The hottest wind power market ushers in new growth

Wind power market ushers in new growth points

when domestic wind power equipment manufacturing enterprises realize that their main business is gradually going through the best time, they can only find another way out and open up new growth points. For all types of enterprises, the risk of expanding the upstream and downstream industrial chain is the least, so it is also the most appropriate choice, and wind power equipment enterprises are no exception

domestic wind power equipment manufacturing enterprises represented by Goldwind technology and Tianshun wind energy are the practitioners of this model. Zhengkangsheng, deputy general manager and Secretary of Tianshun wind energy, told China business news that the shift to wind farm development is not only in line with the company's strategy of developing clean energy, but also because the current wind farm operation business still has high profits in the upstream and downstream industrial chain

who will be the next growth point after the wind farm? In fact, the market has already given the answer, that is, the operation and maintenance business. Many enterprises have already laid out their plans and are ready to share the feast that will come in a year or two

vitality of the equipment market

after a two to three-year trough, the domestic wind power market has ushered in the vitality of development again

before 2010, China's wind power market has maintained a high growth trend, with new installed capacity jumping from 510000 kW in 2005 to 18.93 million kW in 2010, with an average annual compound growth rate of more than 100%

however, the severe wind curtailment in 2011 pushed the wind power market into the cold winter, resulting in a decline in the profits of wind power operators and a great setback in investment enthusiasm. In 2011, the new installed capacity decreased to 17.63 million KW; This figure was further sharply reduced to 12.96 million kW in 2012, a year-on-year decrease of 26%

as an upstream wind power equipment manufacturing enterprise, its life is even worse. A person from a wind power enterprise lamented to China business news that during those two years, many small and medium-sized equipment enterprises fell down. At the same time, the so-called overcapacity also followed behind the enterprises like an irresistible burden, and the development was really difficult

however, under the general trend of environmental governance, energy conservation and emission reduction, the state has issued a series of supporting development policies, which made the domestic wind power market turn for the better in 2013. Since the second half of the year, the performance of wind power equipment manufacturing enterprises has also shown a positive trend

from the perspective of equipment price alone, in June 2011, the average bidding price of 1.5MW wind turbines was only about 3600 yuan/watt, which was at a historical low. However, by the end of last year, the average price of domestic public bidding had risen to 3800~3900 yuan/watt

as a leading enterprise in wind power equipment, Goldwind technology achieved an operating revenue of 7.12 billion yuan from January to September 2013, with a year-on-year increase of 19.72%; The net profit attributable to the parent company was 187 million yuan, an increase of 387.97% year-on-year. The company predicts that the annual performance in 2013 will increase by 150% - 200% year-on-year

at the national energy work conference held in January this year, the national energy administration set the installed capacity of new wind power at 18million kW. This also makes the domestic power equipment manufacturing enterprises usher in a turning year

downstream

although wind power equipment has come out of the fog and ushered in a good opportunity for development again, its growth is also weak and close to the limit

a securities analyst told China business news that this industry is already on the break even line, but it will not get much better. Recently, because there are five major power generation groups downstream, and the bargaining power of equipment enterprises in the industrial chain is low, it is not optimistic that this link can have a very high yield, and the ceiling of domestic equipment enterprises' growth is also obvious

on the one hand, although in the short term, the volume of wind power equipment will increase and the price will slowly rise, the downstream power generation group is stronger than the equipment enterprises, and the equipment market is also highly competitive, so it is not optimistic that the equipment enterprises have particularly high profits; On the other hand, in the long run, the domestic new installed capacity will lose its growth rate one day, and will gradually decline, just like the wind power installed capacity in the international market, it is not optimistic for a long time. These people believe that

in fact, not only the development of domestic wind power equipment enterprises will encounter a ceiling in the next few years, but also foreign wind power equipment enterprises with mature development have already encountered similar bottleneck problems

