Depth-Company-Tianshun Wind Energy (002531): Various businesses actively reported better than expected results

Depth * Company * Tian Shun Wind Energy (002531): Various businesses actively reported positive results and slightly exceeded expectations

The company released its 2019 Interim Report, with a 38% increase in earnings slightly ahead of expectations.

The company’s overall business is positive, which is expected to benefit from the increase in wind power demand and its own capacity expansion; maintain a BUY rating.

Key points to support ratings Earnings growth of 38% in the first half of the year was slightly higher than expected: The company released its 2019 Interim Report, with revenue of 24 in the first half.

7.7 billion, an annual increase of 53.

26%; net profit attributable to shareholders of listed companies3.

34 ppm, an increase of 38 in ten years.

42%; profit after deduction 3.

160,000 yuan, an increase of 41 in ten years.


Among them, 2019Q2 was profitable 2.

47 ppm, an increase of 54 in ten years.


The company’s performance slightly exceeded market expectations.

Wind tower production and sales have steadily increased, and production capacity has continued to expand: After the expansion and expansion of Taicang, Baotou, and Zhuhai production centers in 2018, the company’s tower tube capacity has increased compared to the same period last year.

The output of the company’s wind towers and related products in the first half of the 北京夜生活网 year22.

24 carats, sales of 20.

38 each year, with an increase of 43 each year.

39%, 21.

74%; realized operating income 18.

750,000 yuan, an annual increase of 42.

72%; gross profit margin 20.

48%, basically stable every year.

In addition, the company’s newly-built Wucheng 10 is expected to have a tower throughput expected to be put into production at the end of this year. After completion, the company’s existing competitive advantages will be gradually strengthened and its performance will gradually be increased.

The new wind farm grid-connected drive high growth in power generation revenue: Benefiting from factors such as the 50MW Licun Phase II, 100MW Nanyang, and 150MW Tancheng wind farms being connected to the grid between 2018H2 and 2019H1, and wind conditions, the company’s power generation business 佛山桑拿网 performed well in the first half of the yearAchieve online power 5.

6.8 billion kWh, realizing revenue2.

78 ppm, an increase of 78 in ten years.

84%; gross margin 71.

57%, an increase of 4 a year.

55 units.

At present, the company has a wind farm grid-connected capacity of 680MW, and has 199 approved projects in hand.

4MW, still has better growth potential.

Blade revenue growth: In the first half of the year, the company’s blade product output was 86 sets and sales volume was 89 sets. In addition, the mold product production and sales were each 13 sets, and the blade business achieved revenue2.

US $ 5.3 billion, previously expected to grow 341%; benefiting from the maximum increase in production capacity, the gross profit margin decreased and increased3.

35 single to 29.


To estimate the company’s mid-term report and industry demand, we adjusted the company’s forecasted earnings growth for 2019-2021 to zero.


50/0.60 yuan (the original forecast data was 0.



54 yuan), corresponding to a price-earnings ratio of 16.



5x; maintain Buy rating.

The main risks faced by the rating are fluctuations in commodity prices; demand from the wind power industry is not up to expectations; wind farm profitability is not up to expectations; and new business layout is not up to expectations.