Goldwind Technology (002202): Steady revenue growth, gross profit margin rebounding
The company released its 2018 annual report and achieved revenue of 287 in 2018.3 ppm, an increase of 14 in ten years.3%, net profit attributable to mother 32.200 million, a five-year growth of 5.3%, net profit after deduction is 28.700 million, previously unchanged. Fan sales are steadily increasing, and the gross profit margin is under pressure: In 2018, the company achieved 5861MW of fan sales, an annual increase of 15.34%, of which 2360 units sold 4,360MW, accounting for 59% in 2017.7% increased to 74.4%.Gross profit margin of the company’s fans in 2018 19.2%, a decline of 6 per year.4 fans, the average sales price of fans fell by 2.6%, the cost is increased by 5.At 7%, the low-price orders that have won the bid since 2017 have been delivered in a concentrated manner, while the price of raw materials has remained high, which is the main reason for the decline in the gross profit margin of fans.In 2018, the company’s main 2MW sample gross margin was 19.3%, year-on-year decrease of 6 units, the average implementation price of 3300 yuan / kw, year-on-year decrease of 5 units, of which the gross profit margin of 2MW units in the second half of 2018 17.2%, the execution price is reduced by 6 per year.At 6%, the gross profit 杭州夜网 margin bottomed out. Market share increased, gross profit margin expected to bottom out: According to Bloomberg New Energy data, the company’s domestic market hoisting volume in 20186.7GW, with a market share of 32%.In 2019, the company will execute the low-price orders for the ten years of 2018, and the gross margin pressure in the first half of the year is still under pressure.Looking at the bidding market, fan prices have bottomed out since the fourth quarter of 2018, and the bidding prices in December rose 3-5% from the September lows.In the context of the industry recovery, it is expected that there will be no room for the price to continue to decline. Driven by the rebound in prices and costs, the company’s gross profit margin for fans is expected to bottom out in the third quarter of 2019. Steady growth of wind power 返回码: 500 网站打不开?重查 operation and significant increase in utilization hours: In 2018, the company’s wind direction expanded and coexisted with a grid capacity of 4,720 MW, benefiting from improved power restrictions in the Northwest and the successive commissioning of southern projects.Up to 250 hours.The company ‘s 34% equity installed capacity is located in the northwestern region. The northwestern consumption has continued to improve, and the utilization hours will continue to increase. Profit forecast: The company’s EPS for 2019-2021 is expected to be 0.83, 1.17 and 1.38 yuan, maintain BUY rating. Risk reminder: Wind power replenishment installed exceeds expectations, cost reduction exceeds expectations