JPMorgan released a research report stating that Goldwind (02208) delivered strong earnings in the first three quarters, with a 44.2% year-on-year increase to RMB 2.584 billion. Although backlog orders slightly declined during the period, average selling prices remained stable, and the company expects further gross margin improvements next year.

Management targets onshore wind power generation capacity of 23GW and offshore capacity of 2.6GW this year, with China's offshore wind installations expected to continue growing in 2025. However, policy changes pose challenges to wind farm operations and sales, potentially leading to impairment risks.

As a result, JPMorgan raised Goldwind's 2026–2027 earnings forecasts by 8–10%, maintaining a "Neutral" rating on its H-shares while lifting the target price by 17% from HK$10.3 to HK$12. The firm also reiterated an "Overweight" rating on Goldwind's (002202.SZ) A-shares, raising the target price by 16% from RMB 14.6 to RMB 17.