Goldwind Technology (002202): Interim report performance in line with expectations, leading indicators continue to improve

Goldwind Technology (002202): Interim report performance in line with expectations, leading indicators continue to improve
This report reads: Interim report performance is in line with expectations, shifting wind direction investment 淡水桑拿网 income to maintain stable performance, leading indicators such as continued order growth, improved wind turbine structure will help subsequent performance rebound, and maintain an “overweight” rating. Investment Highlights: Maintain “Overweight” rating.Goldwind Technology announced its 2019 annual results, realizing revenue of 15.7 billion yuan (+ 43%) and net profit of 11.8.4 billion (-23%), deducting non-net profit of 10.21 ppm (-28%), with performance in line with expectations.The EPS for 2019-2021 is maintained at 0.71, 1.03, 1.34 yuan forecast, maintain target price of 17.64 yuan. Fan air intake volume has increased sharply, but due to the low price of 18 years of orders, the gross profit margin has gradually increased, and the wind direction is constantly shifting to maintain stable performance.In the first half of the year, the export fan was as high as 3.19GW, an annual increase of 50.37%, considering the grid connection capacity in the first half of the year, the market share climbed to 35%.However, due to the impact of low-price orders, the gross margin has been extended significantly.7pct to 11.4%, the first is 2.0S as the main indicator, ASP has significantly expanded, seriously affecting profitability, while new examples such as 2.5S, 3.0S, 6.0S is still in the process of gradually increasing the gross profit margin has not reached the ideal level.Wind farm transfer confirmation 7.2.4 billion investment income, maintaining the first half performance. From the 18-year price war to the 19-year bidding + rush-installation, the leading indicators are increasing in both hand orders and wind turbine bid prices, driving the upward transmission, Haifeng orders continue to grow, and the card is located in the China Haifeng market.The fierce price war of 18 years has affected the profitability of wind turbines, but Goldwind’s bidding market share has increased significantly, with external orders reaching 21.2GW 北京夜网 set a new historical high and the order structure improved, 2.5S and above orders accounted for 63%; through the industry recovery, the current bid price of fans has bottomed out and rebounded, 2.0SASP is more than 3536 yuan / W, more than +340 yuan / W at the end of 18.At the same time, wind power will enter the bidding mode to reshape the bargaining power of high-quality wind turbines.Too many sea breeze orders1.At 07GW, China will be able to effectively position itself on the offshore wind power boom in China. catalyst.The bidding price of wind turbines continued to rise, and the new budget cost decreased and the gross profit margin increased.