Securities Co., Ltd. D D D Securities Co., Ltd. D D D D D Code: D D Wind Power Co., Ltd
Record of investor relations activities in March 2022
No.: 2022003
√ specific object research □ analyst meeting
Investor relations □ media interview □ performance briefing
Activity category □ press conference □ Roadshow
□ site visit □ others
Name of participant and huitianfu Fund Management Co., Ltd. Hua Xiuning, Liu Sheng, fan Yong
Personnel name Changjiang Securities Company Limited(000783) Yang Gu, Cao Haihua
Time: 13:30-14:30 PM, March 30, 2022
Formal teleconference
Board Secretary Huang Fengfeng
Receptionist of the company: Li He, director of strategic planning department
Securities affairs representative Qin Lei
Securities Affairs Manager Cui Yu
Question 1: what is the proportion of offshore wind turbine sales in 2021 and the trend of shipments in 2022?
A: more than 80% of the sales of offshore wind turbines in 2021. After the rush loading of onshore fans in 2020 and offshore fans in 2021, it is expected that the shipment volume in 2022 will decrease compared with that in 2021.
Question 2: what is the company’s estimate of future market share?
A: our goal is to maintain the first place at sea and strive for the top three on land.
Question 3: the company’s outlook for the future demand of wind power industry and the trend of bidding price?
A: it is estimated that during the 14th Five Year Plan period, the proportion of grid connection in the wind power industry will reach about 30%, and the total installed capacity of sea and land will be about 200250 million KW, with an average annual output of about 45-55gw. It is estimated that after the trough in 2022, offshore wind investor relations will develop from 5 million kW to 10 million KW at the end of the 14th five year plan.
The main content of the activity is that after the full withdrawal of state subsidies, land wind has moved from parity to low price, and the price has fallen rapidly after the peak of offshore wind power installation. At present, it is not possible to judge whether it has reached the bottom of the price, but it is hoped that the industry should maintain a certain rationality, fluctuate downward in the midst of fluctuations, and finally return to a level acceptable to all parties.
Question 4: what is the prospect of the downward trend of fan cost? Will the company’s comprehensive gross profit margin decline in 2022?
A: at present, through the development of technology iteration and large-scale fan in the industry, the cost of fan still has a certain room for decline. The specific decline degree is affected by wind resources, unit configuration and other factors.
On the one hand, the company will deliver some stock orders in 2022, and with 2021
After the rush loading in, the procurement cost will return to a reasonable level to a certain extent. On the other hand, by grasping the product trends of large capacity, refinement and customization, the company insists on reducing costs through technological optimization and innovation. It is expected that there will be some room for cost reduction in the future. At the same time, the key components of sea and land products are shared through the shared product platform, so as to further reduce the overall cost, improve the profitability of the fan, and try to maintain the comprehensive gross profit margin in a relatively stable state. Question 5: the prospect of export business and the layout of the company?
A: the global overseas market is very broad, but due to policy and other factors, the wind power industry in many countries and regions has not been fully opened, and many high-quality wind farm resources have not been developed. With the increasing willingness of countries to develop new energy, various favorable policies will emerge in endlessly, the product technology of wind turbine units will be continuously improved, the cost will be continuously reduced, and the return on investment is expected to be better and better.
The first overseas project currently delivered by the company is located in seni, Croatia. Meanwhile, the company one after another closely follows one’s national “one belt, one road” strategy in overseas markets, focusing on the following countries, establishing contacts with key overseas customers and government departments such as Korea, Japan, Kampuchea and Vietnam, and actively participating in over 10 international bidding quotations.
Question 6: how does the company consider the layout of direct drive models and semi direct drive models at the same time? A: direct drive and semi direct drive wind turbines are currently the two mainstream technical routes of large offshore wind turbines, both of which have their own characteristics and advantages.
The direct drive unit has the advantages of simple transmission structure, low generator speed and large volume, but it has the advantages of high reliability and low operation and maintenance cost. The generator of semi direct drive unit has high speed, small volume and compact structure, but it needs to focus on the design cooperation with other components such as gearbox. The company will comprehensively consider the selection of wind turbine technical route in combination with the resources, initial investment, life cycle cost and other factors of specific wind farm projects.
Question 7: what are the main models of the company in 2021 and 2022?
A: in 2021, the onshore model is basically 3mw-4.55mw. 4MW models are mainly used offshore, and some are 6-7mw models. It is estimated that in 2022 and beyond, the onshore models are mainly 4MW and above, and the offshore models are mainly 7mw and above.
Question 8: has the company applied carbon fiber technology in batches to offshore wind power or large-scale units?
A: the company has mastered the key technology of carbon fiber blade development. At present, the company sew11 The S102 blade used in model 0-208 has applied carbon fiber technology. With the increase of blade length, the company will select blades with carbon fiber technology in batch according to the products and their corresponding applicable wind fields in the future.
Annex list (if any) none
Date: March 30, 2022
