interface news reporter | ma yueran

semi-annual report disclosure has been closed, wind power enterprise performance short-term pressure.

the interface news counted the performance of five A- share wind power leading listed companies. Except for Sany Heavy Energy (688349.SH), which achieved a slight increase of 2.38 in net profit, the net profit of Jinfeng Technology (002202.SZ), Mingyang Intelligence (601615.SH), Yunda Stock (300772.SZ) and Electric Power (688660.SH) all declined significantly in the first half of the year.

according to the data of the wind energy professional Committee (CWEA) of the China renewable energy society, jinfeng technology ranked first in the ranking of China's wind power manufacturers last year. Vision Energy ranked second and is currently a non-listed company. Mingyang Intelligence, Yunda Stock and Trinity Energy ranked third to fifth respectively. Electric wind power ranked eighth.

Affected by factors such as the decline of subsidies, the domestic wind power industry, after experiencing the previous high growth trend, ushered in a trough last year, and the overall development was not as expected. In the first half of this year, fan prices hit a new low. According to Wood Mackenzie's analysis, the average price of onshore and offshore turbines fell by 10% and 13% respectively in the second quarter of this year compared to the end of 2022.

From the new installed capacity, wind power demand is gradually picking up this year. According to data from the National Energy Administration, in the first half of the year, the country's new installed wind power 22.99 GW, an increase of 77.67 percent year-on-year. But from the performance of the above five companies, the industry pressure is still in.

In the first half of the year, Jinfeng Technology achieved a net profit of 1.251 billion yuan, ranking first among the five companies, but its income did not increase profits, and its net profit fell by more than 30% year-on-year.

The company's gross margins declined for all products except wind farm development. Among them, the gross profit margin of fan and parts sales was only 3.64, down 8.95 percentage points from the same period last year, ranking first in all businesses.

Data source: Company financial report drawing: Ma Yueran

The second place in net profit is Sany Heavy Energy. It is also the only one of the five companies to achieve half-year performance growth. Trinity was officially listed in June last year. Listed for more than a year, the company's industry ranking has also made great progress. In 2021, the company ranked eighth among complete machine manufacturers, rising to fifth last year.

According to data from Wood Mackenzie's wind power research team, in the first half of this year, Sany Heavy Energy ranked fourth in the ranking of orders for wind power manufacturers. This is the first time it has entered the top four of the list.

Sany Heavy Energy stated in its semi-annual report that the scale of new orders and the scale of orders in hand during the period reached a record high. Among them, the new order is 8.35 GW; As of the end of June, the order in hand was 16.31 GW. 6.25 MW and 6.7 MW models have become the main models of the company's new orders.

The company said that domestic onshore and offshore wind power have entered the era of parity, and market competition has intensified. Its gross profit margin in the first half of the year was 24.03. In the case of a general decline in the average delivery price of the industry, it still maintained a good gross profit. Rate level.

Mingyang Intelligence, the most profitable wind power company last year, saw its net profit drop by more than 70% in the first half of this year compared with the same period last year, the largest decline among the five companies mentioned above.

in the first quarter of this year, Mingyang intelligent suffered a net loss of 0.226 billion yuan due to the decrease in the number of fan sales, which had a great impact on its performance in the first half of the year. From this calculation, Mingyang Intelligent's second-quarter net profit rebounded significantly, with a single-quarter net profit of nearly 0.9 billion yuan, a significant increase from the previous quarter.

in the first half of the year, mingyang intelligent realized 3.45 GW of external sales of wind turbines, down 52.87 percent from the same period last year. The corresponding sales of wind turbines and related accessories were 9.449 billion billion yuan, down 28.64 percent from the same period last year.

In the same period, the company's new orders for wind turbines reached 7.58 GW, down 59.36 percent year-on-year.

In the new energy power station section, the installed capacity of the new energy power station currently in operation by Mingyang Intelligence is 1.67 GW, up 11.04 percent year-on-year, and the installed capacity under construction is 4.02 GW, up 87 percent year-on-year.

in the first half of the year, mingyang intelligent achieved a gross profit margin of 18.36, down 7.29 percentage points year on year.

