Last year, the ranking of wind turbines was relatively stable, with two companies falling and two companies rising.

On February 19, Bloomberg New Energy Finance released the ranking of new hoisting capacity of Chinese wind power manufacturers in 2023.

According to data released by Bloomberg New Energy Finance, China's new wind power lifting capacity in 2023 was 77.1 GW, a record high, up 58% from 2022.

Among them, onshore wind power added 69.4 GW, up 59% YoY. Offshore wind power added 7.6 GW, up 48% YoY. 2023 is the first year that China's wind power market will achieve double growth on land and offshore after stopping subsidies for new wind power projects.

In the top 10 list last year, the names of companies did not change, but some of the rankings changed. The top five companies are Jinfeng Technology (002202.SZ), Vision Energy, Yunda (300772.SZ), Mingyang Intelligence (601615.SH) and Trinity Energy (688349.SH). Compared with 2022, Mingyang Intelligence fell one place; Yunda shares entered the top three, which is the company's third place after 2021.

Image source: Bloomberg New Energy Finance

Bloomberg New Energy Finance said that according to the statistics of China's new wind power lifting capacity in 2023, the top three wind power manufacturers have a lifting capacity of more than 10 GW. Among them, Goldwind Technology continues to rank first, Vision Energy ranks second and is gradually narrowing the gap with the first.

In 2022, Goldwind's domestic market share will be 23% and Vision Energy will be 17%. Last year, Jinfeng's market share fell to 20 per cent, while Vision Energy rose to 19 per cent, narrowing the gap to 1 per cent.

Subdivided into the onshore wind market, the top three are still Goldwind Technology, Vision Energy, Yunda shares.

Bloomberg New Energy Finance said that Sany Heavy Energy's onshore wind power hoisting capacity in 2023 almost doubled compared with 2022 and ranked fourth. Dongfang Electric achieved a three-fold increase in onshore wind power hoisting capacity, ranking fifth.

In the offshore wind power market, Mingyang Smart has added 2.9 GW of new offshore installations, doubling from 2022 and replacing electrical wind power in the first place. Electrical wind power offshore installed 1.6 GW, ranked second, and Vision Energy ranked third, with 1.1 GW of new installations. Yunda completed its first offshore wind project with a total capacity of 504 MW in 2023.

Mingyang intelligent offshore market performed well, but did not have a positive impact on its performance, and its net profit fell sharply last year. Mingyang Intelligent's performance forecast stated that its net profit attributable to shareholders of listed companies last year was 0.354 billion -0.53 billion yuan, a year-on-year decrease of 84.66-89.75. Among them, the fourth quarter loss of 0.698 billion -0.874 billion yuan.

Mingyang Intelligence said in the announcement that due to the impact of the industry cycle, the wind power industry has entered a stage of fierce price competition, and the overall price of wind turbines has dropped, especially the price of onshore wind power. The overall price of its fans delivered last year also declined, resulting in a year-on-year decline in its gross sales margin.

In addition, Mingyang Intelligent won the bid for offshore wind power orders to be delivered, due to force majeure factors on the implementation progress of specific projects and delayed delivery, resulting in a certain decline in its offshore wind turbine sales compared to the same period last year. The company originally planned to complete the power plant product transaction in the fourth quarter of last year, but the transaction was delayed, resulting in a lower-than-expected profit from the sale of its power plant products.

Last year, China's wind power machine manufacturers ranked six to ten in terms of new lifting capacity, namely Dongfang Electric, Electric Wind Power, China Offshore, China Central Vehicle and United Power.

Among them, China's car ranking dropped significantly. In 2022, the company also ranked sixth in the country, falling to ninth last year, and Dongfang Electric rose to sixth.

According to data disclosed by the National Energy Administration, by the end of 2023, China's wind power grid-connected installed capacity reached 441.3 GW. Among them, the scale of new wind power grid-connected installed capacity last year 75.9 GW, an increase of 102, a record high.

The current overall profitability of the wind power industry chain is not ideal. In the context of large-scale wind turbines and intensified competition, wind turbine prices continue to fall, and the profitability of related companies has declined significantly.

on January 27, at the 2024 China wind energy spring tea party, Qin Haiyan, secretary-general of the wind energy professional Committee of the China renewable energy society, said that the average price of onshore wind turbines had dropped from about 4000 yuan/kW in 2012 to 1500 yuan/kW in 2023, and the price of individual projects was below 1000 yuan/kW. The price of offshore wind turbines dropped from 6000 yuan/kW to more than 3000 yuan/kW.

Qin Haiyan said that the project with the winning price of 1000-1400 yuan/kW accounted for 17.1 percent of the total. Projects with a price of 1400-1900 yuan/kW account for about 65.7 percent. About 30% of the projects are invited for bidding, and the fans are at a loss.

"Affected by the fierce local competition, foreign wind turbine manufacturers have almost no new lifting capacity in China, and only the remaining Vestas has added 61 MW of lifting capacity." Bloomberg New Energy Finance said.