Chinese Wind Turbine Makers Feel the Pinch of Fierce Competition

What’s new: China’s major wind turbine manufacturers have seen their profitability squeezed as escalating industry competition depresses equipment prices.

Goldwind Science & Technology Co. Ltd. (002202.SZ), the largest wind turbine maker in the world, reported a 44% decline in 2023 net profit to 1.3 billion yuan, while sales revenue expanding 9% to 50.5 billion yuan, according to the company’s earnings report. Goldwind remains a top play in the industry with 20% market share at home and 13.9% globally.