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impressive Observation, The Entire Chinese Wind Power Industry Chain 2021, the financial status of wind power Companies

Wind Power Industry, Since August, the semi-annual financial reports of listed wind power companies have been disclosed one after another. At present, 24 listed wind power companies have announced their semi-annual results.

Wind Power Industry Machine makers: 6 companies including Goldwind Technology, Mingyang Intelligent, Yunda, Electric Wind Power, Dongfang Electric (Dongfang Wind Power), and CRRC (CRRC Wind Power) have announced.

Wind Power Industry Tower enterprises: 5 companies including Tianshun Wind Energy, Daikin Heavy Industry, Tianneng Heavy Industry, Taisheng Wind Energy, and Hengrun have announced;

Wind Power Industry Blade companies: 4 companies including Sinoma Technology, Times New Materials, Shangwei New Materials, and Jiuding New Materials have been announced;

Wind Power Industry bearing and forging manufacturers: 7 companies including Xinqianglian, Tongyu Heavy Industry, Riyue, Jinlei, Guangda Special Materials, Zhonghuan Hailu, and Zhenjiang have announced;

Wind Power Industry converter companies: Two companies including Sungrow Power Supply and Hewang Electric have announced;

In addition, Wind Power Industry manufacturer of the wind turbine nacelle cover: Double One Technology; the wind power gear manufacturer: Hangzhou Gear Forward, etc. have also been announced.

Among the 24 wind power related companies listed in the statistics, Goldwind has the highest operating income and non-net profit deduction; Xinqianglian is the company with the highest year-on-year growth in revenue; Yunda shares the highest increase in non-net profit deduction Enterprise; Jinlei shares are the company with the highest gross profit margin and the lowest debt-to-asset ratio.

Wind power integrator

On the whole, Goldwind is still the leader among wind power equipment manufacturers, with the highest operating income, the highest net profit, the highest wind turbine sales, and the highest gross profit rate, which make it maintain its leading position in the complete machine queue; The deduction of non-net profits of Da shares soared by 1108.91% year-on-year, becoming the machine manufacturer with the highest growth rate of deduction of non-net profits.

Goldwind is the company with the highest revenue among wind power OEMs, and its operating revenue of 17.9 billion yuan keeps it in the leading position. However, in the first half of 2021, the revenue growth rate for the first time in history has become negative, which is worthy of vigilance.

In the first half of 2021 Wind Power Industry, the top three sales of Goldwind Technology’s wind turbines are 6S/8S, 3S/4S, and 2S level wind turbines, with revenues of 5.05 billion, 4.235 billion, and 3.265 billion respectively; and the revenue of 2S level wind turbines in the first half of 2020 is 11.564 billion yuan. The cumulative total of 6S/8S and 3S/4S fans is only 1.845 billion yuan. And the gross profit margin of 6S/8S (25.94%) and 3S/4S (18.8%) level fans is much higher than that of 2S (14.5%) level fans.

Wind Power Industry

Mingyang Intelligent’s semi-annual revenue was 11.15 billion yuan, a year-on-year increase of 33.94%; non-net profit was 1.023 billion yuan, a year-on-year increase of 96.6%. In terms of fan sales, Mingyang’s smart fan sales growth rate was 15.74%, far lower than the 141% sales growth rate in the same period last year. In terms of gross profit margin, the year-on-year growth turned negative to positive, and the gross profit margin rose from 18.57% to 21.16%, but it was still 0.58% lower than the same period in 2020.

Yunda’s semi-annual revenue was 5.008 billion yuan, a year-on-year increase of 41.42%, while non-net profit deduction was 122 million yuan, a year-on-year increase of 1108.91%, becoming the wind power complete machine manufacturer with the fastest growth rate of non-net profit deduction in the first half of 2021 ! In terms of wind turbine business, in the first half of the year, Yunda’s new orders for wind turbines hit a record high, reaching 7956.3MW; the sales volume of wind turbines reached 1565.4MW, an increase of 41.07% year-on-year. The gross profit margin of the specific wind turbine business was 19.95%, a year-on-year increase of 7.43 percentage points.

