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Zhu Yue’s research team, chief executive of CITIC Construction Investment’s power equipment and new energy industry, has launched a number of influential Goldwind Technology (002202) research reports. In this article, we summarize the reports as follows:
( click on the report title to read to read the full text ⬇⬇⬇)
tracking comments
2022/8/22
Goldwind Technology (002202) :The performance in the first half of the year was basically flat year-on-year, and MSPM orders increased significantly
2022/4/27
Goldwind Technology (002202): Wind turbine capacity sales increased by 30%, and the sale of power stations increased investment income
2022/3/27
Goldwind Technology (002202): Shipments declined after rush to install, asset impairment dragged down performance
2021/10/27
Goldwind Technology (0 02202): Large-scale wind turbines are combined with wind power operations to improve the company's profitability
Industry depth
2022/8/18
In the short term, focus on the cost elasticity of parts and components companies, and in the medium term Long-term optimistic about offshore wind power
2022/6/27
2022 mid-term investment strategy report: demand is not too controversial, the core focus is on the supply side
2022/ 6/3
Wind power investment review, why the forward-looking indicator switches from installed capacity to bidding
2022/4/18
New energy power generation industry 2022 investment strategy report Report: Technology leads the spring of change, and a new chapter is slowly unfolding
Key Conference
2022/4/15
From land to ocean, from China to the world - Wind power research methodology
2021/12/1
Wind power bearing technology development and domestic substitution
2022/3/12
Ocean wind cable and tower foundation demand outlook
2021/11/2
Goldwind Technology - 2022 Mid-term Capital Market Summit
Sales capacity increased significantly, and medium-speed permanent magnets increased rapidly
In the first half of 2022, the company achieved external sales capacity of 4,086MW, a year-on-year increase of 37.8% in the first half of 2021. Among them, the sales capacity of 3/4S platform units increased significantly to 2,333MW, a year-on-year increase of 102.5%, and the proportion increased to 57.1%; the sales capacity of medium-speed permanent magnet products was 702MW, accounting for 17.2%. Following the sales in the second half of last year, the sales volume increased month-on-month. An increase of 547%.
Wind farm development (including power plant transfer) supports overall performance. Judging from the segment data disclosed in the semi-annual report: the wind turbine manufacturing segment suffered a loss of 210 million yuan, and the sales unit price in the first half of the year was 2,548/KW, a year-on-year decrease of 39.6%. First, the main model 3S /4S price fell by 31.4%. Secondly, the sales of high-priced Sea Breeze model 6S/8S fell by 89.1%. The gross profit margin of fans and parts was 12.6%, a year-on-year decrease of 7.8 percentage points. The wind farm development (including farm transfer) segment made a profit of 1.91 billion yuan. At the end of the second quarter, the grid-connected installed capacity was 6.14GW, a year-on-year increase of 0.52GW, and the grid-connected power was 5.708 billion KWH, a year-on-year increase of 16.1%. Gross profit margin was 68.3%, a year-on-year decrease of 5.5 percentage points. The wind power services segment made a profit of 90 million yuan. At the end of the second quarter, service installed capacity was 25.4GW, a year-on-year increase of 48%. Gross profit margin was 19.8%, a year-on-year increase of 12.9 percentage points.
Tender volume continues to increase significantly year-on-year, and wind turbine prices stabilize at low levels
According to company statistics, in the first half of 2022, the domestic public bidding market saw a new tender volume of 51.1GW, an increase of 62.3% over the same period last year, and close to the level of the whole year of last year. Among them, 42.0GW of new onshore tender capacity and 9.14GW of offshore new tender capacity were added. In June 2022, the average bid price of wind turbines from wind power manufacturers in the entire market was 1,939 yuan/kilowatt, which was a significant rebound from the 1,872 yuan/kilowatt at the end of March 2022. In the second half of the year, wind turbine prices are expected to stabilize and rebound due to large downstream demand.
It is expected that wind turbine deliveries will grow rapidly throughout the year, and MSPM models will continue to work
Affected by the epidemic, my country will add 12.94GW of newly installed wind power capacity in the first half of 2022. In the second half of the year, it is expected to rush for installation, and the forecast of 55-60GW of new wind power capacity will be maintained throughout the year. . Against the background of the increase in installed capacity in the second half of the year, we expect that with the arrival of the wind power construction peak in the second half of the year, it is expected to exceed the 5GW level in the third and fourth quarters, and the full-year shipment target is 16GW, of which 14GW is recognized, a year-on-year increase of more than 30% in 2021 . In the second quarter, new orders on hand for the
MSPM model reached 9.3GW, and the company's overall orders on hand also reached a record high of 24.1GW. MSPM sales began to gradually increase, and the gross profit margin also increased from 7.3% in the second half of 21 to the current 10.2%. In the future, with the increase in orders and deliveries, the profitability of MSPM models is likely to continue to increase. In addition, the delivery volume of high-margin Sea Breeze models is expected to increase in the second half of the year, and the gross profit margin of wind turbines is expected to increase to 15% in the second half of the year.
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