That should allow Goldwind to return to firing on all cylinders to start delivering on its lengthy backlog of orders, many from overseas, analysts say. Their bullishness comes as the wheels of commerce start turning again, with component shipments no longer hampered by China's tough Covid restrictions. But they have sagged since then, extending a slump that has seen them lose nearly 20% of their value since the start of the year.ĭespite the gloom, some analysts sense the wind may finally be turning in the company's favor as supply chains return to normal and global demand booms for renewable energy sources like solar and wind power.īrokerages GF Securities, Western Securities, and Huatai Securities all expect Goldwind's net profit to jump roughly 40% in 2023 - reversing last year's 36.1% slump. The company's shares rose slightly after the report's publication last week. Goldwind's sales fell 12.8% year-on-year to 5.56 billion yuan ($805 million) in the first three months of 2023, while its net profit declined 2.4% to 1.23 billion yuan, according to the report.

Its Hong Kong-listed shares hit a three-year low this week, as the company's first-quarter results showed it has yet to feel any effects from a rebound triggered by China's reopening since the start of the year. The world's biggest wind turbine maker clocked its worst year in a decade in 2022 as Covid disrupted supply chains and cut-throat competition squeezed its margins. After hitting the doldrums last year with its worst performance in a decade, 2023 is offering scant new breezes to fill the sails of Xinjiang Goldwind Science & Technology Co.

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