CS Wind씨에스윈드

CS Wind's trailing results still show revenue of ₩2.78T and a 10.7% operating margin, but net profit has nearly vanished and the share price has fallen sharply over the past month.

CS Wind makes wind towers and offshore wind substructures, with factories across several countries and customers such as Vestas, SGRE, Orsted and RWE. For the twelve months to H1 2026, operating income was ₩296B but net income was only ₩4.3B, leaving a 0.2% net margin, and borrowings of ₩578B exceed cash of ₩433B. The shares closed at ₩40,550 on 26 October 2026, down 19.1% over one month and 9.6% over one year.

What stands out

• Revenue fell 4.6% in 2025 to ₩2.93T after a 102.1% jump in 2024 to ₩3.07T, and the trailing figure is ₩2.78T.
• Operating margin is still reasonable at 10.7% trailing, but net income dropped to ₩4.3B, well below 2024's ₩142B, so the gap between operating and net profit is worth understanding.
• Liabilities are 161.7% of equity and ROE is 0.4%, so returns on the capital base are very thin.
• The DCF-based fair value model gives a base of ₩113,667, bear ₩54,375 and bull ₩219,329, but these are model outputs, not forecasts, and sit well above the current price.
• Foreign ownership eased from 16.4% to 16% over 60 days, and 20-day flows were net foreign and retail selling against net institutional buying.

What to watch

• The advance earnings notice filed on 26 October 2026 signals upcoming full-year results; the data does not include its figures.
• A treasury share sale decision (7 October 2026) and a debt guarantee for another party (10 August 2026) could affect share supply and balance sheet risk.
• Whether the trailing net margin recovers toward its 2025 level, given the high leverage and the lack of recent news headlines in the data.