Electric Wind Power Industry, as a newly launched wind power complete machine manufacturer in the A-share market, delivered good results in its first financial report: revenue reached 12.25 billion yuan, an increase of 117.34% year-on-year; non-net profit reached 313 million yuan, a sharp increase year-on-year 464.75%. In the nearly five semi-annual financial reporting cycles, the growth rate of electrical and wind power revenue has maintained continuous growth, which is worth looking forward to.

In terms of gross profit margin, the gross profit margin of electric and wind power is relatively low, only 16.43%. There is still a need to reduce corporate operating costs and further increase gross profit margin. The R&D cost of electric wind power in the first half of 2021 is as high as 330 million yuan, demonstrating the company’s determination to seek breakthroughs in technology.

Wind Power Industry Dongfang Electric’s total operating income was 22.737 billion yuan, a year-on-year increase of 28.07%; non-net profit was 1.227 billion yuan, a year-on-year increase of 24.96%. Specifically in terms of wind power business, Dongfang Electric has set three records of “largest on the sea, largest on land, and highest altitude”. The financial report shows that Dongfang Electric’s wind power business revenue was 6.395 billion yuan year-on-year, an increase of 267.62% year-on-year; profit contributed 739 million yuan, an increase of 280.92% year-on-year.

Wind Power Industry CRRC’s total operating income was 95.464 billion yuan, a year-on-year increase of 6.78%; non-net profit was 2.799 billion yuan, a year-on-year decrease of 8.38%. In terms of specific wind power business, CRRC’s wind power business belongs to “emerging industries”, which specifically includes products such as wind turbines, blades, gearboxes, towers, converters, wind power elastic supports, and wind power super capacitors. In the first half of 2021, the revenue of the emerging industries increased by 25.49% year-on-year. In view of the revenue growth, CRRC stated that “mainly the increase in revenue from the wind power business”.

It is worth noting that in the first half of 2021, the wind turbine sales structure of complete wind power manufacturers has undergone certain changes: Goldwind, Mingyang, and Electric Wind Power focus on the large-megawatt wind turbine market. The sales scale of small megawatt wind turbines decreased, while the sales scale of large megawatt wind turbines increased, the sales of onshore wind turbines decreased, while the sales of offshore wind turbines increased; among them, the sales volume of 1.5MW and 2S-class wind turbines of Goldwind Technology decreased by 98.08% and 71.51% respectively, while that of 3S Sales of /4S and 6S/8S fans increased by 316.80% and 379.43% respectively.

The sales volume of Wind Power Industry Mingyang smart onshore wind turbines decreased by 29.10% year-on-year, and the sales volume of offshore wind turbines increased by 236.94% year-on-year. Electric wind power produced 727 finished units in the first half of the year, of which 521 were offshore wind turbines and 206 were onshore wind turbines.

The actual delivery was 503, an increase of 20.33% over the same period last year. There were 362 offshore wind turbines and 141 onshore wind turbines, respectively. An increase of 235.19% and a decrease of 54.52% over the same period of the previous year. Yunda focuses on the 2.0MW~2.5MW (exclusive) and 2.5MW-level markets. The sales of the two types of wind turbines increased by 179.77% and 36.23% respectively, while the sales of 3.0MW-level wind turbines decreased by 1.45 percentage points.

In terms of gross profit margin, since the current complete machine manufacturers often develop wind turbine operation and maintenance, project development and other businesses in addition to the wind turbine sales business, the International Energy Network/Wind Power Toutiao has extracted four complete machine vendors Related gross profit margin data for the core business of wind turbine sales: Goldwind’s gross profit margin was 20.34%, an increase of 8.21 percentage points year-on-year; Yunda’s gross profit margin was 19.95%, an increase of 7.43 percentage points year-on-year; Mingyang Intelligent (-1.52) %) and Electric Wind Power (-0.34%), the gross profit margin of the wind turbine sales business both declined.

Tower manufacturer

Wind Power Industry Five tower companies, including Tianshun Wind Power, Daikin Heavy Industry, Tianneng Heavy Industry, Taisheng Wind Energy, and Hengrun, publish semi-annual reports. Among them, Tianshun Wind Energy’s main business includes wind power towers and blades. Hengrun shares The main business is tower flanges.

