11.41 yuan, the last time investors of Xinjiang Goldwind Science And Technology Co.Ltd(002202) ( Xinjiang Goldwind Science And Technology Co.Ltd(002202) . SZ) saw this price, it needs to be traced back to more than 11 months ago.
On April 18, the Shenzhen Composite Index rose 0.37% to close at 1169147 points, but fell 0.17% below Xinjiang Goldwind Science And Technology Co.Ltd(002202) to close at 11.92 yuan, creating a low price of 11.41 yuan for nearly a year, which is only half a step away from 11.30 yuan on May 14, 2021.
The share price of Xinjiang Goldwind Science And Technology Co.Ltd(002202) has been falling since it hit a high price of 20.95 yuan on November 5 last year. Even the disclosure of the good news of “the proposed 18.8 billion yuan investment in the construction of Wenzhou offshore wind power industry base” failed to stop the decline of Xinjiang Goldwind Science And Technology Co.Ltd(002202) share price.
What triggered the Xinjiang Goldwind Science And Technology Co.Ltd(002202) decline for more than five months? Perhaps, the frequent reduction of shareholders’ holdings is the biggest pressure on the rise of share prices.
more than 38 billion market value evaporated in 5 months
In terms of performance, the performance of Xinjiang Goldwind Science And Technology Co.Ltd(002202) 2021 was acceptable. Except that the operating revenue decreased by 10.12% year-on-year, the net profit attributable to the parent company still increased by 16.65% year-on-year. However, in a single quarter of 2021, Xinjiang Goldwind Science And Technology Co.Ltd(002202) the net profit attributable to parent company in the fourth quarter of last year was only 444 million yuan, a year-on-year decrease of 50.34% compared with 894 million yuan in the fourth quarter of 2020, and a month-on-month decrease of 61.86% compared with 1.164 billion yuan in the third quarter of 2021.
Soochow Securities Co.Ltd(601555) research report believes that the decrease in net profit of Xinjiang Goldwind Science And Technology Co.Ltd(002202) q4 is mainly due to the provision for asset impairment of 963 million yuan and credit impairment of 143 million yuan. The total provision for asset and credit impairment in the whole year was 1.758 billion yuan, reducing the net profit attributable to the parent company by 1.451 billion yuan. “After the significant provision for impairment, the risk is fully released. If the impact of impairment is excluded, the annual net profit attributable to the parent company is 4.908 billion yuan, a year-on-year increase of + 65.6%.”
This may explain why the share price of Xinjiang Goldwind Science And Technology Co.Ltd(002202) fell all the way after late November last year.
From the secondary market, the decline of Xinjiang Goldwind Science And Technology Co.Ltd(002202) was “quite tragic”. On November 15, 2021, Xinjiang Goldwind Science And Technology Co.Ltd(002202) set a high price of 20.95 yuan, and the market value of the company once reached 88.5 billion yuan. However, since then, Xinjiang Goldwind Science And Technology Co.Ltd(002202) has started to fall all the way.
On April 18, 2022, Xinjiang Goldwind Science And Technology Co.Ltd(002202) ‘s share price fell to 11.92 yuan, the lowest intraday drop to 11.41 yuan, the lowest price since May 14, 2021 The market value of Xinjiang Goldwind Science And Technology Co.Ltd(002202) also fell to 50.4 billion. In just five months, Xinjiang Goldwind Science And Technology Co.Ltd(002202) ‘s market value evaporated by 38.1 billion.
“Not only Xinjiang Goldwind Science And Technology Co.Ltd(002202) A new industry analyst of a coupon merchant told the 21st Century Business Herald that although the “rush to install” of wind power in the past two years has expanded the equipment capacity of enterprises in all aspects, it has also overdrawn the development speed of wind power industry to a certain extent, “This year is the first year of parity of wind power. Parity means that the profits of enterprises are meager. Coupled with the rise in the prices of bulk commodities such as steel and copper, it superimposes the cost pressure of the wind power industry and is bound to be abandoned by capital.”
Throw out an 18.8 billion expansion plan
Xinjiang Goldwind Science And Technology Co.Ltd(002202) 2021 annual report shows that the company’s wind turbine manufacturing and sales, wind power services, wind farm development, other businesses, adjustment and offset contributed net profits of 2.526 billion yuan, 09 million yuan, 2.646 billion yuan, 255 million yuan and – 1.945 billion yuan respectively. Among them, the net profit contributed by wind turbine manufacturing and sales and wind farm development increased by 89% and 46% year-on-year.
Soochow Securities Co.Ltd(601555) research report believes that the sharp increase in the sales profit of Xinjiang Goldwind Science And Technology Co.Ltd(002202) fans is mainly due to the increase in the proportion of large offshore models, and the high gross profit drives the improvement of the overall profit.
