Mingyang Intelligent (601615): A Announcement on the Prompt Announcement of Major Project Pre-bids
Event: The company issued a pre-bid announcement for major projects.
The company participated in the first phase of the 6 million kilowatt demonstration project of the Wulanchabu Wind Power Base of the State Power Investment Group Co., Ltd., and won the bid of 1.3 million kilowatts in the fourth bidding stage, with a total bid of about 4.65 billion yuan.
Leading wind power plant with steady growth in performance.
Mingyang Intelligent mainly researches and develops, manufactures and manufactures wind power generators for the military, hybrid technology routes, the company’s own production blades, gearboxes are mainly purchased from NGC, and the motors are manufactured by CSR Times and Hunan Electric Power.
In 2018, the gross profit margin of the company’s products increased steadily, 27 in the first three quarters.
5%, the net profit margin is relatively stable, between 5-6%.
The company’s new chronic single 5GW in 2018, accounting for 19%.
4%, more than 8GW of orders on hand, a total of 2.
5GW offshore order.
From the perspective of revenue, 2019 is expected to grow by more than 30%.
According to the company’s announcement, the amount of this tender was about 4.65 billion yuan, accounting for about 87 of the company’s audited operating income in 2017.
8%; the successful bid will have a positive impact on the company’s operating performance in 2019.
Through offshore wind power, the strength is highlighted.
2018 is an important turning year for offshore wind power. The projects approved by Guangdong, Fujian and Jiangsu are very aggressive. The company has been leading in offshore wind power. In the 18 new tenders, Mingyang won the bid of 48.
7%, 10% -15% will be hoisted in 19 years, 5.
5WM-158 meters is the main generator, the power generation, grid connection and hoisting are the first.
In addition, the company’s products are distributed in eight companies in the Three Gorges Xinghua Bay test wind farm. From the operating situation, the company has the highest construction efficiency, the highest equivalent full-hour, and a 7-10% higher yield.
From the perspective of planning and construction, 都市夜网 offshore wind power will be relatively rapid in 19 years, and will be more concentrated after 6 months.
The current company 7.
The 2MW offshore wind turbine has been hoisted and 8-12MW previews are to be performed. It is expected that the company will continue to generate revenue through the rise of offshore wind power in the future.
The semi-direct drive technology route has obvious advantages.
The company’s products adopt integrated design, the weight of the mainframe is effectively reduced, and the cost advantage is very obvious.
First, the weight is dominant. The 3MW using the ultra-micro permanent magnet hybrid technology weighs only 82 tons, with 123 tons of double-fed for the same volume and 121 tons of direct drive.
Second, the size is smaller.
The size of the 3MW mainframe is completely 7.
5 * 4.
1. The size of the direct drive is 12.
1 * 5.
1 * 5.
1. The size of double feed is 12.
8 * 4.
0 * 3.
In addition, it also has advantages in power generation. Semi-direct drive products have a wider speed range of 5-17.
7 rpm to ensure higher efficiency of the generator.
Investment suggestion: Mingyang Intelligent has adopted a semi-direct drive technology route, which is small in size and light in weight, and it can indeed save material costs in terms of large-scale units.
The company is located in Guangdong and has obvious geographical advantages in offshore wind power. At the same time, the company has an earlier layout of offshore wind power, 5.The 5MW sample is a mature mainstream example with a first-mover advantage.
In 2018, offshore wind power won 48 bids.
7% fully verified.
Offshore wind power is expected to begin to increase in the second half of 19, and the company will benefit in the long term.
It is expected that the company’s net profit for 2019-2020 will be 5 respectively.
5 and 6.
50,000 yuan, corresponding to EPS0.
40 and 0.
47 yuan / share, corresponding to PE36 and 31 times, given an “overweight” rating.
Risk Warning: The company’s specific business fails to meet expectations.
Wind power industry policy risk