New Energy Wind Power 2010 Third Quarter Review

The wind power that had once gone all the way had arrived when the bayonet saw red. On September 10, 2010, the tender for the first round of 1,000MW offshore wind power concession project in China was opened in Beijing, and the state-owned enterprise became the biggest winner. The tender results showed that Datang New Energy Co., Ltd. obtained the Binhai project, China Power Investment Co., Ltd. won the Sheyang project, Shandong Luneng Group Co., Ltd. won the Dongtai project, and Longyuan Power Group Co., Ltd. won the Dafeng project. The bid price is as low as 0.62-0.74 yuan / kWh, this price is far lower than previously expected, and based on this price calculation, the winning company is likely to fall into a loss.

Central enterprises do not hesitate to low-cost enclosures, which are largely due to the policy of renewable energy quotas. Power generation companies that have launched thermal power generation units must first develop a large number of renewable energy installations. On the other hand, related professionals told reporters that one third of wind energy is currently idle. “The electricity from wind energy will impact the grid as soon as it goes up. In remote areas, the load is not very large and the grid can accept it. But like wind power generation near Shanghai, this problem must be solved.” The person said, “Wind power The period of rapid growth has already passed and the compound growth in the first five years is 130%.From now on, in the next 5-10 years, wind power will enter a period of steady growth, with annual installed capacity of only 10 million kilowatts, and the production capacity of wind power equipment. , is 15 million kilowatts, the overall surplus."

In the tendering result of offshore wind power, three equipment manufacturers divided equipment orders, among which Sinovel won the Binhai (300 MW) and Sheyang (300 MW) projects, and Goldwind (002202.SZ) won The Dafeng project (200 MW) and Shanghai Electric (601727. SH) won the Dongtai project (200 MW). However, even the industry leader, Goldwind Technology, has to face the pressure of the overall growth slowdown. According to the calculations made by professional statistical agencies, the annual orders for Goldwind Technology are expected to reach 4000MW. "Considering the new orders for 2915 MW in 2009 and 1451 MW in 2008, the year-on-year growth rate of new orders will be slowed from 90% last year to 37%. This also reflects the overall slowdown in the industry."

Goldwind semi-annual report shows that the company's performance continues to grow rapidly, achieving an operating profit of 960 million yuan, an increase of 34.4%; a net profit of 810 million yuan, an increase of 45.2%. However, for professionals, wind power equipment manufacturers face increasing pressure. And some giants are more stable and less explosive. “Like Dongfang Electric and Shanghai Electric, they both do nuclear power and wind power, and they don’t have explosive power in performance.” But structural opportunities still exist. “Companies like wheels, shafts, and converters have relatively little investment.” opportunity."

For example, the landing of A shares in Hangzhou on October 11th, the part of the raised funds, is the annual output of 2000 sets of key components of wind power growth capacity expansion project. The above project plans to invest 386 million yuan, which is also the largest investment in the company's four fundraising projects. In addition, the current production capacity of wind gears for Hangfang Gear is only 350 units. Although it does not contribute much to the company's performance, it is the business with the highest gross profit margin, reaching 25%. The fundraising project will build a new capacity of 2,000 sets of wind power transmission gearboxes, which will be put into production in 2012. The wind power business will become the company's new profit growth point, and it is expected to grow by 30%-40% annually after 2 years.

The other key component converter is seen as a mineral deposit that has not yet been excavated in the field of wind power equipment manufacturing. At present, the wind power converter is the only part of the entire wind power system that has not yet achieved localization. At present, the market share of foreign brands in China is as high as 95%. According to the calculations of professional organizations, the average annual market capacity of converters in China is about RMB 5.2 billion. On the other hand, the field of converters in this equipment has also been tilted by policies.

According to the Interim Measures for the Management of Special Funds for the Industrialization of Wind Power Equipment in 2008, Chinese-funded and Chinese-funded holding companies engaged in the production and manufacture of wind power equipment in China will be supported by industrialized funds. As for the amount of subsidies for key component manufacturers, it is stipulated that the focus should be on converters and bearing companies. Converters account for about 15% of the cost of wind power equipment. Current companies with converter production capabilities include Sun Power, Rongxin, Hyde Control and Kyushu Electric.

Among them, Rongxin Co., Ltd. cooperates with Goldwind Technology to develop 1.5MW converters, which have passed the test of Jinfeng Technology. Guojin Securities stated in its report that "it is expected that R&D will be completed this year and will contribute 50 million yuan in revenue in 2011."

Another Hyder company involved in this area has its wind power converter R&D team from Emerson, which is one of the few major converter manufacturers in the international market. At present, Hyde Control has completed the development of 1.5MW and 2MW double-fed wind power converters, and the prototype is in the test phase of the suspended network.