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Investing.com - JPMorgan downgraded Goldwind Science & Technology (HK:2208) (OTC:XJNGF) from Overweight to Neutral while raising its price target to HK$10.30 from HK$7.70.
The rating change follows Goldwind’s first-half 2025 performance, which exceeded expectations in its core turbine segment with gross profit margin reaching 8%, surpassing management’s full-year target of 7% and JPMorgan’s previous estimate of 6.4%.
JPMorgan noted that wind farm operations and disposals were disappointing, though it indicated the challenging outlook for wind farms is already reflected in the market with H-shares wind farm trading at 0.65 times price-to-book value.
The investment bank has increased its fiscal year 2025-2027 earnings estimates for Goldwind by 3% to 7%, with turbine earnings projections up more than 35%, offset by reduced disposal gains expectations.
The downgrade comes as Goldwind’s H-shares have outperformed its A-shares and the Hang Seng China Enterprises Index by 31% and 21% year-to-date, respectively, while JPMorgan maintained its Overweight rating on Goldwind’s A-shares.
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