Table of contents

We favor players with an established track record: Goldwind (Buy) is our top pick; Neutral for CHSTE and Huayi 2
Valuation: PEG the preferred valuation metric 3
Demand drivers: mandatory incentives + potentially improved economics 6
Growth bottlenecks: supply tightness + operational reliability + technology gap 9
Earnings potential: market share expansion on protective regulatory regime 11
Margin trends: Lower opex a cushion for domestic WTG makers; strong pricing power of component makers
minimizes margin downside 12
Goldwind (002202.SZ, Buy): Best placed on established track record 14
China High Speed (0685.HK, Neutral): Geared for growth 17
Huayi Electric (600290.SS, Neutral): Position in transition 20
Appendix I: Corporate structure 23
Appendix II: Industry highlights 24
Disclosures 27