the growth rate of main business income and net profit of danmaivestas wind technology group, the world's No. 1 wind power equipment manufacturer, showed a downward trend year by year, and its roe increased negatively for two consecutive years in 2011 and 2012, with -6.4% and -59.4% respectively. The roe of gomeisa, another wind power equipment giant, fell to -48.7% in 2012 from 4.1% in the previous year

under this situation, domestic wind power equipment enterprises need to explore areas with greater space and stronger profitability. Therefore, the development of downstream wind farms has become one of the best choices for domestic powerful wind power equipment enterprises. In January this year, Tianshun wind announced the establishment of a joint venture with Beijing Xuanli, which will enter the development of wind farms and other new energy power plants in the future. Previously, Tianshun wind has been planning to develop two 49.5mw wind farm projects in Guangxi and Jilin

Zheng Kangsheng said that the profit of wind power station development is better than that of equipment manufacturing. It is expected that the company's two wind power projects in Jilin and Guangxi will be approved by the application capital and Energy Bureau of waste foam granulator this year, and the construction will start. It is planned to be put into operation in 2015. At the same time, the cooperation with Beijing Xuanli is also one of the measures to speed up the company's clean energy strategy, The 300MW wind farm project in Hami, Xinjiang is likely to be realized and generate power this year

according to the Research Report of GF Securities, the net profit of Tianshun wind farm business is expected to reach 14.61 million and 122 million respectively from 2014 to 2015. The wind farm operation business will become a new highlight of the company in 2015

Goldwind technology, which ranks first in the domestic wind power equipment market share, has already entered the field of power stations. In the first half of 2013, Goldwind technology turned to 133mw wind farm as an important factor determining the accuracy of the testing machine. As of the third quarter of last year, the company has completed the equity installed capacity of 605mw of wind farms, and the equity installed capacity of wind farms under construction exceeded 1200mW. In the future, the contribution of wind farm transfer to the company's performance will be further improved, which will also drive the shipment of wind turbines

next station

although the income of wind farm development is stable, enterprises must be able to obtain excellent resources and there are no obstacles before they can further expand the industrial chain. However, many domestic enterprises have been baffled by just one

therefore, when the large-scale wind power equipment launched a few years ago is about to go out of warranty period, the operation and maintenance market has become the next intersection and another development direction of the performance of wind power equipment manufacturing enterprises

according to a person from Goldwind technology, the warranty period of fan equipment before 2008-2009 is relatively short, and the warranty period of fans from 2009-2010 is 3-5 years. Therefore, starting from 2014, who will turn early will have more fan warranty periods, which will bring a certain market to after-sales operation and maintenance

after the warranty period, the fan may have various problems, and the equipment supplier will charge a fee for providing services to the wind farm owner. The main contents of wind power services include consulting work such as unit selection and project site selection in the early stage of wind power projects, medium-term project construction, and later wind farm operation and maintenance management

although the equipment maintenance business is still in its infancy and the market has not yet risen, everyone is optimistic. With the increase of fans in the warranty period, this market will grow to a certain extent. The above securities analysts said

at present, there are generally four types of operation and maintenance contracts in the world: infrastructure, general architecture, high-end architecture and full architecture. The complete architecture includes adding a guarantee of availability on the basis of some infrastructure, that is, the availability of wind turbine time or the availability of power generation within a certain number of years. For manufacturers providing operation and maintenance contracts, they need to bear greater risks, but their profits will also be greater

in fact, professional wind power operation and maintenance companies have already appeared in China. However, with the increase of operation and maintenance costs and the uneven quality of service and other factors, wind farm development enterprises with technical strength are more willing to give up high profits, so they have entered this field alone. Zheng Kangsheng said that Tianshun wind energy will also be involved in the field of operation and maintenance in the future

the Research Report of Beijing hanergy technology company shows that by 2020, the total volume of China's wind power service market may be as high as 100billion yuan. In addition, Goldwind's mid-2013 report said that the company's revenue from wind turbine sales fell by 11.14% year-on-year, but the wind power service sector achieved a 28.71% growth