The wind industry has finally seen the "dawn".

Huaxia Energy Network (public number hxny3060) noted that recently, Goldwind Technology (SZ: 002202), Mingyang Intelligent (SH: 601615), Yunda (SZ: 300772), Electric Wind Power (SH: 688660) and Sany Renewable Energy (SH: 688349) and other five major domestic wind power listed machine manufacturers have released semi-annual reports.

Overall, the revenue of 4 companies increased year-on-year, and 1 declined; In terms of net profit, 2 companies increased, 2 companies declined, and 1 company reported a loss. In terms of gross profit margin, the performance of the five OEMs is different, and all of them have a positive trend.

In the past two years, wind power parity has accelerated and the bidding price has declined, and the performance of the whole machine manufacturer has been under pressure, but as far as the half-year results announced so far are concerned, the industry as a whole has a positive trend. At the same time, in terms of market and technology, all machine manufacturers have also made new breakthroughs.

The industry's winter may be coming to an end.

Goldwind has the highest revenue, and the whole machine manufacturers have significantly "reduced costs and controlled costs".

Among the five listed OEMs, Goldwind has the most outstanding performance, with the highest revenue and profit.

According to the data, in the first half of this year, Goldwind achieved operating income of 20.202 billion yuan, a year-on-year increase of 6.32%; The net profit was 1.387 billion yuan, a year-on-year increase of 10.83%. Among them, the performance in the second quarter should be focused, with a net profit of 1.054 billion yuan, a year-on-year increase of 6249%.

At the same time, Goldwind is also the one with the highest revenue among the five machine manufacturers.

Mingyang Intelligent also achieved double growth in profitability, of which the operating income was 11.796 billion yuan, a year-on-year increase of 10.85%; net profit attributable to 661 million yuan, a year-on-year increase of 0.94%.

In addition, the revenue of Sany Renewable Energy and Yunda Co., Ltd. also achieved double-digit growth, and Sany Renewable Energy was also the largest revenue growth among the five major machine manufacturers, reaching 34.88%, and the revenue of Yunda Co., Ltd. increased by 22.65%.

As for the reasons for the growth of revenue, Sany Renewable Energy said that the main reason is that the wind power industry has maintained a good development trend, the installed capacity has continued to grow, the competitiveness of the company's wind turbine products has been improved, and the sales of wind turbines have increased over the same period; Yunda said that during the reporting period, the company's wind turbines achieved external sales capacity of 4049.83MW, an increase of 19.25% year-on-year.

However, with the exception of Goldwind, the earning power of several companies has decreased significantly, and the reasons for poor profits are also different.

Regarding the year-on-year decrease in net profit, Sany Renewable Energy said that it was mainly due to the small number of wind farms sold in the current period and the decrease in revenue. However, it is understood that Sany Renewable Energy's wind farm development is to follow the strategy of rolling development, that is, "develop a batch, transfer a batch, and hold a batch", with the sale of wind farms in the second half of the year, the company's annual profits will also increase.

The decline in gross profit margin caused by the low bidding price of the whole machine is the main reason for the poor profit of the whole machine manufacturer. However, in the first half of this year, with the slowdown in the bidding price of the whole machine, the gross profit margin of the whole machine manufacturer also showed a good performance.

Sany Renewable Energy's gross profit margin in the first half of this year also performed well, with an overall gross profit margin of 16.01%, an increase of 4.82% compared with the second half of last year, mainly due to the significant increase in the gross profit margin of wind turbine sales and the effective control of costs. According to the data, in the first half of this year, the gross profit margin of Sany Renewable Energy's fan business was 15.13%, an increase of 6.14% from the second half of last year, and the expense ratio during the period was 15.33%, a year-on-year decrease of 4.58%.

In terms of Goldwind's business segments, the gross profit margin of wind turbines and parts sales was 3.75%, but it has increased by 6.29 percentage points year-on-year, which has improved. However, its business with the highest gross profit margin is the wind farm development business, which has a gross profit margin of 56.44%.

The gross profit margin of Yunda Co., Ltd. was 13.24%, a year-on-year decrease of 3.67%. Among them, the gross profit margin of wind turbines was 10.34%, compared with 15.86% in the same period last year.

It is worth mentioning that the whole machine manufacturers with good relative gross profit margin are mostly due to their "cost reduction and cost control" measures and increased investment in scientific and technological research and development.

