Mingyang Intelligent (601615): Performance forecast meets expectations and continues to be optimistic about Haifeng leading
The event company released a semi-annual performance forecast, which is expected to return to its mother’s net profit for the first six months of 20192.
5 ten percent, an increase of 99 per year.
40%; net profit of non-attributed mothers 2.
0 million yuan, an increase of 95 in ten years.
The pre-increasing performance is due to the increase in the scale of wind turbine delivery and the investment income generated from the sale of wind farms.
A brief comment on the industry’s high business climate has driven high performance growth, and the full performance of orders in hand has initiated supplementary and bidding projects to be subdivided into the network to support the industry’s high business climate and drive high performance growth at the manufacturing end.
In terms of onshore wind power, projects approved before the end of 2018 can be added to the grid before the end of 2020, and projects approved in 2019-2020 can be supplemented by the grid connection before the end of 2021; offshore wind power projects must be approved before the end of 2018.Before the end of 2021, the entire grid-connected party will re-approve the electricity price, thereby driving the industry’s high demand.
The company has 3 orders in hand at the end of 2016-2018.
07 GW, order at the end of 2019Q17.
81GW, as of the end of April, orders in hand have exceeded 10 GW.
In terms of contract value, as of the end of the first quarter of 2019, the total order value of the company’s wind turbines on hand reached 34.5 billion US dollars, of which 22.4 billion have been signed, and 12.1 billion have been awarded for unsigned contract orders. Future performance is fully guaranteed.
Wind farm rolling development, investment income contribution performance increase The company is generally promoting wind farm rolling development strategy, the first half of the sale of Datang Gongcheng New Energy Co., Ltd. and Dachai Dan Mingyang New Energy Co., Ltd. to generate investment income.
Datang Gongcheng New Energy owns Gongcheng Xiling 49.
5MW wind farm, the wind farm has all been connected to the grid for power generation in 2016.
The company originally held its 97.
5% equity, the transfer generated a profit of 37 million yuan.
Dachaidan Mingyang owns two wind farm projects: Qinghai Titieshan Liushaping Phase I 100MW wind farm (started in August 2017) and Qinghai Dachaidan 100MW wind farm (started in July 2018). The transaction generated profits2.
50,000 yuan, of which the share premium is 1.
At 12 trillion, the unrealized profit of the downstream transaction that was originally offset was 0.
By the end of 2018, the company’s wind farm installed capacity totaled 697MW, photovoltaic generators 82MW, wind power photovoltaic installed capacity under construction is about 700MW, rolling development is expected to continue to bring investment income for the company.
In the high-growth countries of the offshore wind power industry, offshore wind power is growing at a high speed. In 2016-2018, the newly installed capacity was 0.
65GW, the annual average is 64% / 97% / 42%.
At present, domestic offshore wind power has started construction, and the approval has exceeded 50GW, of which, construction has started6.
5GW, approved 21.
8GW, to be approved 22.
As the projects approved before the end of 2018 need to be re-approved by the grid-connected parties before the end of 2021, it is expected that the amount of grid-connected offshore wind power will maintain high growth in the next three years.
The company is the leader of large megawatts of offshore wind power, and its fist products are about to lead the company’s fist products5.5MW, 7.
25MW units will soon lead the market.
The United Nations Navy’s offshore wind power mainly uses units below 5MW, and is currently rapidly increasing to above 5MW.
Among the new offshore wind power installations in 2018, 94% were units below 5MW, and the market was dominated by Shanghai Electric, Vision Energy, and Goldwind Technology. The three cities accounted for a total of 92% and Mingyang had only 5.
Among the offshore wind farms already in operation, the proportion of products above 5MW has increased rapidly, and the company’s market share has also increased to 29%.
The company ‘s unique ultra-compact and semi-direct-drive typhoon-resistant technology also features lightweight components, high availability, and excellent power generation performance, which is a powerful guarantee for the company to become a leader in offshore wind power plants.
Financial data continued to improve The company’s asset-liability ratio remained at 76% -78% during 2017-2018, which is higher than the industry’s cited company debt.
Industry leader Goldwind Technology has a large number of high-debt wind farm businesses, and its return on assets has not exceeded 70% in the past three years.
The company has reduced its asset-asset-liability ratio to 74-75% through listing.
It is expected that subsequent measures such as the transfer of turbines and the issuance of convertible bonds will continue to reduce the asset-liability ratio, leaving more room for the company’s development.
In addition, through the improvement of the industry’s prosperity, the company’s inventory, accounts receivable, and accounts receivable turnover days have improved in the first quarter, and it is expected that the second quarter will continue to improve.
Profit forecast predicts that the company’s operating income for the years 19-21 will be US $ 101/139/195 billion, and the net profit attributable to the parent will be 6.
25 trillion, the corresponding EPS is 0.
82 yuan, corresponding to PE is 22/15/12 times, maintain “Buy” rating.
Risk warnings 1) Wind power policies are less than expected; 2) Onshore and offshore wind power construction progress is less than expected; 3) Wind farm development and transfer progress is less than expected; 4) Financing advancement is less than expected.