Goldwind Technology (002202): Turning point of wind turbine sales volume shows stable development of operation business

Goldwind Technology (002202): Turning point of wind turbine sales volume shows stable development of operation business
Event: The company released its 2018 annual report on March 30, 2018.At the core of the report, the company achieved operating income of 287.31 ppm, an increase of 14 in ten years.33%; realized net profit attributable to parent company 32.1.7 billion, a five-year growth of 5.30%. Investment Highlights: The performance is in line with Shen Wanhongyuan’s expectations, and the sales of wind turbines have increased significantly.At the core of the report, the company achieved operating income of 287.31 ppm, an increase of 14 in ten years.33%.This is mainly due to the increase in the company’s sales capacity of wind turbines, the increase of wind farm capacity in the operation phase, the improvement of the abandoned wind power restriction index, and the increase in power generation compared to the same period last year.Report the statutory net profit attributable to the parent company32.1.7 billion, a five-year growth of 5.30%, mainly due to the expansion of the gross profit margin of wind turbines and the increase in research and development expenses. High orders ensure that the market share is increased and global competitiveness is further enhanced.As of the end of 2018, the company’s external contract orders were 12,852.35MW, the company won the bid without 5657.6MW, total external orders of 18509.95MW, an increase of 16 per year.27%.The report summarizes that the company’s sales revenue of wind turbines and parts was RMB 222.40 ppm, an increase of 14 per year.37%; In 2018, the company realized a sales volume of 5,861MW, a year-on-year increase of 15.34%, of which 2.The sales capacity of 0MW units has increased significantly, accounting for 59% of sales capacity in 2017.67% increased to 74.39%.According to Bloomberg New Energy Finance statistics, Goldwind has more than 6 new domestic installations in 2018.7GW (including 400MW offshore), with a market share of 32%, ranking first in China for eight consecutive years; ranking second in the world in 2018. Wind power abandonment has been improved, and the scale of wind farms has steadily increased.With the continuous improvement of wind power curtailment, the company’s wind farm investment and development business is expected to achieve better results 佛山桑拿网 in the report, the power transaction volume and power generation revenue continue to increase, grid-connected installed capacity, reserves for pending construction projects to achieve steady growth, power generationHours exceeded industry average.According to the reported amount, the company’s domestic newly installed grid-connected capacity was 780.90MW, newly added 721 installed capacity of grid-connected equity.3MW; 2411 wind farm project under construction.6MW, equity capacity 1540.04MW.In 2018, the country’s newly-approved equity capacity was 889MW. At the end of 2018, the domestic approved equity capacity that had not yet started was 2012.21 MW.The unit’s average power generation hours exceeded 2200 hours. Maintain profit forecast and maintain “Buy” rating.As a leader in wind turbine manufacturing, the company is expected to continue to lead the industry.Taking into account the dilution of the share capital brought by the rights issue, the company is expected to realize a net profit of attributable to its mother in 19-20.00, 50.00 ppm, the corresponding EPS is 0.97, 1.21 yuan / share, adding a profit forecast for 2021. It is expected that net profit attributable to mothers will reach 60 trillion in 2021, corresponding to an EPS of 1.45 yuan / share.The current PE corresponding to 19-21 years is 14 times, 11 times and 9 times respectively, maintaining the “buy” level.