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Founded in 1998, Goldwind is committed to becoming an international provider of clean energy, energy conservation and environmental protection solutions. In the early days of its establishment, the company signed a joint design and development technology transfer contract with the German VENSYS Energy Co., Ltd., thus laying the foundation for the technological development of the company's direct drive permanent magnet fan. Since then, the company has cooperated with CNOOC to put into operation the first offshore environmental wind turbine in China, and acquired the German VENSYS Energy Co., Ltd., becoming a wind turbine enterprise with independent intellectual property rights.
In addition, the company was listed on the Shenzhen Stock Exchange and the Hong Kong Stock Exchange in 2007 and 2010 respectively, providing important financing support for subsequent development. Over the years, Goldwind has always maintained the industry's leading position as the first market share in the domestic wind turbine market.
<h1 class="pgc-h-arrow-right" data-track="4" > First, fan manufacturing is the company's most important source of income, and the proportion is increasing</h1>
At present, the company has three main businesses of wind turbine manufacturing, wind power services, wind farm investment and development, and other small businesses such as water affairs. Among them, the manufacture and sales of wind turbines are the company's most important sources of income, and the proportion of this revenue to the company's overall revenue is still increasing.
Chart 1: Revenue structure of Kingfa Technology's main business from 2015 to 2020 (100 million yuan)
Sources: Company Annual Report, Weber Consulting
Benefiting from the rush to install onshore wind power in China in 2020, the operating income of the company's wind power-related business segments has grown rapidly, of which the sales revenue of wind turbines and parts was 46.659 billion yuan, an increase of 61.62% year-on-year, accounting for 82.93% of the company's total revenue (of which wind turbine revenue was 43.981 billion yuan, an increase of 61.97% year-on-year).
Wind farm development business achieved revenue of 4.019 billion yuan, down 5.82% year-on-year; wind power service revenue was 4.434 billion yuan, an increase of 23.93% year-on-year; water affairs, investment income and other business income was 1.154 billion yuan, down 24.57% year-on-year。 It is worth noting that in 2020, the company's wind power service revenue accounted for 8% of the company's total revenue, surpassing wind farm development (7%) to become the second main business.
Chart 2: Revenue structure of Goldwind's main business by product in 2020 (100 million yuan, %)
Source: Company annual report, Weber Consulting collation
<h1 class="pgc-h-arrow-right" data-track="76" > second and 2MW fans contributed to the main sales, and the proportion of large models and overseas orders increased</h1>
In 2020, the installed capacity of new wind power grid-connected in china was 71.67GW, an increase of 178% year-on-year, and the installed capacity in December was 47.05GW, a year-on-year increase of 404.3%.
Benefiting from the domestic wind power installed capacity demand, the company achieved wind turbine sales of 12.93GW in 2020, up 58.26% year-on-year. Among them: the sales capacity of 3S/4S units increased significantly, an increase of 104.57% year-on-year; 2S units are still the main models, with sales capacity reaching 10,714.30MW; 1.5MW/2S/3-4S/6-8S aircraft shipments accounted for 0.25%/33.13%/47.06%/19.55% respectively.
Chart 3: Proportion of Wind Turbine Structure sold by Goldwind from 2012 to 2020 (%)
In 2020, the company's sales of 6S/8S large models were 481.65MW, accounting for 3.72% of the total sales of all models, an increase of 0.62 percentage points over 2019. As of the end of 2020, the company's overseas external orders in hand totaled 1,996MW, an increase of 31.3% year-on-year, compared with the early 13th Five-Year Plan period, an increase of 118%. The proportion of large aircraft orders and overseas orders has increased to varying degrees.
Chart 4: Goldwind Wind Turbine Sales and External Order Structure (MW) in 2020
<h1 class="pgc-h-arrow-right" data-track="77" > third, the price of fans has risen and the cost has been reduced, and the gross profit margin level has increased</h1>
In 2020, the average sales price of the company's wind turbines was 3401 yuan / kW, an increase of 2.35% year-on-year, of which the average sales price of 1.5MW, 2S, 3S and 6S platform units changed by -13.76% / + 0.03% / + 11.35% / +4.35% respectively. In 2020, the average cost of the company's wind turbines was 2905 yuan / kW, a year-on-year decrease of 0.32%, of which the average cost of 1.5MW, 2S, 3S, and 6S platform units changed by -14.00%/-2.53%/+11.19%/-1.05% respectively year-on-year.