Mingyang Intelligence said in its financial report that it will continue to promote the large-scale and lightweight of fans and further reduce the manufacturing cost of fans.

in the first half of the year, the company released MySE18.X-28X, the world's largest offshore wind turbine, and offline MySE16.X-260, the world's largest floating offshore wind turbine. In terms of onshore wind turbines, MySE10.X-23X, an onshore super-large single-unit capacity wind turbine, was released and offline.

Yunda's first-half net profit fell by nearly 50%. The company's new fan orders exceeded 9 GW during the reporting period, up 135.39 percent year-on-year, with new orders and orders in hand also hitting record highs.

Yunda shares in the layout of the "two seas" market, that is, overseas and maritime markets. The company said that overseas orders grew rapidly in the first half of the year, with order capacity exceeding 1 GW, accounting for 11% of new orders.

The company plans to focus on the layout of the "Belt and Road" along the first half of the year, following the completion of Zhengshun and other wind power projects in Vietnam, in Kazakhstan to deliver the largest single capacity wind power project.

In the first half of the year, Yunda also won the external energy storage order for the first time, Guodian Xiangshan 1# offshore wind farm (phase II) project supporting energy storage system.

A few days before the financial report was announced, Yunda shares were caught in the storm of an offshore wind turbine fire accident. According to the online information, the suspected cause of the burning accident was the "first" offshore wind turbine supplied by Yunda shares, and the offshore wind power project in which it was located was the above-mentioned Guodian Power Xiangshan Offshore Wind Farm (Phase II).

subsequently, yunda shares issued a statement in response, saying that the information distributed by some self-media accounts and network platforms was seriously inconsistent with the facts, and that its first offshore wind turbine WD225-9000 had been successfully connected to the grid so far, and had shown excellent power generation performance and unit reliability during the extreme wind conditions and sea conditions of typhoon "kanu.

In terms of gross margin, Yunda shares have also declined, but not as much as the above-mentioned companies. The gross profit margin of its wind power industry was 16.91 percent, down 2.1 percentage points from the same period last year; the gross profit margin of wind turbines was 15.86 percent, down 2.58 percentage points from the same period last year; and the gross profit margin of power generation revenue was as high as 67.2 percent, up 9.3 percentage points from the same period last year.

Electric Wind Power is the only company among the five companies that has turned from profit to loss. As an offshore wind power leader, electrical wind power is greatly affected by the decline in the offshore wind power industry.

As of the end of June this year, Electric Wind Power has become the first domestic manufacturer with a cumulative grid-connected capacity of offshore wind power exceeding 10 million kilowatts.

last year, due to the subsidy policy of the wind power industry and the impact of logistics and transportation, project site construction progress and other factors on the delivery of sales orders in some market areas, the sales revenue of products was not realized as planned, resulting in a loss of 0.338 billion yuan for the whole year.

Electric wind power said in the semi annual report that the operating income decreased during the reporting period, among which the proportion of offshore product sales revenue and gross profit decreased significantly compared with the same period of last year. At the same time, the subsidy income included in non recurring profit and loss also decreased.

new orders for electrical wind power also declined year-on-year. In 1H20, the company added 1496 MW of new orders, down 56.55 percent YoY. As of the end of June, the company's cumulative orders in hand were 9438.5 MW, down 4.34 percent year-on-year.

Looking forward to the second half of the year, the wind power industry is expected to continue to pick up in the context of large-scale wind turbines, clear trends in COSCO and export demand.

In early July, Bank of China Securities issued a research report stating that due to the influence of factors such as sea breeze approval and slow release of bidding demand, the overall performance of the wind power sector is weak, but from the perspective of industry fundamentals, last year's high bidding volume and low installed capacity Under the background, the demand for sea and land breeze installed capacity this year is still strong. With the gradual resolution of policy and other obstacles, the demand for wind power projects is expected to be gradually released in the second half of the year.