Goldwind Technology (002202): The wave of installed capacity has started the company’s fan manufacturing profitability is about to usher in a turning point

Goldwind Technology (002202): The wave of installed capacity has started the company’s fan manufacturing profitability is about to usher in a turning point
The company released an interim report: in the first half of the year, the company’s revenue returned to the net profit, net income after deducting non-return increased by 23%, down 23%, down 28%, the company’s revenue increased, but profitability increased, mainly due to the impact of the fan manufacturing sector.In the first half of the year, the company’s fan decreased by 3191MW, an increase of 52%, but the gross profit margin decreased by 10PCT to 11%.The wind power operation equity installed capacity was 4,422 MW, an increase of more than 10%, and the sale of generators earned 7.200 million investment income.The domestic wave of wind power installation has started, and the revenue of major component companies has grown significantly. The profitability of the company’s 北京夜生活网 manufacturing sector may bottom out in the next 1-2 quarters and rebound.Maintain “Highly Recommended-A” rating and adjust target price to 15.5-16 years old.5 yuan. High revenue growth: In the first half of the year, the company’s revenue was attributed to net profit, and the net profit after deduction was 157 and 11 respectively.8, 10.200 million, a year-on-year increase of 43%, a decrease of 23%, and a decrease of 28%.Among them, Q2 income is attributed to net profit, and non-attributable net profit is 103 and 9, respectively.6, 7.9 trillion, a year-on-year increase of 44%, a decrease of 26%, a decrease of 33%.Selling expense ratio 7.6%, an increase of 3PCT per year, and an overhead rate of 4.7% remained stable and the financial expense ratio was 3.1%, down 1.Five PCTs, the total investment income is mainly due to the investment 佛山桑拿网 income from wind farm transfers up to 7.200000000. The largest increase in operating cash was mainly due to the impact of stock preparation: the net operating cash in the first half of the year decreased to $ 3.2 billion, mainly due to the company’s cash for purchasing goods and labor services as high as $ 13.3 billion, up 55%. In the first half of the year, the company’s inventory was US $ 84 trillion, an annual increase of US $ 4.7 billion, an increase of 129%, of which finished products increased by US $ 2.5 billion, an annual increase of 257%, and work in progress increased by 4.700 million, a 43% increase in ten years. In the first half of the year, cash flow mainly settled into inventory. The gross profit margin of wind turbines has been reduced, and the profitability of the wind turbine sector has bottomed out: In the first half of the year, the gross profit margin of wind turbine sales.3%, a decrease of 10 PCT per year, net pollution of the manufacturing sector1.6 trillion, a decrease compared to the same period last year, mainly due to the delivery of low-cost wind turbine orders last year.However, the domestic wind power installation wave has begun, and the amount of tenders has also increased. The industry bidding price has started to rise slowly from the end of last year. We believe that the profitability of the company’s wind turbine sector has basically bottomed out. It is expected that the profitability level of the manufacturing board will probably meet in the fourth quarter.Come and turn. Steady growth in wind power operations: In the first half of the year, the company’s wind power development segment revenue22.USD 400 million, accounting for 14% of revenue, an increase of more than 11%, mainly due to the increase in installed capacity. The company’s wind power operators have stepped in in the past few years. By the first half of the year, the company’s wind power operation equity installed capacity has reached 4,422 MW, and the net fixed assets increased to 192 trillionAnd still 79 trillion projects under construction. Investment suggestion: Maintain “Highly Recommended-A” rating and adjust target price to 15.5-16 years old.5 yuan. Risk warning: Wind power installed demand exceeds expectations, and it is difficult to replace the supplementary funds in a timely manner.

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