金风科技2026年第一季度报告：营收与利润大增，订单及激励计划进展显著

亮点摘要

• 营业收入同比大增63.48%，达到人民币154.85亿元，归属于上市公司股东的净利润同比增长59.65%，至9.07亿元。
• 公司风机及零部件销售规模显著扩大，推动收入及毛利增长。
• 投资收益暴增547.17%，主要因转让子公司收益增加。
• 公司订单量创新高，在手外部订单共计50.7GW，海外订单占比超过18%，同比增长5.56%。
• 2026年一季度对外销售容量同比增长133.45%，达6,040.89MW。
• 公司持续推进限制性股票激励计划，部分股票已解除限售并完成回购注销。
• 现金流方面，投资活动现金净流入同比增长127.19%，但经营活动现金流净额仍为负值。
• 公司首次回购H股，显示对股价的支持和回馈股东的决心。
• 发行绿色科技创新债券，增强公司融资能力。

详细解读

一、财务表现显著提升

金风科技2026年第一季度营业收入为人民币154.85亿元，同比增长63.48%，显示公司核心业务持续扩张。归属于上市公司股东的净利润为9.07亿元，同比增长59.65%，扣除非经常性损益后净利润更是增长65.54%。基本每股收益为0.2091元，稀释每股收益为0.2080元，均同比增长约61%。加权平均净资产收益率提升至2.23%。

营业成本、税金及附加、财务费用均有所增加，其中营业成本增长73.95%，主要受风机及零部件销售规模扩大影响。投资收益大涨547.17%，公允价值变动损失增加，信用减值损失同比增加70.19%，反映出公司在风险管理和资产处置上的挑战。

二、现金流与资产状况

经营活动净现金流仍为负（-15.47亿元），但较去年同期有所改善。投资活动现金净流入9.82亿元，同比大幅增长，主要因投资回收与相关现金增加。筹资活动现金净流入13.91亿元，同比减少58.39%，反映公司融资活动收缩。

公司总资产达1,680.32亿元，归属于上市公司股东的所有者权益为447.08亿元。

三、订单与销售容量创新高

2026年1-3月，公司对外销售容量达6,040.89MW，同比增长133.45%。其中，6MW及以上机组销售占比超过90%。截至2026年3月31日，公司外部待执行订单总量为41,192.82MW，外部中标未签订单为9,506.97MW，在手外部订单共计50,699.79MW，海外订单量为9,567.22MW。在手订单总量（含内部订单）达53,934.25MW，同比增长5.56%。

四、股东结构与激励计划

截至报告期末，普通股股东总数为692,833。前十大股东中，香港中央结算（代理人）有限公司持股18.29%，新疆风能有限责任公司、三峡新能源（集团）等国有法人合计持股超过20%。公司无控股股东，无实际控制人，股权结构分散。

2024年限制性股票激励计划持续推进，首次授予3,940万股，预留授予282.82万股，部分未解除限售股票已回购注销。2026年1月，公司已完成1,140.90万股限制性股票的解除限售手续。

五、回购与债券发行

公司2025年起启动A股集中竞价回购计划，回购资金总额不低于3亿元且不超过5亿元，截至2026年3月尚未回购A股股份。公司2026年首次回购H股股份10,000股，成交均价14.505港元/股，显示管理层对公司价值的信心。

公司于2025年、2026年发行绿色科技创新债券，总额不超过30亿元，提升公司绿色融资能力。

六、潜在影响与股价敏感事项

• 营收与利润大幅增长，订单创新高，显示公司业绩持续向好，或提振投资者信心。
• 投资收益暴增、海外订单持续增长，增强公司国际竞争力。
• 限制性股票激励计划推进与回购注销，有利于稳定核心团队与优化股权结构。
• 首次回购H股，增强市场信心，可能对股价形成支撑。
• 绿色科技创新债券发行，强化公司融资能力与可持续发展。