For example, Sany Renewable Energy has achieved self-made parts such as blades and motors with a high proportion of costs, and at the same time has the blessing of flexible intelligent manufacturing, so the company's cost control ability has been in the first echelon in the industry. In addition, Sany Renewable Energy's R&D expenses in the past six months were 373 million yuan, accounting for 7.07% of its operating income, and 15 invention patents and 23 utility model patents were newly obtained.

It is worth mentioning that Yunda Co., Ltd. has completed the hoisting of the world's first batch of 180-meter ultra-high mixed tower wind turbines, which has also laid the foundation for the company's new business expansion. Mingyang Intelligent has launched the blades of the onshore unit with the largest impeller diameter in the world, with an impeller diameter of 230 meters, and released the world's largest single capacity of 16.6MW floating wind power platform "OceanX Mingyang Tiancheng", achieving a number of world firsts.

The trend of large megawatts is obvious, and the overseas market is accelerating

In the first half of this year, the orders and sales volume of various machine manufacturers have increased.

According to the data, in the first half of this year, the revenue of Sany Renewable Energy fans and accessories was 4.917 billion yuan, a year-on-year increase of 68.10%, of which the external sales capacity of domestic onshore wind turbines was 3.3GW, a year-on-year increase of 121%, creating the best delivery performance in the same period in history.

Goldwind's sales revenue of wind turbines and parts was 12.768 billion yuan, and Yunda's sales revenue of wind turbines was 16.01 billion yuan, of which 8466.71MW was sold, an increase of 18.94% year-on-year. Mingyang Intelligent realized the external sales of wind turbines of 4.01GW, corresponding to the sales of wind turbines and related accessories of 7.922 billion yuan.

Huaxia Energy Network noted that the financial report also sent a signal that in the first half of this year, the process of large-scale wind turbines continued to accelerate.

According to the data disclosed by Goldwind, Goldwind's best-selling units of 6 MW and above were 465 units, with a year-on-year increase of 97.05% in sales capacity. The sales volume of 4MW (inclusive) to 6MW models was only half of last year, and the capacity fell by 50.14%; Only 9 units of units under 4MW were sold.

According to a research report previously released by Wood Mackenzie, in the first half of this year, in some provinces that focus on the development of large wind and solar bases, the mainstream models were directly switched from 5-6MW model platforms to 10MW.

In terms of orders in hand, Wood Mackenzie's recent research report shows that in the first half of this year, the number of wind turbine orders in the Chinese market exceeded 70GW, and among the five major listed machine manufacturers, Yunda ranked first, Goldwind ranked second, followed by Mingyang Intelligence, Sany Renewable Energy, and Electric Wind Power.

Among them, Yunda Co., Ltd. ranked first in the number of new orders signed for onshore wind power with 11.4GW of wind turbine orders, and Goldwind Technology won a total of 2.3GW of offshore wind turbine orders, leading the offshore wind power market for the first time.

Specifically, in the first half of the year, Goldwind's orders in hand maintained steady growth, and as of the end of June, its total external orders pending execution were 24,597.87 MW; The number of unsigned external bids was 10,991.36 MW, of which 5,173.12 MW were overseas orders, a year-on-year increase of 12.44%.

Yunda Co., Ltd. has added 14,293.69 MW of orders, and as of the end of June 2024, the company has accumulated 34,204.63MW of orders in hand.

Mingyang Intelligent added 9.73GW of new orders.

Most notably, in the first half of this year, a number of OEMs have made new breakthroughs in their overseas business.

In 2023, Goldwind exported the most wind turbines to 13 countries, with a total of 327 units and a total capacity of 1.70GW. In the first half of this year, overseas orders increased to 5.17GW, a year-on-year increase of 12.44%.

According to the semi-annual report, Goldwind's overseas business has involved 42 countries on six continents, and the installed capacity in North America, Oceania, Asia (excluding China) and South America has exceeded 1 GW.

Sany Renewable Energy's overseas wind power market has also made a breakthrough. In the first half of the year, the company completed the hoisting power generation of the first India project, and successfully won a number of projects in India, Southeast Asia and the Middle East.

In the first half of this year, the company obtained some orders for wind power projects in the Middle East market, achieving a new breakthrough.

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