Guotai Junan International lifted its target price for Xinjiang Goldwind Science & Technology (02208) to HK$22 from HK$16.1 and reiterated its "buy" rating.
The research house expects no less than 30 GW of new wind power installations in China per year from 2021 to 2030. Meanwhile, it noted that The Beijing Declaration on Wind Energy called for an average annual newly installed wind capacity of above 50 GW in the next 5 years and above 60 GW after the year 2025.
Guotai Junan said the ambitious wind energy development target proposed by the Beijing Declaration indicates that the wind power equipment industry is ready and will actively participate in the efforts in achieving the long-term strategic goal of carbon neutrality advocated by President Xi Jinping.
Guotai Junan is optimistic about the outlook of the wind industry in China and believes that Goldwind will become the biggest beneficiary of the surging wind power investment in China.
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