Mingyang Intelligent (601615) 2019 Interim Report Comments: High-speed Growth of Fan Sales
Company News Matters The company released its semi-annual report for 2019.
In the first half of 2019, the company achieved operating income of 40.
1.5 billion, an annual increase of 57.
90%; net profit attributable to mother 3.
3.4 billion, an annual increase of 129.
30%; net profit after deduction 2
8.1 billion, an annual increase of 128.
83%; the company expects average net asset income to increase by 5 in the first half of the year.
9%, an annual increase of 2.
Matter comments Wind farm investment contributed major profits. During the extended gross margin, the expense ratio improved significantly in the second quarter of 2019. The company achieved operating income.
69 ppm, an increase of 12% and 30% month-on-month; net profit attributable to mothers2.
950,000 yuan, a year-on-year increase of 18%, a significant increase of 656%.
The significant quarter-on-quarter growth in Q2 results was mainly due to an investment income of approximately 2 from the sale of Dachaidan Power Plant in the second quarter.
Company Q2 gross profit margin 22.
61%, ten years ago4.
98 averages, the molecular weight is 1.
In the first half of 2019, the company’s overall gross profit margin was 23.
03%, ten years ago 4.
In the first half of 2019, the company’s overall expense ratio was 21.
44%, compared with the same period last year4.
78 improvements, obvious improvements; sales, management, research and development, and financial expense ratios were 9 respectively.
Sales expenses accounted for the highest proportion, mainly due to the increase in sales of wind turbines, leading to increased product quality assurance preparation costs.
The company’s R & D expenditure in the first half of the year1.
390,000 yuan, an increase of 33 in ten years.
42%, R & D expense ratio remains at the leading level in the industry.
The sales volume of fans increased rapidly, and the proportion of “big fans” significantly increased the company’s independent research and development and had a double-fed type1.
0MW series land-based fans, and medium-speed permanent magnet hybrid drive technology line MySE series 3.
0 MW, 5.5MW, 7.
0MW series offshore fan.
In the first half of 2019, the company achieved sales of 830 fans.
50MW, an increase of 35 per year.
26%, the sales of wind turbine sales realized 33.
4.2 billion, an annual increase of 52.
88%, business gross margin 18.
46%, with a ten-year average of 3.
The total of 07 was mainly due to the release of previous low-price orders.
From the perspective of specific product sales, the company’s “big fan” strategy is proudly verified.
In the first half of 2019, the company 3.
Fans below 0 MW have a power of 317 MW (YoY-35%), with a sales ratio of 38.
15% (YoY-42pcts); the company’s sales of 3MW and above wind turbine products were 514MW (YoY + 418南京夜网论坛%), the sales share increased from 20% to 62%, of which 5.
The sales of 5MW offshore wind turbines reached 160MW, accounting for nearly 20%, and the trend of large wind turbines is obvious.
There are ample orders in hand, and the structure of supplementary orders is constantly optimized. By the end of June 2019, the company’s fans have orders in hand.
24GW, an annual increase of 91.
09%, of which the long-term contract has an order capacity of 7.
In the company’s orders, onshore wind turbines accounted for 67%, offshore wind turbines accounted for 33%, and single-unit power in the orders.
The order capacity of units of 0MW and above accounted for 86%.
In the first half of 2019, the company’s generating unit orders increased the bidding capacity5.
96GW, of which, the order for offshore wind turbines 合肥夜网 is 2.
16GW, with a capacity of 36%; large onshore wind turbines (2.
5MW and above 2.
5MW or more) Order 3.
50GW, accounting for 59% of the overall order; new offshore unit orders replace single unit power5.
5MW and above models; large fan orders (single unit power) 3.
0MW and above) capacity accounted for more than 95%, achieving market leadership in large wind turbine orders.
Earnings forecast and estimation We expect the company’s operating income in 2019, 2020 and 2021 to be 102.
23 trillion, 138.
4.4 billion and 178.
6.6 billion yuan, with growth rates of 48.
42% and 29.
05%; net profit attributable to shareholders of the parent company is 6.
7 billion, 9.
8 billion and 13.
1.9 billion yuan, with a growth rate of 57.
37% and 34.
54%; Fully diluted earnings per share were 0.
49 yuan, 0.
71 yuan and 0.
96 yuan, corresponding to 22 for PE.
97 times, 15.
69 times and 11.
The Three Norths lifted the ban, rushed to install downstream, and the wind power industry recovered; the company’s wind turbine sales grew rapidly, and there were ample orders in hand.
For the first time, we gave the company an “overweight” rating.
Risks suggest that wind power demand recovery is not up to expectations, industry policy changes, and wind turbine bidding prices are not up to expectations.