Depth * Company * Tianshun Wind Energy (002531): Revealing gross profit margin and profit elasticity promote release
The company released its 2018 annual report, and its profit exceeded flat. The company’s various businesses are steadily advancing, which is expected to benefit from the decline in steel prices and the better domestic wind power demand. Maintain the buy rating.
Key points supporting the rating The profit in 2018 was flat, and Q4 revenue increased significantly: the company released the 2018 annual report and achieved a total turnover of 38.
34 ppm, an 18-year increase.
39%; realized profit 4.
70 ppm, an increase of 0 in ten years.
The company’s total operating income in 2018Q4 was 13.
24 ppm, a 37-year increase.
33%, an increase of 48 from the previous month.
16%; realized profit 1.
12 ppm, a decrease of 0 per year.
21%, a decrease of 3 from the previous quarter.
The company’s annual report performance is faster than the rapid performance4.
90 trillion decreased slightly, basically in line with expectations.
Wind tower production and sales have contracted slightly, and the rebound in gross profit margin is expected to release performance flexibility: the company’s wind tower production and sales in 2018 were 37.
01 Initially, it fell by 5 each year.
As the steel price as a whole is at a high level, but it fell significantly in the fourth quarter of 2018, the gross profit margin of the wind tower dropped.
71 good 21.
60%, but the ratio has increased in the first half of the year; the current steel price is lower than the average level in 2018 and remains stable. We expect the wind tower gross profit rate to continue to pick up and drive the elastic release of earnings.
The company completed the expansion of production capacity in three places including Taicang in 2018, which further consolidated its leading edge.
Power generation revenue has grown rapidly, and the resources at hand are abundant: In 2018, the company completed a total of 165MW wind farms connected to the grid (converted to 465MW), and obtained 120MW project approval; power generation revenue3.
60 ppm, an increase of 50 in ten years.
69%, gross margin 64.
14%, a year up 2.
At the same time, the company has another 215MW wind farm under construction, 199MW is planned to start, and has resources that have been developed for many times2.
The 重庆耍耍网 ramp-up of production capacity at the Changshu Blade Factory was completed, and the blade revenue increased significantly: In 2018, the company’s first-phase factory at the Changshu Blade Base was officially put into operation, and the final final production capacity climb was basically completed. At the same time, the company’s blade business was upgraded from foundry to an independent sales model.Revenues increase by 52% per year with sales falling by 63%.
64% to 2.
51 ppm, gross profit margin increased by 17.
70 average to 20.
It is estimated that the combined company’s annual report and operating status will adjust the company’s 2019-2021 earnings to zero.
54 yuan (the original data for 2019-2020 was 0.
47 yuan), corresponding to 杭州桑拿网 a market surplus of fifteen.
4x; 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.