China

China

Wind Wire: No surrender

Earnings at major Chinese wind turbine supplier Goldwind surged in the first half of 2009 on robust demand in the second quarter.

In the first six months, sales at the listed company more than tripled on year to CNY 3.8 billion ($557.5 million). Operating profit also more than tripled to CNY 666 million ($97.7 million), while net profit soared by a similar margin to CNY 564 million ($82.7 million). The solid results highlight Goldwind's effort to regain leadership after domestic rival Sinovel eclipsed it last year as the country's top turbine supplier. In the first six months, Goldwind installed more turbines in China than any other manufacturer. Goldwind says it has orders of 1.7 GW from tenders and expects net profit to grow by an even wider margin during the third quarter although contracts are yet to be signed. Earnings were also buoyed by lower prices for steel and other raw materials and components in the first half. The company has ramped up output from factories in Beijing, Xinjiang's Urumqi and Inner Mongolia's Baotou, and launched operations in Gansu's Jiuquan. It is building a production base in Xi'an, Shaanxi Province, and a base in Nanjing, Jiangsu Province, is due to begin soon. Last month, production of what Goldwind bills as the world's first 2.5 MW direct-drive wind turbines began at German subsidiary Vensys Energy. To maintain that momentum, Goldwind, which is currently listed on the Shenzhen Stock Exchange, plans to launch its shares on the Hong Kong stock market soon. Proceeds from the share sale would fund global expansion, product development and optimisation of supply chains. The company is readying a 5 MW direct-drive permanent magnetic wind turbine and assembled a prototype in August.

 

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