On the whole, with the exception of Tianshun Wind Energy, the operating income level among the four wind power tower companies is below 2 billion yuan, and the market share is relatively balanced. Tianshun Wind Energy, as a “wind tower tube + wind turbine blade” dual manufacturing company, focuses more on the wind tower business. The wind tower revenue reached 58.6% of the total revenue, and the revenue was 1.927 billion yuan, making it one of the four wind tower companies.

The first name. However, Wind Power Industry Tianshun Wind Energy’s revenue fell by 9.6% year-on-year. The company believes that “in the first half of 2021, in the first half of 2021, facing a short-term correction in the market after the end of the onshore wind power “rush to install”, the company’s onshore wind tower production and sales have declined to a certain extent.”

Daikin Heavy Industry’s operating income was 1.673 billion yuan, a year-on-year increase of 49.33%. It was the company with the largest increase in revenue among tower companies. Its tower business generated revenue and contributed the highest proportion of profits among the five companies. enterprise.

Wind Power Industry Tianneng Heavy Industry’s operating income was 1 billion yuan, a year-on-year decrease of 18.73%, and non-net profit deduction decreased by 8.64%. The wind power tower business accounted for 74.76% of its revenue, a decrease of 13.35 percentage points, and only contributed 46.57% of profits. The gross profit margin of the tower business fell by 2.04 percentage points.

In the first half of 2021, Taisheng Wind Energy put more emphasis on the cultivation of the offshore wind power market: the revenue of offshore wind power products in the first half of the year was 875 million yuan, accounting for 62.74%; the revenue of onshore wind power products was 462 million yuan, accounting for 33.13%.

Compared with the same period last year, the proportion of Wind Power Industry business has been reversed, which is closely related to the current form of offshore wind power installation. In response to the rapid development of offshore wind power business, Taisheng Wind Energy stated that the company is developing into the entire category of offshore towers, pipe piles, jackets, and booster station platforms.

Hengrun’s main business is wind turbine tower flanges. The business revenue was 696 million yuan, accounting for 58.38% of total revenue, an increase of 0.29% year-on-year; profit accounted for 68.84%. The gross profit margin of the business was as high as 39.68%, a year-on-year increase of 1.44%.

Blade manufacturer

In terms of Wind Power Industry blades, Tianshun Wind Energy, Sinoma Technology, and Times New Materials are direct manufacturers of wind power blades, and Shangwei New Materials and Jiuding New Materials are mainly engaged in wind power blade materials.

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Sinoma Technology is still the undisputed leader in the domestic wind power blade industry. In the first half of the year, Sinoma Technology’s wind power blade business revenue was 3.08 billion yuan, a year-on-year decrease of 5.8%, accounting for 32.45% of total operating income; it contributed a profit of 330 million yuan, A year-on-year decrease of 15.4%, accounting for 23.17% of total profit. Blade sales were 4554MW, a slight decrease of 0.7% year-on-year. At the same time, the sales of 3MW and above wind turbine blades accounted for 50%.

Wind Power Industry Times New Material’s total revenue was 7.626 billion yuan, a year-on-year increase of 30.18%; non-net profit was 121 million yuan, a year-on-year increase of 635.99%. Among them, wind power blades contributed 2.588 billion yuan in revenue, a year-on-year increase of 12.38%. In terms of wind power, Times New Materials stated that in the first half of the year, Yunda, Envision, Dongfang Wind Power and other customers added 550 sets of blade orders, but due to the impact of the suspension of some offshore blade orders, coupled with changes in blade sales structure and rising raw material prices, overall profitability Affected to some extent.

Wind Power Industry Tianshun Wind Energy has outstanding performance in the blade business: In the first half of 2021, Tianshun Wind Energy’s blade sales were 397 sets, a year-on-year increase of 33.7%; operating income was 693 million yuan, a year-on-year increase of 8.11%; gross profit margin was 19.74%, a year-on-year decrease of 4.88 Percentage points. At the same time, Tianshun Wind Energy has built a new blade production base in Shangdu, Inner Mongolia, which is expected to be put into operation in 2022.

Unlike other companies, in the first half of 2021, Wind Power Industry Shangwei New Materials increased its revenue by 41.29%, but the final loss of non-net profit deducted 3,169,400 yuan, a year-on-year decrease of 106.39%, which was nearly cut in half. In response to this performance, the company said: “The main reason is that the price of raw materials remains high, and the adjustment of sales prices is smaller than the increase in costs.”

