长城证券研报指出，金风科技作为风电行业整机龙头，国内新增风电装机连续14年排名第一，全球新增风电装机连续三年排名第一。以风机及零部件制造+风电场开发+风电服务三大业务板块协同发展，在全球累计装机超138GW，业务遍及六大洲47个国家。2019-2024年公司营收CAGR为8.2%，期间经历行业竞争加剧，净利下滑见底后于2024年恢复增长，随着海外、海上风机出货放量叠加国内陆上机组价格企稳以及批量化降本，2025Q1制造端盈利显著改善。期间费用率整体呈现下行态势，应收账款/预付款项/存货居高位，奠定业绩增长基础。能源转型目标下风电装机需求高增，公司新产品两海开拓进展顺利。此外，公司深耕“两海”+技术降本+服务网络构建强大护城河。维持公司“买入”评级。
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