On April 13, Xinjiang Goldwind Science And Technology Co.Ltd(002202) announced that the company held the 26th meeting of the 7th board of directors on the same day, considered and adopted relevant proposals, agreed to establish a strategic partnership between the company and Wenzhou municipal government, and signed the strategic cooperation framework agreement.
As of the closing on April 14, Xinjiang Goldwind Science And Technology Co.Ltd(002202) reported 12.64 yuan / share, up 1.69%, with a total market value of 53.4 billion yuan.
powering offshore wind power
Xinjiang Goldwind Science And Technology Co.Ltd(002202) also said that based on the strategic cooperation framework agreement, the board of directors agreed to sign the project investment agreement with the Management Committee of Wenzhou oujiangkou industrial agglomeration zone on matters related to the landing of Xinjiang Goldwind Science And Technology Co.Ltd(002202) Wenzhou far-reaching offshore wind power zero carbon headquarters base and other projects in oujiangkou, Signed the project investment cooperation agreement with Wenzhou Dongtou district government on matters related to building an internationally leading and far-reaching offshore equipment manufacturing and service industry cluster. According to the above agreement, the total investment of the company and other enterprises is about 18.8 billion yuan.
In terms of the project content, Xinjiang Goldwind Science And Technology Co.Ltd(002202) this investment is intended to develop offshore wind power. Among them, the main construction contents of Wenzhou far-reaching sea offshore wind power zero carbon headquarters base project include Southern regional headquarters, far-reaching sea floating R & D headquarters, offshore wind power high-capacity wind turbine manufacturing and export base, submarine cable manufacturing base, centralized transmission infrastructure, offshore wind power transportation and maintenance home port, zero carbon demonstration area, etc. the total fixed asset investment of the project is 16.2 billion yuan.
The project is divided into two phases. In the first phase, the investment in fixed assets is no less than 5.2 billion yuan, mainly building a far-reaching sea floating R & D headquarters; The manufacturing and export base of large capacity wind turbines for offshore wind power, and the introduction and landing of supporting enterprises such as motors, towers, engine room covers and structural parts; Submarine cable manufacturing base; Zero carbon demonstration zone. The investment in fixed assets in phase II shall not be less than 11 billion yuan, mainly building the home port of offshore wind power operation and maintenance, including offshore wind power smart operation and maintenance base, offshore wind power big data center, offshore wind power education and training center, etc; Centralized delivery of infrastructure; Introduce and implement supporting enterprises such as electric control, energy storage battery and operation and maintenance equipment.
Another project is called Wenzhou far-reaching offshore wind power offshore equipment manufacturing and service base project. The main construction contents include far-reaching offshore wind power energy platform and related trade service companies, as well as offshore wind pipe rack foundation, floating foundation, floating anchor chain and other offshore equipment industries settled in Dongtou. The total investment in fixed assets of the project is 2.6 billion yuan.
Xinjiang Goldwind Science And Technology Co.Ltd(002202) said that the signing of this relevant agreement aims to make full use of Wenzhou’s rich scenery resources and the advantages of deep-water ports, docks and other infrastructure, give full play to the company’s technical advantages and the driving role of the wind power industry chain, and jointly build a world-class deep sea, megawatt and floating offshore wind power zero carbon headquarters base integrating the whole industrial chain of R & D, manufacturing, engineering, transportation and maintenance and clustering, so as to realize the leading of wind power floating technology, Expand the deep sea market.
ranked first in China for 11 consecutive years
Looking around China’s wind turbine manufacturers, Xinjiang Goldwind Science And Technology Co.Ltd(002202) still ranks first. According to the statistics of Bloomberg new energy finance, in 2021 Xinjiang Goldwind Science And Technology Co.Ltd(002202) China’s newly installed capacity reached 11.38gw, accounting for 20% of China’s market share, ranking first in China for 11 consecutive years; The newly installed capacity in the world is 12.04gw, with a global market share of 12.14%, ranking second in the world.
Xinjiang Goldwind Science And Technology Co.Ltd(002202) disclosed in the annual report of 2021 that during the reporting period, the sales revenue of the company’s wind turbine and parts was 39.932 billion yuan; In 2021, the external sales unit capacity was 1068322mw, of which the sales capacity of gw6s / 8s unit and gw3s / 4S unit increased significantly, with a year-on-year increase of 305.01% and 210.27% respectively. The proportion of sales capacity of gw6s / 8s units increased from 3.72% in 2020 to 18.26%, the proportion of sales capacity of gw3s / 4S units increased from 11.09% in 2020 to 41.65%, and the sales capacity of MSPM (medium speed permanent magnet) units was 108.50mw, achieving a breakthrough.