Jiuding New Materials’ operating income was 294 million yuan, an increase of 60.79% year-on-year, and it was the largest increase in revenue among blade companies.

Bearing, casting manufacturer

In terms of Wind Power Industry blades, Tianshun Wind Energy, Sinoma Technology, and Times New Materials are direct manufacturers of wind power blades, and Shangwei New Materials and Jiuding New Materials are mainly engaged in wind power blade materials.

Wind Power Industry Sinoma Technology is still the undisputed leader in the domestic wind power blade industry. In the first half of the year, Sinoma Technology’s wind power blade business revenue was 3.08 billion yuan, a year-on-year decrease of 5.8%, accounting for 32.45% of total operating income; it contributed a profit of 330 million yuan, A year-on-year decrease of 15.4%, accounting for 23.17% of total profit. Blade sales were 4554MW, a slight decrease of 0.7% year-on-year. At the same time, the sales of 3MW and above wind turbine blades accounted for 50%.

Wind Power Industry Times New Material’s total revenue was 7.626 billion yuan, a year-on-year increase of 30.18%; non-net profit was 121 million yuan, a year-on-year increase of 635.99%. Among them, wind power blades contributed 2.588 billion yuan in revenue, a year-on-year increase of 12.38%.

In terms of wind power, Times New Materials stated that in the first half of the year, Yunda, Envision, Dongfang Wind Power and other customers added 550 sets of blade orders, but due to the impact of the suspension of some offshore blade orders, coupled with changes in blade sales structure and rising raw material prices, overall profitability Affected to some extent.

Wind Power Industry Tianshun Wind Energy has outstanding performance in the blade business: In the first half of 2021, Tianshun Wind Energy’s blade sales were 397 sets, a year-on-year increase of 33.7%; operating income was 693 million yuan, a year-on-year increase of 8.11%; gross profit margin was 19.74%, a year-on-year decrease of 4.88 Percentage points. At the same time, Tianshun Wind Energy has built a new blade production base in Shangdu, Inner Mongolia, which is expected to be put into operation in 2022.

Unlike other companies, in the first half of 2021, Wind Power Industry Shangwei New Materials increased its revenue by 41.29%, but the final loss of non-net profit deducted 3,169,400 yuan, a year-on-year decrease of 106.39%, which was nearly cut in half. In response to this performance, the company said: “The main reason is that the price of raw materials remains high, and the adjustment of sales prices is smaller than the increase in costs.”

Jiuding New Materials’ operating income was 294 million yuan, an increase of 60.79% year-on-year, and it was the largest increase in revenue among blade companies.

Converter manufacturer

Wind Power Industry Sungrow’s wind power converter business revenue in the first half of 2021 was 476 million yuan, an increase of 37.90% year-on-year, accounting for 5.8% of total revenue. The financial report shows that in the first half of 2021, Sungrow’s wind power converter shipments continued to grow. Among them, the high-power main control integrated air-cooled converter products and the three-level 1000Vac (900-1140V) converter products have all been shipped in batches. In order to support the research and development of the 1140V model, a 1140V/5MW motor pair-to-pull experiment platform was built and put into operation, which can meet the test requirements of double-fed and full-power converter products.

Wind Power Industry Hewang Electric’s total revenue was 797 million yuan, a year-on-year decrease of 10.29%; non-net profit was 87 million yuan, a year-on-year decrease of 23.05%. The specific income of wind power converter related businesses is not disclosed. Hewang Electric’s main products include 1.0kW~10.0MW full power converters, 1.5MW~6MW double-fed converters, 5.0MW~10.0MW medium voltage wind power converters, The main control electrical system and pitch control system, etc., wind power converters are currently the company’s most important wind power products.

Other companies

In the first half of 2021, Wind Power Industry Zhenjiang’s wind power business revenue was 1.284 billion yuan, accounting for 66.46%; the profit contributed was 261 million yuan, accounting for 68.92% of the profit; the business gross profit margin was 20.33%. In the first half of the year, Zhenjiang Co., Ltd. had obvious advantages in the field of wind power steel structural parts. It built a new rotor property line of more than 8MW and added large-megawatt wind turbine components.

