Net earnings in 1Q2021 went up YoY by 8.6% to RMB972 mn. Revenue and net profit of Goldwind in 1Q2021 went up YoY by 24.8% and 8.6% to RMB6,822 mn and RMB972 mn, respectively. The operating result of the Company during the period was largely in line with our expectation. During 1Q2021, wind turbine external sales reached 1,091 MW, up YoY by 28.8%.
Orders backlog at the end of 1Q2021 reached 15.96 GW, with 14.45 GW of external orders and 1.51 GW of internal orders. Consolidated gross margin of Goldwind in 1Q2021 was up 6.9 ppt YoY to 28.4%, while net margin slipped 2.1 ppt YoY to 14.2%. Gross margin of wind turbines in 1Q2021 was approximately 15%, flat compared to that of 4Q2020.
Goldwind is expected to ship no less than 10 GW of wind turbines externally per year from 2021 to 2023. Under the existing carbon neutrality national strategy, we expect that at least 200 GW of new wind capacity will be added to the power asset portfolio of China during the 14th Five-Year Plan period, implying no less than RMB1.4 trillion in wind power engineering investment during the next 5-year period. We expect newly installed wind power capacity in China from 2021 to 2023 to be 40 GW/50GW/50 GW, respectively. With a domestic market share of approximately 25%, Goldwind is expected to ship externally no less than 10 GW of wind turbines per year from 2021to 2023.
Reiterate the"Buy"rating and maintain our TP of HK$19.10. Amid the carbon neutrality national strategy, we remain optimistic about the outlook of Goldwind. Our TP corresponds to 20.0x/18.8x/17.7x 2021 to 2023 PER or 1.9x/1.7x/1.6x2021to 2023 PBR.