New energy industry shuffles

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From the outbreak of the financial crisis, perhaps only wind power equipment manufacturers have not experienced a bit of hardships - In the first half of 2009, Dongfang Electric's net profit increased by more than 50% year-on-year, and Hunan Electric's net profit for the first half of 2009 was only higher than that of 2008. Younger and younger, 4 million yuan, Goldwind's half-year results surged 260.96% year-on-year.
While the wind power industry was “grabbing” on its brilliant performance in the first half of 2009, on August 26, Premier Wen Jiabao of the State Council held a State Council executive meeting to address the issue of overcapacity and redundant construction in the new energy industry, and studied five deployments. In terms of restraining policies, the polysilicon and wind power industries have been "named and criticized."
“The blind investment in the new energy industry will be effectively curbed and the industry will be shuffled,” said Liu Lei, a research fellow at CITIC Securities.
On August 18 of this year, Goldwind Technology, a leading manufacturer of wind power equipment for A shares, announced a semi-annual report that was inconsistent with the global financial crisis. During the reporting period, the company achieved operating revenue of 3.808 billion yuan, an increase of 216.15% year-on-year. A net profit of RMB 530 million was realized, an increase of 260.96% year-on-year. At the same time, Goldwind predicts that the net profit in the first three quarters of the year will increase by 290% to 340% year-on-year, which means that the company's net profit for the first three quarters of 2009 will be close to 900 million yuan, equivalent to the level of 910 million yuan for 2008.
On September 2, 2009, the resolution on the issuance of H-shares passed by the resolution of the board of directors of Goldwind once again surprised investors. If Goldwind successfully issues H shares, it will become the first A+H listed company in the SME board. "How much money can be integrated is not important. Goldwind is looking at the role of H-shares as an international financing platform to enhance the company's brand image, attract international talents, and expand overseas markets." Staff of the Goldwind Securities Department Emboldened.
In comparison, Dongfang Electric, another leading player in domestic wind power manufacturing, reported a lot of shyness in the first half of 2009: during the reporting period, it achieved a main business income of 15.17 billion yuan, a year-on-year increase of 25%; and a net profit of 687 million yuan, a year-on-year increase of 55.4. %. “Dongfang Electric has more main businesses. If we compare only wind power manufacturing, the growth rate will be similar to that of other wind power manufacturing companies such as Goldwind Technologies.” A researcher in Shanghai’s power equipment industry stated that in the first half of 2009, domestic wind turbine manufacturing The growth rate of net profit of the first-tier companies in the enterprise was more than 200%.
With the share of domestic wind turbine installed capacity of Jinfeng Science and Technology Co., Ltd., approximately 20%, the share of Xiangdian (19.18, 0.62, 3.34%) shares is much smaller. According to the statistics of China Wind Energy Association, in the whole year of 2008, Hunan Electric Power Co., Ltd. only accounted for 2.54% of the total domestic installed capacity of wind turbines. In the first half of 2009, the company achieved a net profit of RMB 57.475 million, a year-on-year increase of 298%, which is in line with the above-mentioned researcher's judgment.
KGI Researcher Wang Zhilin said that in the first half of 2009, the Chinese wind power market continued to blowout, with 4440 MW of new installed capacity and cumulative total wind power capacity of 16.6 GW. In the first half of 2009, the total wind capacity of the United States and Germany, the largest wind power country, was With 4070MW and 800MW, the cumulative total reached 29.44GW and 24.7GW. It is estimated that China will surpass the United States in 2009 to become the 2009 new capacity champion.
But not all days of wind power equipment manufacturers are so "hot". Sinoma Technology is one of the leading suppliers of components for domestic wind turbine manufacturers. In the first half of 2009, Sinoma Technology achieved a net profit of 24.07 million yuan, a decrease of 32.7% year-on-year. Tianma Co., a manufacturer of blower bearings, realized a net profit of 246 million yuan in the first half of 2009, a slight increase of 12.3% year-on-year.
1/3 fan "sun"
On September 1, 2003, China's first batch of wind power concession projects opened in Beijing, marking the Chinese government's efforts to develop wind power support. China's wind power has entered a period of rapid development. However, grid-connected problems with the development of wind power have not been resolved properly. The pain of grid-connected wind power has become more and more in-depth: due to power grid access, many new projects have not been approved and wind power has been built. The grid could not be connected to the grid, causing the wind turbines to “sweet the sun”. Some wind farms that had been connected to the grid could only give up power generation because they could not send electricity.