At the same time, the company invested in the research and development of split towers to accurately target the high-end of large-megawatt wind turbines in the future. The tower market solves its transportation problems. It is worth mentioning that Zhenjiang Co., Ltd. has reached a cooperation with Siemens Gamesa to assemble 3MW-level direct-drive generators for it.

Wind Power Industry Shuangyi Technology is mainly engaged in products such as wind turbine nacelles, wind turbine hubcaps, blade roots, blade molds and other products. In the first half of the year, wind power business revenue was 281 million yuan, accounting for 50.06% of total revenue; it contributed a profit of 84 million yuan, accounting for 52.88 of total profit. %; business gross profit margin is 30.03%.

The main product of Hangge Advance is the Wind Power Industry growth box. The operating income in the “wind power and industrial transmission products” column is 257 million yuan, accounting for 20.65% of the total revenue; the profit contribution is 18 million yuan, accounting for 6.42% of the total revenue; The gross profit margin is only 7.10%. The financial report showed that “affected by factors such as the end of wind power subsidies, rising raw materials, and the annual price of onshore wind, some wind power projects have experienced model adjustments, project delays and delayed delivery of goods, resulting in wind power sales that did not meet expectations.”

On the whole, of the 24 companies included in the statistics, 3 companies’ revenue decreased year-on-year, including Goldwind Technology, Tianneng Heavy Industries and Hewang Electric; 5 companies’ non-net profit declined year-on-year, including Tianneng Heavy Industries , Shangwei New Materials, Zhonghuan Hailu, Hewang Electric and Double One Technology; most of the companies have achieved operating results that surpassed last year.

It is worth noting that the gross profit margin of 12 companies has declined year-on-year. In the statistics of the gross profit margin of targeted businesses more directly related to the wind power industry, a total of 15 wind power companies disclosed the gross profit margins of wind power-related businesses. Among them, the gross profit margin of 12 companies fell year-on-year, with an average drop of 4.65 percentage points. Only three companies including Goldwind, Yunda and Hengrun have had positive gross profit margins.

The trend of national wind power generation is improving

From the perspective of the installed capacity of wind power generation, from 2013 to 2020, my country’s grid-connected wind power generation capacity will gradually increase. From the perspective of wind power generation, from 2013 to 2020, my country’s wind power generation will gradually increase, and the growth rate will fluctuate. From the perspective of the growth rate of the industry, the wind power industry has a good momentum of development, and the overall scale is increasing year by year.

Wind power development continues to shift to the central and eastern regions

From January to June 2021, the newly installed capacity in Central China and East China will reach 1.88 million kilowatts and 1.08 million kilowatts respectively. As of the end of June 2021, the cumulative installed capacity of wind energy in North China and Northwest China accounted for more than half of the country, reaching 28% and 24% respectively.

On the whole, the wind power industry is still developing well in North China and Northwest China, but from the perspective of newly installed capacity in 2021, the wind energy industry is gradually shifting to the central and eastern regions.

Inner Mongolia has the largest installed capacity and Yunnan has the highest utilization hours

In terms of installed capacity, from January to June 2021, the installed capacity of Inner Mongolia, Xinjiang and Hebei ranked the top three in the country. Among them, the installed capacity of wind energy in Inner Mongolia exceeded 35 million kilowatts, ranking first in the country. And the installed capacity of wind energy in 9 provinces and cities exceeded 10 million kilowatts.

In terms of utilization hours, from January to June 2021, Yunnan, Fujian and Liaoning have the highest utilization hours of wind energy; among them, the utilization hours of Yunnan exceed 1,500 hours, ranking first in the country. And there are more than 1,200 hours of wind energy utilization in 10 provinces and cities.

Judging from the geographical location of the top ten provinces and cities in the two rankings, the wind power industry in North China and Northwest China is currently developing well.

Hebei and Inner Mongolia account for relatively high wind power generation

As of the end of June 2021, Heilongjiang, Jilin, Inner Mongolia, Hebei, Qinghai and Gansu all accounted for 15% of wind power generation; of which, Hebei and Inner Mongolia accounted for nearly 20% of wind power generation.

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