Chart 5: Goldwind wind turbine price and cost increase in 2020 (%)
In 2020, the average gross profit margin of the company's wind turbines was 14.58%, an increase of 2.28pct year-on-year. Among them: 1.5MW fan gross profit margin of 26.19%, an increase of 0.20pct; 2.5MW wind turbine gross margin of 13.84%, an increase of 2.92pct; 3MW fan gross profit margin of 14.11%, an increase of 0.13pct. The gross profit margin of 6MW fans was 20.17%, an increase of 4.37pct year-on-year.
Chart 6: Changes in gross profit margin of Goldwind fans from 2014 to 2020 (%)
From January to June 2021, the company achieved fan sales of 2.97GW, down 27.66% year-on-year, and the decline in sales led to a decline in revenue, and the sales revenue of fans in the first half of the year was 12.872 billion yuan, down 11.63% year-on-year. Despite the decline in sales, costs have fallen sharply and profit margins have improved significantly. The company's comprehensive gross profit margin in the first half of the year was 28%, an increase of 10.6pct year-on-year, of which the gross profit margin of wind turbines and parts was 20.34%, an increase of 8.2pct year-on-year. In particular, the gross profit margin of offshore wind turbine products reached 25.94%, which had a significant effect on the overall gross profit margin of the wind turbine business.
Chart 7: Gross margin and growth rate of Goldwind wind turbines from January to June 2021 (%)
In terms of sub-models, the gross profit margin of 3S/4S and 6S/8S was 18.80% (+3.06pct year-on-year) and 25.94% (+9.14pct year-on-year), respectively, and the gross profit of 2S was 14.5% (+3.52pct year-on-year). The proportion of the company's large wind turbines has surged, further increasing the gross profit margin, and the proportion of 3S/4S has increased from 6.74% last year to 38.84%; the proportion of 6S/8S has increased from 4.04% last year to 26.80%.
Chart 8: Change in the proportion of installed capacity of Goldwind's large wind turbine sales from 2019 to 2021 (%)
<h1 class="pgc-h-arrow-right" data-track="78" > fourth, the new capacity of the fan exceeded 12GW, ranking first in market share</h1>
According to Bloomberg New Energy Finance (BNEF) data: in 2020, the first Chinese wind power manufacturer to add lifting capacity was Named Goldwind, with a lifting capacity of 12.33GW and a market share of 21%. Envision Energy (10.07GW) and Mingyang Smart (5.64 GW) followed, ranking in line with 2019; electric wind power (5.07GW) rose to fourth place with offshore wind advantages, and Yunda shares ranked fifth (3.98GW).
Chart 9: New Lifting Capacity and Market Share of China's Wind Turbine Manufacturers in 2020 (GW,%)
Source: BNEF, Weber Consulting
According to the data released by the Wind Energy Professional Committee (CWEA) of the China Renewable Energy Society: in 2020, there are 20 new installed machine manufacturing enterprises in China's wind power market, with a new installed capacity of 54.43 million kilowatts, of which Goldwind technology has a new installed capacity of 12.28 million kilowatts, with a market share of 22.6%, ranking first; followed by Envision Energy, Mingyang Intelligence, Electric Wind Power and Yunda Shares, with a total market share of 65%.
Chart 10: New installed capacity and market share of China's wind power manufacturers in 2020 (GW,%)
Source: CWEA, Weber Consulting Collation
In the first half of 2021, the number of wind turbine orders ranked as follows: first place: Envision Energy; second place: Mingyang Intelligent; third place: Goldwind Technology; fourth place: CRRC; fifth place: Sany Heavy Energy; sixth place: Yunda Wind Power; seventh place: Shanghai Electric; eighth place: Dongfang Electric; ninth place: United Dynamics; tenth place: Sinovel Wind Power.
Chart 11: China Market Confirmed Wind Turbine Order Volume Ranking (MW) from January to June 2021
Source: WoodMackenzie, Weber Consulting