Goldwind reports record-high order backlog of 18 GW at end-2018
The White Rock wind farm. Source: Windhoist
Chinese wind turbine maker Xinjiang Goldwind Science & Technology (HKG:2208) on Friday posted financial results for 2018 that met its expectations and reported a record-high order backlog of roughly 18 GW, up 16.27% on the year.
Goldwind saw its net profit attributable to the parent company rise by 5.3% to CNY 3.22 billion (USD 479.8m/EUR 427m), with operating revenue increasing 14.49% to CNY 28.59 billion. It says in its financial report for 2018 that the competition in the wind power sector has become “increasingly fierce” because of a series of policies in China, such as the launch of competitive bidding and the phasing out of subsidies.
Revenue from the sale of wind turbine generators and components went up by 14.59% to CNY 22.17 billion, with the company realising external sales of 5,861 MW, up by 15.34%. At the same time, revenue from power generation climbed by 20.2% to CNY 3.9 billion.
The gross profit margin of the wind turbine manufacturing segment fell to 18.7% from 24.9% in 2017.
At the year end, Goldwind had a global cumulative installed capacity of over 50 GW, of which more than 48 GW was in China. The company is pursuing a so-called “Two Seas” strategy through which it seeks to actively develop offshore wind power, expand overseas and promote the overseas development of its core business.
The board of Goldwind has recommended the payment of a final dividend of CNY 2.5 per every 10 shares, including tax, from the company’s retained undistributed profit for the fiscal year. The final dividend will be distributed to shareholders on or before August 30, 2019.