The large-scale wind turbine and the rise of offshore wind power are reshaping the wind power industry chain. The financial Associated Press reporter learned from a number of industry insiders that the 3 MW products of the nacelle cover of the upstream fan have great pressure on price reduction, and some small and medium-sized production capacity have withdrawn. The leading enterprises maintain the profit margin through product iteration, and expand production against the trend to seize the market share. The industry is expected to be further concentrated.
The relevant person in charge of Shandong Shuangyi Technology Co.Ltd(300690) (300690. SZ) told the financial Associated Press, "the company's current orders for engine hood are stable, better than the same period last year. On the basis of the increase of production capacity in 2021, the company's production capacity will increase by more than 10% in 2022."
product iteration accelerates industry concentration
The wind turbine cabin cover is a shell installed on the main frame and frame of megawatt wind turbine. From the perspective of structure, it is mainly composed of bottom cover, top cover, vent, support sector, shield and other components.
Under the background of large-scale fan, the nacelle cover is also facing product upgrading. Shandong Shuangyi Technology Co.Ltd(300690) the relevant person in charge told the financial associated press that in 2020, the company's blade mould and engine room cover were mainly 3 MW products. By 2021, the proportion of 4 and 5 MW products will increase, and it is expected to become the mainstream this year.
In a recent survey, the company said that with the increase of MW, the volume of engine hood will increase accordingly, and it is difficult to manufacture the end. The above person in charge said, "as an engine hood head enterprise, the company has certain technical reserves in the large-scale fan, has advantages in product quality, and is easier to get more market share in the process of product iteration."
In addition, under the pressure of cost reduction in the fan industry chain, the main engine plant will also require suppliers to reduce product prices, narrow the upstream profit space, and accelerate the exit of small and medium-sized production capacity. The person in charge of an engine hood production enterprise in Texas said that the price of 3 MW engine hood decreased by about 10% in 2021, and the company's profits fell sharply. Large companies maintained a relatively stable profit margin by upgrading products. "At the same time, raw material prices are at a high level, and many small enterprises around them don't take orders."
It is reported that China's wind turbine cabin cover enterprises can be divided into three echelons. The first echelon enterprises have strong R & D and production strength, high product quality and perfect market channels. Representative enterprises such as grede, zhupite, Shandong Shuangyi Technology Co.Ltd(300690) and so on. The second echelon focuses on one or two host customers, and the third echelon is smaller.
Shandong Shuangyi Technology Co.Ltd(300690) said during the survey that from the perspective of the Chinese market, the supply of engine hood is still relatively scattered, and the Chinese market may gradually develop to scale and centralization.
In terms of demand, industry analysts believe that China is expected to continue to implement the green development strategy during the 14th Five Year Plan period, and renewable clean energy such as wind power will usher in better development opportunities, driving the growth of demand for wind turbine covers. It is estimated that by 2025, the market scale of wind turbine hood in China is expected to reach 6.8 billion yuan, and the industry has a good development prospect.
enterprises of head nacelle cover expand production and grab share
In the case of declining gross profit space, the leading enterprises are optimistic about the development prospect of the industry and build or expand production capacity against the trend to compete for more market share. According to the Shandong Shuangyi Technology Co.Ltd(300690) five-year plan, the company plans to double the overall sales revenue of engine hood. The aforementioned person in charge of the company said that in 2022, the company will add a production area of 24000 square meters, more than 10% of more than 190000 square meters in 2021, and the production capacity will be further increased. In 2021, the company's new customers include Ge wind energy. In the future, the company will continue to dig deep into the order share of old customers.
Financial data show that the company's engine room cover and hub cover products belong to wind power supporting products. The sales revenue of these products in 2020 is 720 million yuan, which is the largest business segment of the company.
In addition, in December 2021, the project of 1500 nacelle covers for wind power generation of Jiangsu Changyou Environmental Protection Technology Co., Ltd. was signed in Bayannur economic and Technological Development Zone, and it is planned to be completed and put into operation by the end of June 2022. Jiangsu Jiuding New Material Co.Ltd(002201) (002201. SZ) invested and established a wholly-owned subsidiary in Rudong County, Jiangsu Province in 2021 to build a production project with an annual output of 500 sets of wind turbine blades and 200 sets of wind turbine covers.
In terms of industry chain, China Resources Chemical Innovative Materials Co.Ltd(301090) (301090) recently indicated that the PET foam developed by the company can be applied to core blades of wind turbine blades, webs and engine room cover, and is still in the stage of industrialization. Shandong Fiberglass Group Co.Ltd(605006) (605006. SH) indicates that some of the company's glass fiber products are used for nacelle covers of wind power generation.
