Tianshun Wind Energy (002531): The main wind power industry promotes rapid profit growth and production capacity continues to expand to ensure future growth
The company’s 2019 net profit is expected to increase by 50% -70%, which is in line with the expected company announcement. In 2019, the company’s net profit attributable to the parent is expected to increase by 50% -70% to reach 7.
98 ppm; single quarter expected net profit attributable to mother to 1.
7.2 billion, in line with expectations.
The company’s rapid growth is expected to achieve a significant increase in demand for the wind power equipment industry in 2019. The company will expand its production capacity in a timely manner in the past two years. The production and sales of towers, blades and molds in the new energy equipment manufacturing sector will increase significantly compared to 2018.
The scale of wind farm grid-connected capacity of the company’s new energy development segment has increased compared to 2018, and the abandonment rate of wind farms in Xinjiang has decreased.
The wind tower production capacity expanded steadily, and the gross profit rebounded from the ton. The company’s capacity increase was mainly due to the completion of the expansion and expansion of the Taicang Plant, Baotou Plant, and Zhuhai Plant.
In addition, the company built 10 new wind towers in Tancheng, Shandong, and successfully put into production.
In addition, the company completed the acquisition of a new base overseas, replacing 10 production capacity, expanding and expanding overseas production capacity.
Recently, the company announced that it plans to build 12 onshore wind tower capacities in Wulanchabu, Inner Mongolia, and plans to invest USD 1.6 billion in the offshore wind power market in Sheyang, Jiangsu, to build 25 alternative offshore equipment capacity plans.
The company’s 18-year wind tower capacity is in the adjustment period, affecting the company’s scale of production and sales. The current capacity adjustment is completed, and the 19-year output is expected to increase by more than 25%.
The company’s capacity expansion continues, and it is expected to reach more than 80 in the future, and the company’s wind tower performance will maintain rapid growth.
215MW wind farm was newly added, and wind farm operation growth was highly certain. A total of 680MW wind farms were newly built and operated, with a planned start of 199.
The company’s Heze Licun second-phase wind farm has realized grid-connected power generation, Nanyang Tongbai Xiemaling wind farm has realized full-grid power generation, and Shandong Tancheng 150MW project has all been grid-connected.
In the past two years, the company’s wind farm operating capacity has continued to increase, which will bring stable revenue growth to the company. The decline in the wind 南宁桑拿 abandonment rate of the company’s Xinjiang Hami project will also bring a significant increase in the company’s profits.
The first phase of Changshu has reached production, with significant growth in revenue and gross profit margin. The future space will exceed 2018. The company’s first phase of the Changshu Tianshun blade production base officially commenced production, and the ramp-up of production capacity was basically completed.
The company’s blade gross margin reached 29.
42%, an increase of 3 per year.
In the first half of 2019, due to the recovery in industry demand and the long-term trend of overlapping large-scale wind power equipment, the supply of large-scale wind power blades in China has been in short supply to a certain extent.
The company will continue to pay attention to the overall supply and 北京桑拿 demand of the blade market and the state of regional development, and in accordance with its own customer development, it will timely expand the capacity of the blade segment.
At present, the company’s blade business customers are mainly domestic customers. In the future, it will open up overseas markets and are waiting for the machine to start the second phase of the project. The blade business must break through the upside.
Investment suggestion We believe that the company’s 18-year wind tower performance affected by the gross profit per ton has not increased significantly, and it has improved significantly in 2019. It is estimated that the net profit attributable to the mother in 2019-2021 will be 7.
EPS is 0.
77 yuan, maintaining a target price of 8.
00 yuan, given a “buy” rating.
Risks suggest that increasing installed capacity in overseas markets will decrease and affect the company ‘s overseas wind tower business. The company ‘s overseas orders cannot maintain positive growth; the abandonment rate has not been improved, wind power investment is subject to policy constraints, and domestic new installed capacity has not increased, affecting industry demand; steel pricesrise.