风险提示

经营活动现金流仍为负，信用减值损失与资产处置损失增加，需关注公司资金链与资产质量风险。

免责声明：本文基于金风科技2026年第一季度报告整理，仅供参考，不构成投资建议。投资者应结合自身风险承受能力，谨慎决策。

Goldwind Technology Q1 2026 Report: Revenue and Profits Surge, Order Book and Incentive Plan Progress

Key Highlights

• Revenue up 63.48% YoY to RMB 15.485 billion; Net profit attributable to shareholders up 59.65% YoY to RMB 907 million.
• Wind turbine and component sales expanded significantly, driving revenue and gross profit growth.
• Investment income soared 547.17%, mainly due to subsidiary disposal gains.
• Record-high order book: external orders total 50.7GW, with overseas orders over 18%; total on-hand orders up 5.56% YoY.
• External sales volume up 133.45% YoY to 6,040.89MW in Q1 2026.
• Progress in restricted stock incentive plan; some shares unlocked and some repurchased and cancelled.
• Investment cash net inflow up 127.19% YoY; however, net operating cash flow remains negative.
• First-ever H-share repurchase, showing commitment to shareholder returns and share price support.
• Issuance of green technology innovation bonds to enhance financing capacity.

Detailed Analysis

1. Strong Financial Performance

Goldwind’s Q1 2026 revenue reached RMB 15.485 billion, up 63.48% YoY, reflecting robust business expansion. Net profit attributable to shareholders was RMB 907 million, up 59.65% YoY; net profit excluding non-recurring items grew 65.54%. Basic EPS was RMB 0.2091, diluted EPS RMB 0.2080, both up ~61%. ROAE improved to 2.23%.

Operating costs, taxes, and finance expenses all increased, with operating costs up 73.95% due to larger sales volumes. Investment income jumped 547.17%, but fair value losses and credit impairment losses also rose, indicating asset management and disposal challenges.

2. Cash Flow and Assets

Operating cash flow remained negative (-RMB 1.55 billion), though improved from last year. Investment cash net inflow was RMB 982 million, up sharply. Financing cash net inflow was RMB 1.39 billion, down 58.39% YoY, signaling tighter financing activities.

Total assets reached RMB 168.03 billion; equity attributable to shareholders was RMB 44.71 billion.

3. Record Orders and Sales Volumes

Q1 2026 external sales capacity reached 6,040.89MW (+133.45% YoY), with over 90% in 6MW and above units. As of March 31, 2026, external orders awaiting execution totaled 41.19GW, external awarded but unsigned orders 9.51GW, total external orders 50.7GW (overseas 9.57GW), total on-hand orders (including internal) 53.93GW (+5.56% YoY).

4. Shareholder Structure & Incentive Plan

As of the end of the reporting period, ordinary shareholders numbered 692,833. Top 10 shareholders include Hong Kong Central Clearing (Agent), Xinjiang Wind Energy, and China Three Gorges New Energy, with no controlling shareholder or actual controller.

Ongoing restricted stock incentive plan: 39.4 million shares granted in 2024, 2.83 million shares reserved; 1.28 million shares repurchased and cancelled; 11.409 million shares unlocked in January 2026.

5. Repurchase & Bond Issuance

Company launched A-share repurchase plan (RMB 300-500 million); as of March 2026, no A-shares repurchased. First H-share repurchase of 10,000 shares at HK\$14.505 per share, showing management confidence.

Issued green technology innovation bonds totaling up to RMB 3 billion, strengthening sustainable financing.

6. Potential Price-sensitive Information

• Strong revenue and profit growth, record orders, and international expansion may boost investor confidence.
• Investment income surge and overseas orders strengthen competitiveness.
• Incentive plan progress and share repurchase/cancellation optimize equity structure and stabilize the core team.
• First H-share buyback and green bond issuance support share price and sustainability.

Risks

Operating cash flow remains negative; rising credit impairment and asset disposal losses require attention to liquidity and asset quality risks.

Disclaimer: This article is based on Goldwind Technology’s Q1 2026 report and is for reference only. It does not constitute investment advice. Investors should make decisions based on their own risk tolerance.

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