In 2021, 55.8gw of new wind power was hoisted nationwide, a year-on-year decrease of 3% Xinjiang Goldwind Science And Technology Co.Ltd(002202) the export sales of fans were 10.68gw, a year-on-year decrease of 17%; The installed capacity was 11.38gw, a year-on-year decrease of 8%. Although the market share is 20%, with a slight decline of 1.3%, Xinjiang Goldwind Science And Technology Co.Ltd(002202) still ranks first in China for 11 consecutive years.
In order to further expand the production capacity, Xinjiang Goldwind Science And Technology Co.Ltd(002202) disclosed the announcement on the evening of April 13, 2022 that the board meeting of the company considered and approved the proposal on the layout of Wenzhou offshore wind power industry base, and agreed to establish a strategic partnership with Wenzhou Municipal People’s government and sign the strategic cooperation framework agreement. At the same time, based on the strategic cooperation framework agreement, it is agreed that the company and the Management Committee of Wenzhou oujiangkou industrial agglomeration area sign the project investment agreement 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, and sign the project investment cooperation agreement with Wenzhou Dongtou District People’s Government on matters related to building an internationally leading far-reaching offshore equipment manufacturing and service industrial cluster. According to the above agreement, the total investment of the company and other enterprises is about 18.8 billion yuan.
As of the 13th and 20th of this interview, Mr. Dong Shangyu had not received a further reply on the amount of funds from Mr. Ji Tian and Mr. Ma Shangyu, respectively.
Pressure on shareholders to reduce their holdings or curb share prices
However, the good news did not support the share price of Xinjiang Goldwind Science And Technology Co.Ltd(002202) . After opening high and going low on April 14, the company’s share price directly jumped short and opened low on April 15, and remained in a downward trend on April 18.
“On the one hand, the fundamentals of the industry are not good, on the other hand, the market is worried about the pressure on shareholders of Xinjiang Goldwind Science And Technology Co.Ltd(002202) to reduce their holdings.” Said the new analyst of the above securities company.
On the evening of April 14, Xinjiang Goldwind Science And Technology Co.Ltd(002202) announced that the company’s shareholder “harmony health insurance Co., Ltd. – Universal products” (hereinafter referred to as “harmony health universal products”) plans to reduce its total holdings of no more than 253504058 shares of the company (accounting for 6% of the company’s total share capital) by means of centralized bidding and block trading within 6 months after the three trading days from the date of disclosure of this announcement.
Based on the closing price of RMB 12.64 on Xinjiang Goldwind Science And Technology Co.Ltd(002202) april 14, it is estimated that the reduction and cash out of “harmonious health universal products” may reach about 3.2 billion.
As soon as this news came out, Xinjiang Goldwind Science And Technology Co.Ltd(002202) of the stock bar was in an uproar. Many investors condemned the reduction of “harmonious and healthy universal products”. Some investors posted a post saying, “it’s really good, the high position will not be reduced, now let’s reduce it.
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Xinjiang Goldwind Science And Technology Co.Ltd(002202) 2021 annual report shows that “harmonious health universal products” ranks the second largest shareholder of the company with 528335542 shares, with a shareholding ratio of about 12.50%. This reduction plan is almost equal to about half of the reduction.
21st Century Business Herald reporter noted that in 2021, “harmony and health universal products” has reduced its holdings of 42.25 million shares. In addition, in 2021, Xinjiang Wind Energy Co., Ltd. reduced 81735471 million shares and China Three Gorges Renewables (Group) Co.Ltd(600905) reduced 92284972 million shares.
It can be seen that the frequent reduction of the three major shareholders holding more than 5% of Xinjiang Goldwind Science And Technology Co.Ltd(002202) shares is an important factor that makes it difficult for Xinjiang Goldwind Science And Technology Co.Ltd(002202) share price to rise.
Sinolink Securities Co.Ltd(600109) research report believes that Xinjiang Goldwind Science And Technology Co.Ltd(002202) as the leader of the whole wind power plant, deeply benefits from the long boom of wind power. The company is expected to realize net profits of 4.1 billion yuan, 4.6 billion yuan and 5.2 billion yuan from 2022 to 2024, with a year-on-year increase of 18%, 13% and 13% respectively. The price earnings ratio method is adopted for valuation, and the overall valuation of Xinjiang Goldwind Science And Technology Co.Ltd(002202) 2022 is 18 times, with the target price of 19.62 yuan / share.
On April 18, Xinjiang Goldwind Science And Technology Co.Ltd(002202) had a share price of 11.92 yuan, which is about 65% of the “target price of 19.62 yuan”. I just don’t know how long this goal will be achieved? Everything remains to be seen.
