金风科技JP-Morgan 72页分析报告
20101202

Margin to the Balance

Investment summary................................................................4
Key investment drivers............................................................5
Valuation analysis ....................................................................7
Sensitivity analysis ....................................................................................................10
Key Share Price Drivers.........................................................11
Investment positive 1: Pioneer in Direct Drive Technology in China .......................11
Investment positive 2: Strong & sustainable supportive Government policies..........18
Investment positive 3: Cost savings on upstream integration ....................................21
Investment positive 4: New recurring revenue sources..............................................25
Investment risk 1: ASP declines due to overcapacity ................................................29
Investment risk 2: Grid connection problems ............................................................32
Investment risk 3: Weak overseas market in the near term........................................37
Financial assessment ............................................................40
Income Statement ......................................................................................................40
Cash Flow Statement .................................................................................................41
Balance Sheet.............................................................................................................42
Major Assumptions....................................................................................................43
Company Description ............................................................44
Management Profile ...............................................................47
Segment Overview .................................................................49
Segment 1: Wind Turbine Manufacturing .................................................................49
Segment 2: Wind Power Services..............................................................................52
Segment 3: Wind Farm Development........................................................................54
Appendices .............................................................................56
Appendix 1: China Wind Power Industry - Key Information ....................................56
Appendix 2: Global Wind Power Industry - Key Information...................................60
Appendix 3: Offshore Wind Market in China............................................................62
Appendix 4: Comparison with peers..........................................................................67
Goldwind: Summary of Financials........................................68