Citi Raises GOLDWIND TP to HKD20, Bullish on Upcycle
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Citi has raised its target price for GOLDWINDfrom HKD18 to HKD20, maintaining a Buy rating. The company reported a 59.6% YoY increase in net profit to RMB907 million in Q1 2026 and aims for a gross margin of 9% to 10% for wind turbine sales. Despite rising production costs, particularly for copper and petrochemical components, the unit cost of bearings remains stable. Citi also increased its net profit forecasts for 2026 and 2028 by 8% to 9%, driven by investment income from wind farm disposals. The green hydrogen project is set to begin trial operations in Q3 2026.
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