Financial Risk Analysis of Goldwind Technology (002202.SZ)’s Heavy Asset Model

Based on the obtained financial data, I will conduct an in-depth analysis of the financial risks of Goldwind Technology’s heavy asset model for you.

According to the 2024 annual report data, Goldwind Technology’s asset structure is as follows [0][1]:

Asset Category	Amount (100 million RMB)	Proportion
Current Assets	686.01	44.19%
Non-current Assets	866.23	55.81%
Total Assets	1552.24	100%

The non-current asset ratio of 54.72% you mentioned is basically consistent with the actual data, and the company is indeed a typical heavy asset operation model.

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• Current Ratio 0.98
  : Below the safety threshold of 1.0, there is pressure on short-term debt repayment [0]
• Quick Ratio 0.70
  : Inventory accounts for a high proportion of current assets, limiting liquidity
• Net Current Liabilities 3.273 billion RMB
  : Turned to net current liability status in 2024, further tightening liquidity [1]

In 2024, the company made a large-scale asset impairment provision [1]:

• Fixed asset impairment:
  577 million RMB
  (wind farm, photovoltaic power station projects)
• Other intangible asset impairment:
  190 million RMB
  (sewage and sludge treatment plant projects)
• Total:
  767 million RMB

Under the heavy asset model, equipment depreciation and policy changes (such as electricity price adjustments) may continue to create impairment pressure.

• Wind farm development projects require large upfront investments
• The scale of ongoing projects is large, and the capital recovery cycle is long
• Credit rating report points out: The company faces
  high investment expenditure pressure
  , which may further push up financing demand [1]

• Accounts receivable and inventory together account for
  over 60%
  of current assets [1]
• The scale of trade receivables reaches
  30.825 billion RMB
  , which significantly occupies working capital

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✅

: Has a complete wind power industrial chain, and can diversify risks through industrial chain extension [1]
✅ : Provides support for future business growth
✅ : Sufficient bank credit, financing capacity is guaranteed [1]
✅ : Green methanol business is expected to open up new installed capacity demand

⚠️

: Wind power installed capacity demand directly affects asset utilization
⚠️ : New policies on electricity marketization transactions may affect power station profitability
⚠️ : Affects the profit margin of the equipment manufacturing segment

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Assessment Dimension	Risk Level	Explanation
Solvency	Medium Risk	Current ratio <1, quick ratio is low
Asset Quality	Medium Risk	There is impairment pressure, high proportion of non-current assets
Cash Flow	Need Attention	Free cash flow was negative in 2024 (-5.355 billion RMB) [0]
Profit Stability	Medium Risk	ROE 6.81%, net profit margin only 3.84% [0]
Comprehensive Risk	Medium Risk	Financial analysis rating is “moderate_risk” [0]

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1. Continuously monitor changes in liquidity and solvency
2. Track the provision of asset impairment reserves
3. Pay attention to changes in wind power industry policies and installed capacity demand
4. Keep an eye on the progress of accounts receivable collection

• The company’s “Outperform” rating remains unchanged [1]
• Green transformation business (green methanol) may become a new growth point
• Strong stock price performance (1-year increase of 103.80%), market confidence is relatively sufficient [0]

As a leading enterprise in wind power equipment manufacturing and development, Goldwind Technology’s high proportion of non-current assets is determined by industry attributes. Currently, the financial risk is at a , but continuous attention needs to be paid to its liquidity management and asset impairment risks. For investors with low risk appetite, it is recommended to focus on tracking its solvency indicators and cash flow improvement.

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[0] 金灵AI金融数据库 - 金风科技财务数据
[1] 东方财富网 - 金风科技2024年年报点评 (https://pdf.dfcfw.com/pdf/H3_AP202504031650883465_1.pdf)
[2] 香港交易所 - 金风科技2024年年报 (https://www.hkexnews.hk/listedco/listconews/sehk/2025/0424/2025042401338_c.pdf)
[3] 信用评级报告 - 2024年度金风科技股份有限公司信用评级 (http://qxb-pdf-osscache.qixin.com/AnBaseinfo/0b91eb68c362c435c4ae0479a4096205.pdf)