Original title: Comparative analysis of China's wind power tower competition landscape and the current status of major enterprises in 2022, offshore wind power continued layout "Figure"
1. The overall competitive status of the wind power tower industry
Tower and pile foundation prices are generally the same thing First, the cost-plus pricing model is adopted. The industry structure is currently relatively stable. The overall situation in 2021 is that gross profit margins and gross profits per ton have mostly declined (except for Haili Wind Power’s offshore towers, which are higher, others have declined). The pressure mainly comes from On the cost side, average prices are mostly rising, but the rapid rise in costs and average prices may put some pressure on processing fees or cost control. Judging from the development of several companies, Daikin Heavy Industries has the best stability.
Market share of Chinese tower manufacturers in 2020
Source: Compilation of public information
Gross profit margin trend of the overall wind power tower industry in China from 2015 to 2021
Source: Compilation of public information
2. Comparative analysis of major wind power tower companies
1, Sales
In terms of sales, Tianshun is still the domestic leader, with sales of 626,000 tons in 2021, followed by Daikin Heavy Industries (490,000 tons), Taisheng Wind Energy (418,000 tons), and Taisheng Wind Energy (395,000 tons) tons) and Haili Wind Power (183,000 tons); those with clear offshore sales are Taisheng Wind Energy (190,000 tons, accounting for 45.5% of its total tower sales) and Haili Wind Power (163,000 tons, accounting for 45.5% of its total tower sales) 89.1% of total sales). Haili Wind Power’s pile foundation sales reached 352,000 tons.
Sales volume comparison of major wind power towers in China from 2017 to 2021
Note: Haili Wind Power did not calculate 352,000 tons of pile foundations in 2021
Source: company bulletin, compiled by Huajing Industrial Research Institute
2, gross profit margin
Daikin in 2021, The gross profit margins of Haili, Tianshun, Taisheng (offshore), Taisheng (onshore) and Tianneng towers are 22.3%, 28.0%, 12.0%, 15.7%, 14.5% and 15.6% respectively. Except for Haili, all of them have basically declined, reflecting the pressure from the general trend of cost reduction on land. Haili will be relatively strong in 2021 because it has a high proportion of offshore and is basically located in Jiangsu and controls the terminal. In 2021, Haili's pile foundation gross profit margin is 28.5%, which is equivalent to its tower gross profit margin, a year-on-year increase of 4.6pct.
Tower gross profit margin trend of China's major wind power tower companies from 2017 to 2021
Source: company bulletin, compiled by Huajing Industrial Research Institute
3, average price
average price angle, except for Tianshun, where the average price has decreased and Haili's onshore tower There is a decrease, while others show an upward trend. Referring to the data of Haili and Taisheng, the average offshore tower prices are 11,044 yuan/ton and 9,887 yuan/ton respectively, a year-on-year increase of 10.5% and 6.7%. The average onshore tower prices are 6,473 yuan/ton and 8,246 yuan/ton respectively. tons, a year-on-year decrease of 22.9% and the same level. Because Haili’s onshore tower sales are very small, the price trend is not representative, and the average price of Taisheng is more representative. The average price of Haili's pile foundations is about 9,652 yuan/ton, which is equivalent to the cost of offshore towers. The increase in the average price of Daikin and Tianneng is mainly due to the increase in the proportion of offshore sales.
Average price trend of major wind power towers in China from 2017 to 2021
Source: company bulletin, compiled by Huajing Industrial Research Institute
4. Freight comparison
The single ton freight of Daikin Heavy Industries and Taisheng Wind Energy with their own terminals is 200-300. Yuan, while the freight for companies without docks is 100-200 Yuan higher. Among the four leading companies in the tower industry, Tianshun has the largest export business, followed by Daikin and Taisheng, while Tianneng Heavy Industry has no export business. Looking at the freight per ton (including land + sea + export), the freight per ton of Daikin and Taisheng is relatively low, around 200-300 yuan. It can be speculated that this mainly relies on the advantages of their own terminals. However, Tianshun has a large export volume and no dock, so it can only rely on the Taicang factory for export. The single-ton freight is about 200 yuan higher than the former two.From the perspective of single ton costs, the prices of Daikin, Haili, Tianshun, Taisheng (offshore), Taisheng (onshore), and Tianneng towers in 2021 are 7,031, 7,594, 7,269, 8,338, 7,052, and 7,472 yuan/ Ton.
Estimated single-ton freight rates for China's four major wind power tower leaders from 2018 to 2020
Source: Company bulletin, compiled by Huajing Industrial Research Institute
3. Production capacity and forward-looking layout
Tianshun Wind Energy2021H1 Tower production capacity totals 700,000 tons/year , and are actively expanding production in Tongliao , Puyang and other places, and it is expected that the tower production capacity will be 1.2 million tons/year by the end of 2023; in addition, the construction of the German & Sheyang offshore engineering base is also progressing steadily, and it is expected to form 60% by 2022 10,000 tons/year offshore engineering production capacity. The four major bases of Daikin Heavy Industry have a total designed production capacity of 1 million tons/year, focusing on sea breeze. The Penglai base in Shandong has a designed production capacity of 500,000 tons/year. It is the sea wind tower & pile foundation production base with the largest single production capacity and the most complete qualifications in the industry;
The four major domestic wind power tower companies are actively carrying out forward-looking layouts
Source: Compilation of public information
Original title: Comparative analysis of China’s wind power tower competition landscape and the current status of major companies in 2022, and the continued layout of offshore wind power "Picture"
Huajing The Industrial Research Institute conducted an in-depth analysis of the development status of China's wind power tower industry, the industry's upstream and downstream industry chains, competition patterns and key enterprises, to minimize the investment risks and operating costs of enterprises, and improve the competitiveness of enterprises; and use multiple A data analysis technology to predict industry development trends so that companies can seize market opportunities in a timely manner; for more details, please pay attention to the "2022-2027 China Wind Power Tower Industry Market Panoramic Assessment and Development" published by Huajing Industrial Research Institute Strategic Planning Report.