In 2021, as the last year when sea breeze received state subsidies, offshore wind power suddenly rose, and there was an unprecedented rush to install in the wind power industry. According to the statistical data of the national power industry in 2021 released by the National Energy Administration on January 25, the installed capacity of offshore wind power in 2021 was 16.9 million KW, 1.8 times the total scale previously completed. At present, the cumulative installed capacity has reached 26.38 million KW, ranking first in the world. In addition, onshore wind power has fully entered the era of affordable Internet access in 2021.
In this context, in addition to leading enterprises, the second and third tier wind turbine manufacturers took the opportunity to erode more market share Xinjiang Goldwind Science And Technology Co.Ltd(002202) strong enemies surround. In 2021, Xinjiang Goldwind Science And Technology Co.Ltd(002202) although it won the championship with 20% of China’s market share, this figure once exceeded 30% in 2018.
Vision energy is the number one opponent of Xinjiang Goldwind Science And Technology Co.Ltd(002202) . According to the incomplete statistics of the international energy network / wind power headlines, in 2021, the bidding results of wind turbines for 398 central enterprise wind power projects were released, and the cumulative capacity reached about 35.84gw Vision energy won 6793.7mw in total, accounting for 18.64% of the bid winning scale, becoming the first among the wind turbine winning enterprises in 2021 Xinjiang Goldwind Science And Technology Co.Ltd(002202) followed, winning 586615mw in total, accounting for 16.1% of the winning scale.
The Zhejiang Windey Co.Ltd(300772) , which was listed on the gem in 2019, ranked third in China with 7.64gw of new installed capacity and 14% market share in 2021. The year-on-year increase of installed capacity nearly doubled to 92%. In 2021, Zhejiang Windey Co.Ltd(300772) added 127976mw orders, which continued to hit a record high.
last year, the net profit was 3.457 billion yuan
On March 7, Xinjiang Goldwind Science And Technology Co.Ltd(002202) released its annual report for 2021. The company achieved a revenue of 50.571 billion yuan, a year-on-year decrease of 10.12%, a net profit attributable to the parent company of 3.457 billion yuan, a year-on-year increase of 16.65%, and a net operating cash flow of 4.887 billion yuan, a year-on-year decrease of 9.13%.
With regard to the decline in revenue, Xinjiang Goldwind Science And Technology Co.Ltd(002202) mentioned in the annual report that in 2021, after the onshore “rush for installation” of the wind power industry, the onshore wind power entered the first year of parity, resulting in the decline in the operating revenue of 1.5MW and gw2s units. In addition, the provision for impairment has eroded the company’s profits. At the end of 2021, the company made a total of 1.758 billion yuan of provision for credit impairment and asset impairment, including 553 million yuan of provision for impairment of accounts receivable, 325 million yuan of provision for impairment of development expenditure and 288 million yuan of provision for impairment of intangible assets.
Behind the large amount of withdrawal is the triangle debt dilemma of Xinjiang Goldwind Science And Technology Co.Ltd(002202) . By the end of 2021, Xinjiang Goldwind Science And Technology Co.Ltd(002202) notes receivable and accounts receivable totaled 23.585 billion yuan, while notes payable and accounts payable reached 31.876 billion yuan.
The problem of undervaluation has long plagued Xinjiang Goldwind Science And Technology Co.Ltd(002202) . Based on the closing price of 12.64 yuan / share on April 14, the Xinjiang Goldwind Science And Technology Co.Ltd(002202) price earnings ratio (TTM) is only 15.45 times, lower than the industry median of 20.89 times Zhejiang Windey Co.Ltd(300772) has a P / E ratio of 18.64 times in the same period, but its revenue in 2021 is less than one third of Xinjiang Goldwind Science And Technology Co.Ltd(002202) .
It is worth mentioning that Xinjiang Goldwind Science And Technology Co.Ltd(002202) has been in the state of no controlling shareholder and no actual controller since it was listed in December 2007. The largest shareholder, harmony health, holds 18.28% of the shares, followed by Xinjiang Wind Energy and China Three Gorges Renewables (Group) Co.Ltd(600905) , holding 12.5% and 11.78% respectively. The ownership structure is relatively decentralized.
However, after trading on April 14, Xinjiang Goldwind Science And Technology Co.Ltd(002202) announced that harmony health plans to reduce its holdings of no more than 254 million shares, that is, no more than 6% of the total share capital. According to the latest market price, harmony and health can cash out 3.211 billion yuan.
