CS Wind Reports Record Q3 Revenue of 273.3 Billion KRW, Up 47% Year-on-Year

[Asia Economy Reporter Minji Lee] CS Wind announced on the 9th that it recorded sales of 273.3 billion KRW and an operating profit of 31.7 billion KRW in the third quarter, marking increases of 46.8% and 73.5% respectively compared to the same period last year. This is the highest quarterly performance ever.

The operating profit margin rose by 1.8 percentage points from 9.8% to 11.6%. The annual order amount reached 750 million USD in mid-October 2020, which not only significantly exceeded last year's order amount of 650 million USD but also surpassed this year's target of 700 million USD.

It is understood that sales increased sharply due to the recent doubling and tripling of production capacities at the Vietnam and Malaysia subsidiaries, respectively, and the establishment of a new subsidiary in Taiwan. In addition, early stabilization of new facilities and realization of economies of scale are estimated to have contributed to both quantitative and qualitative growth.

Industry experts expect CS Wind's growth to continue as global demand for renewable energy surges explosively. With Joe Biden's election in the recent U.S. presidential election, rejoining the Paris Climate Agreement is anticipated, and China is also expected to sustain a long-term market boom due to preparations for the 2022 Beijing Winter Olympics and its 2060 carbon neutrality declaration.

CS Wind plans to diversify its product lineup in response to the trend of global wind towers becoming larger and heavier, and to continue diversifying its supply sources by additionally securing customers in the European market that were previously supplied by Chinese tower companies.

A CS Wind official stated, “Although there may be slight discrepancies due to exchange rate fluctuations, this year's sales target is also expected to be smoothly achieved,” adding, “As the world's number one wind tower company, we will focus on technology and product development to respond to market trends that increasingly demand higher manufacturing difficulty and accelerate the expansion into new markets.”