Goldwind shares jump after profits boost
World leading turbine-maker saw total orders on hand hit 51GW, a steep increase, with almost 7GW of that for overseas markets
Goldwind’s profits jumped 71% year-on-year in the first quarter as the Chinese wind turbine manufacturer enjoyed surging orders and announced a share buyback plan.
Goldwind shares on the Hong Kong stock exchange rose 15.8% today, while its shares on the Shenzhen stock exchange rose 6.8%. These gains helped reverse a steep slump in its share price in early April, when US President Donald Trump announced 145% tariffs on Chinese goods.
The leading Chinese turbine maker saw its net profits attributable to shareholders rise to 568m yuan ($78m) for the first three months this year in its latest financial results.
The company’s operating income rose to 9.5bn yuan ($1.3bn), a 35.7% jump year-on-year. Goldwind said this was mainly due to increasing sales of wind turbines and components.
Goldwind also reduced losses for the net cash flows from operating activities, which stood at minus 1.6bn yuan ($220m), compared to minus 6bn yuan for January-March last year.
The basic earnings per share were 0.13 yuan, up 79% year-on-year.
Goldwind saw first quarter external sales of 2.6GW, an increase of 80%. As of the end of March, Goldwind’s total orders on hand amounted to 51GW, an increase of 51.81%. Of those orders, 6.9GW were for overseas markets.
Goldwind also announced that it will repurchase between 300-500m yuan of its shares if its plan is approved by shareholders.
The largest shareholders in Goldwind are Xinjiang Wind Power (11.8%), Hexie Health Insurance (11.2%) and China Three Gorges Renewables (9.2%). Xinjiang Wind Power and China Three Gorges are both state-owned renewables developers.
(Copyright)