(1) The gross profit margin of the fan business of most enterprises in the whole machine link has improved, and the industry has seen the dawn. However, there are still some machine enterprises and most parts enterprises with a decline in gross profit, showing that the involution pressure of the industry still exists;

(2) Insiders said that continuing to break the involution is still an "urgent" theme for the wind power industry.

Finance Associated Press, September 1 (Reporter Xiao Lianghua) The semi-annual report disclosure season has passed, and the reporter of the Finance Associated Press combed the semi-annual report of the wind power industry chain and found that the gross profit margin of the fan business of most enterprises in the whole machine link has increased, and the industry seems to have seen the dawn. However, there are still some machine enterprises and most parts enterprises with a decline in gross profit, showing that the industry still has involution.

Qin Haiyan, secretary-general of the Wind Energy Professional Committee of the China Renewable Energy Society, told the Financial Associated Press reporter that some companies began to give up bidding for low-cost projects, and the price of the whole machine returned in the first half of this year, but there are still many tenders, especially the projects with the lowest price winning rules, and the winning price is still lower than the industry cost line. How to "break the involution" and move towards healthy competition is still an "urgent" theme for the wind power industry.

The gross profit margin of the whole machine rebounded

In the first half of 2024, the gross profit margin of most wind turbine enterprises will increase, among which electric wind power (688660. SH) gross profit margin increased by 4.94 percentage points year-on-year to 16.13%, an increase of 10.59 percentage points from the end of last year.

Sany Renewable Energy (688349. SH) told the Financial Associated Press reporter that in the first half of this year, the company's overall gross profit margin was 16.01%, an increase of 4.82 percentage points from the second half of last year, of which the gross profit margin of the fan business was 15.13%, an increase of 6.14 percentage points from the second half of last year, and improved for two consecutive quarters.

Goldwind (002202. SZ) in the first half of the year, the average sales price of fans was 2479 yuan/KW, a year-on-year increase of 2.5%, and the gross profit margin was 3.75%, a year-on-year increase of 0.14 percentage points.

Previously, the relevant person in charge of a wind power host company told the Financial Associated Press reporter that the company will not continue to implement the previous low-price order grabbing strategy in 2024. According to the statistics of the reporter of the Financial Associated Press, in the first half of the year, the bidding results of some power generation companies in 2024 showed that the average winning bid price of onshore 5MW wind turbines including towers reached more than 2,100 yuan/kw, returning to more than 2,000 yuan, and the price of onshore wind turbines began to return rationally.

The head machine enterprises have abundant orders in hand

In terms of wind power bidding, statistics from the China Wind Energy Professional Committee (CWEA) show that in the first half of the year, the bidding capacity of China's new wind power projects was 73.461 million kilowatts, of which the new bidding for onshore wind power reached 67.897 million kilowatts, a significant increase compared with 2023, and the orders in hand of the leading machine enterprises are relatively sufficient.

Among them, Yunda shares (300772. SZ) won bids in the first half of this year with a total of 13,936MW, with 14,293.69MW of new orders and 34,204.63MW of orders in hand.

In terms of Goldwind, as of June 30, 2024, the company's external orders on hand totaled 35.6GW, an increase of 26.4% year-on-year; The order capacity of units of 6MW and above was 23.2GW, accounting for 65%.

In the first half of 2024, the new orders of electric wind power were 3197.05MW, a year-on-year increase of 113.71%; The cumulative orders in hand were 11,513.90MW, an increase of 21.99% year-on-year.

The relevant person in charge of the above-mentioned Sany Renewable Energy said that with sufficient orders in hand, the company's domestic onshore wind turbine sales capacity was 3.3GW, a year-on-year increase of 121%, creating the best delivery performance in the same period in history, and achieving revenue of 5.28 billion yuan in the first half of the year, a year-on-year increase of 34.88%.

The industry still needs to vigorously "break the involution".

However, in the first half of this year, there were also a few complete machine enterprises whose gross profit declined. Among them, the announcement of Yunda shares shows that the company's gross profit margin of fans in the first half of this year was 10.34%, a year-on-year decrease of 5.52%.

"Yunda shares in the early stage of low-price orders, so the gross profit margin performance is not good, Goldwind technology and other companies began to give up some low-price orders this year, the pursuit of the quality of orders, rather than a simple scale, to ensure the rebound of performance." A wind power industry observer told a reporter from the Financial Associated Press.

In the parts sector, the decline in gross profit margin occupies the mainstream of the industry. For example, Xinqianglian (300850. In the first half of this year, the gross profit margin of wind power products was only 12.27%, a decrease of 12.84 percentage points from the same period last year.

Jinlei Co., Ltd. (300443. In the first half of the year, the company's wind power spindle achieved sales revenue of 449 million yuan, a year-on-year decrease of 32.48%, and a gross profit margin of 22.52%, a year-on-year decrease of 13.23 percentage points.

Qin Haiyan said that the industry has seen the dawn, but there is still vicious competition at low prices, which seriously affects the sustainable and healthy development of the industry. "At present, there are some unreasonable clauses in the bidding requirements of the industry, such as the absolute guarantee of power generation regardless of wind speed, which not only damages the interests of manufacturing enterprises, but also lays hidden dangers for future contract performance."

For example, in April this year, the procurement of wind turbines (including towers) for the 6.1 million kilowatt new energy project at the northern foot of Xinjiang Huadian Tianshan Base (4.2GW) was opened, and the minimum equivalent unit price including towers was 1219 yuan/kW, and the price of the tower was conservatively estimated at about 350 yuan/kW, and the price of bare metal has fallen to 869 yuan/kW.

Qin Haiyan called on the wind power industry to strengthen industry self-discipline in accordance with the requirements of the high-level, jointly build a fair market competition order, and continue to work hard in "breaking the involution" in order to promote the healthy and sustainable development of the wind power industry. Collection

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