[Click e-Stock] "CS Wind Exceeds First-Quarter Expectations"

On May 9, Hana Securities analyzed wind power equipment manufacturer CS Wind, stating, "The company's first-quarter results exceeded market expectations, and order trends for this year are expected to show a low-to-high pattern, centered on European offshore wind power and U.S. onshore wind power." The firm maintained its target price of 68,000 won and a 'Buy' investment rating.

According to CS Wind's consolidated financial statements disclosed the previous day, the company's provisional first-quarter results showed sales of 901.9 billion won and operating profit of 125.2 billion won. Sales increased by 22.4% compared to the same period last year, and operating profit turned positive, surpassing the consensus among securities firms. Although overseas production subsidiaries are experiencing cost burdens related to capacity expansion, margins improved due to increased production volume.

Despite the announcement in early March of the cancellation of a North America-bound substructure contract, the company's previously presented annual performance guidance remained unchanged. Analyst Yoo Jaeseon commented, "Demand for onshore wind power in North America remains solid, and both Europe and Vietnam are continuing to perform well, benefiting from anti-dumping tariffs imposed on Chinese products." He also stated, "Order trends for this year are expected to follow a low-to-high pattern. For offshore wind power, as major European countries lead market expansion, utilizing local supply chains is expected to increase market share going forward. In North America, policy risks have been excessively reflected, and considering the strong demand observed in practice, a meaningful long-term recovery is anticipated."

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