Mingyang Intelligent (601615): Expansion rate further expanded Operating performance significantly improved

Mingyang Intelligent (601615): Expansion rate further expanded Operating performance significantly improved

Event: Mingyang Intelligent released the third quarter report of 2019, and the company achieved operating income of 72 in the first three quarters.

100,000 yuan (+58 compared to the same period last year).

87%); realized net profit attributable to mother 5.

140,000 yuan (+98 compared with the same period last year).

59%); net profit after deducting non-return to mother4.

RMB 470,000 (+107 compared with the same period last year).

9%); net cash flow from operating activities9.

290,000 yuan (+1,222 compared with the same period last year).


The gross profit margin remained stable, the expense ratio increased, and the operating performance improved significantly: Q3 achieved revenue of 31 in a single quarter.

95 ppm, an increase of 60 in ten years.

07%, an increase of 40 from the previous month.

81%; net profit attributable to mothers1.

80 ppm, a 59-year increase of 59.

29%, an increase of -38.

98%; comprehensive gross profit margin 22.

28%, overall stability and expense ratio of 15.

21%, a decline of 5 per year.

73pcts, down 6 from the previous month.


The growth in Q3 revenue is mainly due to the increase in orders for wind turbines on hand and the increase in customer delivery demand. It is estimated that the scale of wind turbine delivery in the third quarter will be about 880MW, exceeding 831MW in the first half of the year, and the gross profit margin is expected to be 19% -19.

1%, about 18 in the first half.

46% improvement; the third quarter performance was mainly due to the company’s sale of the project company Dachai Danmingyang New Energy Co., Ltd. 100% equity and joint venture Datang Gongcheng New Energy Co.

50% equity confirmed 2.

The investment income of RMB 920 million, if excluding this part of the impact, Q3 performance will improve significantly compared to the previous quarter.

Leaders in the large wind turbine market have a large number of orders in hand: the transformation into the era of wind power bid parity, the large-scale wind turbine has become an inevitable trend, and the company has laid out earlier.

First-mover advantage of wind turbines of 0MW and above.

In the first half of the year, the company’s unit orders increased the winning bidding capacity.

96GW, of which, the order for offshore wind turbines is 2.

16GW, with a capacity of 36%; large onshore wind turbines (2.

5MW and above 2.

5MW or more) Order 3.

50GW, accounting for 59% of the overall 夜来香体验网 order; new offshore unit orders replace single unit power5.

5MW and above models; large fan orders (single unit power) 3.

0MW and above) capacity accounted for more than 95%, achieving market leadership in large wind turbine orders.

Brand effects and first-mover advantages help build offshore wind turbines: The 13th Five-Year Plan for Wind Power is proposed. By 2020, the scale of construction of offshore wind power in the country will reach 10GW, and strive to break through the grid-connected capacity to more than 5GW.

According to the overall provincial planning, the scale of national offshore wind power planning exceeds 100GW, and there is huge room for future development of offshore wind power, of which Guangdong’s overall planning for offshore wind power is 66.

85GW.As the first batch of offshore wind power 北京夜网 installation companies in Guangdong, the company has obvious first-mover advantage and location advantage in the brand effect of offshore wind power.

Judging from the trial operation, Mingyang’s offshore wind turbines are leading the industry in all aspects of performance.

In the first half of the year, the company added about 2GW to the open tendering of offshore wind power projects, and gradually ordered more than 4GW of offshore wind turbines on hand, far exceeding other industry interactions.

Investment suggestion: Maintain the investment rating of Buy-A with a 6-month target price of 17.

40 yuan.

We expect the company’s net profit for 2019-2021 to be 6, respectively.

40 billion, 12.

04 billion, 14.

5 billion, net profit growth rates were 50%, 88%, 20%, and EPS were 0.

46, 0.

87 and 1.

05 yuan; maintain Buy-A investment rating, target price is 17.

40 yuan.

Risk reminder: Domestic wind power installed capacity is less than expected.