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When did the wind power industry slowly recover the industry inflection point?
The wind power industry has been under a two-year slump, and both overseas institutional investors and domestic funds are closely watching whether the sector has finally reached a turning point. After a period of decline, the industry began to show signs of recovery in 2013, with Goldwind, one of China's leading wind turbine manufacturers, reporting a significant jump in profits. The company expects its net profit attributable to shareholders to rise by between 350% and 400% in the first three quarters of 2013.
This positive outlook attracted intense interest from major institutional investors. In September alone, several top domestic and international institutions, including Huaxia Fund, Castrol, Bosch, UBS, NordeaBank, and Invesco Investment Management, conducted extensive research on Goldwind Technologies. These visits reflected growing confidence in the company’s performance and future prospects.
Goldwind’s research records indicate that September was particularly busy for institutional investors. On September 4th, Chongyang Capital sent representatives to investigate the company. A week later, Huaxia Fund’s Chen Yongqiang visited. On September 24th, Bo Shi Fund’s Chen Pengyang participated in a phone interview. The Harvest Fund team, including Yao Zhipeng, Yu Linlin, and Wu Yunfeng, conducted a group visit on September 25th, while the Bank of China Fund’s Tianyuan carried out an on-site inspection on the following day.
Overseas investors also showed strong interest in Goldwind, given its listing on the Hong Kong Stock Exchange. Institutions like UBS and Invesco were among those conducting due diligence during the month. Despite the company’s success in the domestic market, many investors were focused on whether the wind power industry had truly turned a corner after years of challenges.
According to a representative from Goldwind, the industry is slowly recovering but hasn’t yet reached a real turning point. In 2010, China saw its highest level of new wind capacity installations, but this dropped in 2011. Goldwind forecasts that new domestic installations will remain between 15GW and 16GW from 2013 to 2015, still below the 2011 levels.
In addition, the number of wind equipment manufacturers has decreased from over 80 to more than 60 in recent years, with some companies exiting the market. However, competition remains fierce, and the government has introduced regulations to raise industry standards, signaling that further consolidation is likely.
Government support has also played a key role in the recovery. In March 2013, the Ministry of Finance announced additional subsidies for renewable energy, with wind power receiving the largest share—RMB 9.3 billion out of a total RMB 14.8 billion allocated for renewables. This financial boost has helped the industry regain momentum.
Investors are also paying close attention to Goldwind’s international expansion. While the domestic market remains the core, the company is gradually building its reputation abroad. Its overseas operations are currently concentrated in regions with strong economic foundations and established wind power industries, such as North America and Australia. As Goldwind accumulates more operational data and strengthens its brand globally, it is expected to see more growth in foreign markets.
From a stock market perspective, Goldwind has shown strong performance in both the Hong Kong and A-share markets. On September 23, its A-share stock hit the daily limit, indicating active fund participation and investor confidence. With continued policy support, industry consolidation, and expanding global presence, Goldwind is well-positioned to capitalize on the long-term potential of the wind power sector.