Morgan Stanley lifted its target price for Xinjiang Goldwind Science & Technology (02208) to HK$11.69 from HK$8.42 and maintained its "overweight" rating.
The research house expects Goldwind to continue to gain share in the onshore wind turbine market. Morgan cited (1) production cost advantage underpinned by economies of scale; (2) ongoing new product launches ahead of peers backed by strong R&D; and (3) the tendency for wind farm developers to put more commercial emphasis on turbine quality to offer stable and low unit generation cost.
At the same time, Goldwind is building its offshore franchise in China, setting up
manufacturing plants in Jiangsu, Fujian, and Guangdong.
Morgan's net profit forecasts are Rmb2,809mn for 2019 (reduced 9.6%) and Rmb3,268mn for 2020 (raised 3.4%).
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