseas markets. Among them, sales of new energy vehicles reached 404 thousand units, up 25.4% yoy, with the proportion of NEVs expanding by 4.4 percentage points to 30.5%. Overseas sales reached 506 thousand units, up 11.7% yoy, with the overseas sales ratio expanding by 1.5 percentage points to 38.2%. Among the Company's sub-brands, Haval, WEY, Tank, Ora, and pickup recorded sales volume of 759 thousand, 102 thousand, 233 thousand, 48 thousand, and 182 thousand units respectively, up 7.41%/+86.29%/+0.74%/-23.68%/+2.57% yoy respectively. The high-end brand Tank remained stable, while WEY grew significantly, with WEY Alpine achieving over 10,000 monthly deliveries for three consecutive months. With the continuous optimisation of the product sales structure, the average selling price per vehicle rose steadily. In 2025, the Company's ASP rose up 2.7% yoy, or RMB4,400, to RMB168.3 thousand, reflecting further strengthening of the brand. Platform Opens a New Product CycleIn January 2026, Great Wall Motor launched the world's first native AI full-powertrain platform ¡V GWM One. The platform is compatible with five powertrain types: PHEV, HEV, EV, FCEV, and ICE, covering seven vehicle categories including sedan, SUV, pickup, MPV, and sports car. It is equipped with self-developed 6C cells and a 900V architecture. The first flagship six-seat model based on the GWM One platform, the WEY V9X, is set to debut soon. Deepening Globalisation Strategy to Support Long-Term GrowthThe Company has set a sales volume target of 1.8 million units for 2026, including 600 thousand units from overseas markets, equivalent to an increase of 18.6%. We expect the incremental volume to come mainly from the continued roll-out of overseas localised production capacity and the accelerated expansion of overseas dealer networks (currently deployed in 1,500 locations). The Company has established three complete vehicle production bases in Thailand, Brazil, and Russia, and operates multiple KD factories in Pakistan, Vietnam, Tunisia, and other locations. Investment ThesisThe Company has set resolute strategic objectives and clear steps for new energy and high-end-oriented transformation. The roll-out of a series of new models and the deepening of overseas market deployment in this strong product cycle, along with the scale effect emerging after channel improvements, are expected to support the Company's continued growth momentum. Considering latest financial forecast, we revised our target price to HK$17, equivalent to 13.2/9.5/7.6x P/E and 1.5/1.3/1.1x P/B in 2025/2026/2027. We maintain our Buy rating. (Closing price as at 10 March) GWM¡¦s P/E trend 
Source: Wind, Phillip Securities Hong Kong Research RisksNew vehicle sales fall short of expectations
The SUV market dramatically worsens
The progress of new energy vehicle/Pickup is poorer than expectations Financial Data
(Closing price as at 10 March) Download PDF Report
| Recommendation on 16-3-2026 | | Recommendation | Buy (Maintain) | | Price on Recommendation Date | $ 12.390 | | Suggested purchase price | N/A | | Target Price | $ 17.000 |
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