“We can't send it out.” Jiang Liping, deputy chief engineer of the Beijing Economic and Technical Research Institute of the State Grid Corporation of China, stated that the power grid planning is not supported by the project, in large part because the planning of new energy and power grid and the approval of the project are inconsistent, not Supporting and forming a gap. Jiang Liping said that the development plan of the wind power industry has been repeatedly adjusted in recent years, reaching a high growth rate that has doubled in successive years, but the power grid planning has not been able to make corresponding adjustments, thus resulting in grid planning can not keep up with the results of power construction.
According to the aforementioned wuf researcher in Shanghai's power equipment industry, within the scope of operation of the State Grid Corporation, all grid-connected projects from wind farms approved by the established procedures to the first landing site of the power grid are synchronized and put into operation. However, in areas where the development of some wind power projects is concentrated, long-distance transmission is required for 500 kV and 750 kV power transmission projects. The pre-approval period for such projects is relatively long and there is a need for development and construction of wind farms. Further coordination issues. “According to statistics, in the whole year of 2008, nearly one-third of new wind turbines could not generate electricity because of grid access problems, and they could only 'sun', and the capital that would not be able to obtain a return on investment would be gradually 'cold'. This impact will also be passed on to upstream wind turbine manufacturers and component suppliers."
Beautiful new pattern?
According to the latest statistics, there are currently more than 70 companies engaged in the manufacture of wind turbines in China, which exceeds the total number of wind power equipment manufacturers in the world except China.
“The entry barrier for the wind turbine manufacturing industry is low, and 80% of the more than 70 complete machine manufacturers are simple assembly plants. They purchase vanes, generators, gearboxes, etc. from the upstream parts and components companies and assemble and sell them. This has also caused difficulties in connection with the network. For example, a new fan installed by a wind turbine manufacturing company fell down from the air a few months ago.” The aforementioned Shanghai researcher described the current domestic fan manufacturing industry as “cohabitation”.
The influencing factors for many companies entering the wind turbine manufacturing industry are the “wind power fever” since 2006. Various sources of funds have rushed into the wind power industry. According to statistics, in the first half of 2009, new energy accounted for 33.45% of China's newly installed power generation capacity, while wind power generation accounted for over 80% of them. In 2008, the funds for entering wind power generation exceeded 40 billion yuan. What is more, many companies have encircled the wind power industry.
According to statistics from China Wind Energy Association, in 2008, China (except Taiwan Province) added more than 5,130 wind turbines with an installed capacity of approximately 6,244,000 kW. Compared with the newly increased installed capacity of 3.304 million kW in 2007, the growth rate of new installed capacity in 2008 was 89%.
“The wind turbine industry is currently in the “Spring and Autumn and Warring States Period” and will be integrated in the next few years to form a leading company.” Wang Lin, a senior energy researcher at Great Wall Securities, asserted.
On August 26, 2009, Premier Wen Jiabao of the State Council presided over the executive meeting of the State Council to study and deploy measures to curb the overcapacity and redundant construction in some industries and guide the healthy development of the industry. Polysilicon and wind power industry are listed.
According to the conference research and deployment: the State Council has decided to guide the new energy industry in five ways: to increase access barriers (to establish access standards), to strengthen environmental supervision (to increase environmental protection requirements), and to provide land according to regulations in strict accordance with regulations (strict control Land approval, implementation of strict financial policies (credit control) with controls, and establishment of information dissemination systems (transparency of industrial information) are used to guide new energy industries including wind power generation.
"Undeveloped technology and redundant production capacity expansion projects are all major advantages for the entire new energy industry. We believe that leading wind power companies will directly benefit from this industrial policy." KGI Researcher Wang Zhilin said: Behind the blowout of the wind power industry, the imbalance between supply and demand in the wind power industry is also becoming increasingly prominent. Due to the continuous release of global wind turbine production capacity, including the production of complete machines, blades, generators and gear boxes, the demand has exceeded demand. In Asia, the balance between supply and demand of the whole machine and castings is relatively high. Outstanding, but the bearing supply, gear box, etc. into the obstacles of higher product independent supply capacity is still insufficient.
CITIC Securities Liu Lei also believes that blind investment in new energy industries will be effectively curbed, and will help industrial revitalization and strength. Leading enterprises will directly benefit: “At present, there are nearly 70 companies engaged in wind power machine manufacturing in China, and this figure even exceeds the global The total sum of wind power equipment manufacturers in other countries, the duplication of technology introduction, and the lack of independent innovation capability are the common problems of the second and third-tier companies in the wind power industry, and the industry reshuffle is imperative."

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