Mingyang Intelligent (601615) Review of Major Issues: 6MW Offshore Wind Turbine Wins Bid of 3.3 Billion Large Orders and Enters Delivery Period by 2020

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Mingyang Intelligent (601615) Review of Major Issues: 6MW Offshore Wind Turbine Wins Bid of 3.3 Billion Large Orders and Enters Delivery Period by 2020

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Mingyang Intelligent (601615) Review of Major Issues: 6MW Offshore Wind Turbine Wins Bid of 3.3 Billion Large Orders and Enters Delivery Period by 2020

On January 5, the company issued an announcement and became one of the successful bidders for “Purchasing of Wind Turbine Equipment for Phase III, IV and V Offshore Wind Power Projects in Yangxi Shapa, Yangjiang City, Guangdong Province, with a bid amount of 32.

9.5 billion.

Comments: Winning 78 bids 6.

45MW sample with a total amount of 32.

9.5 billion.

The company won two bids for the Three Gorges New Energy “Yangxi Shaba Three, Four, and Five Phases of Offshore Wind Power” wind turbines in the bidding and procurement of 001 (Phase III I) and 004 (Phase Five). The winning amounts were respectively13

1 billion, 19.

8.5 billion.

The company’s winning sample is MySE6.

45-180, a total of 78 units, a total winning bid of 500MW, a total winning bid of 32.

9.5 billion, according to the bidding requirements, the first batch of supply will begin in May 2020, and supply will be completed in July 2021.

Bid 002 (Phase III II) and bid 003 (Phase IV) were awarded by Goldwind and Dongfang Electric respectively.

The successful bid will have a positive impact on the company’s receivables in 2020 and 2021, and the winning amount will account for 47% of 2018 operating income.

74%, we estimate that the proportion of receivables in 2019 will reach about 30%.

The issuance of convertible bonds helped the company to develop large megawatts.

In December 2019, the company’s convertible bonds (“Mingyang Convertible Bonds” with a bond code of “113029”) were successfully issued and listed on January 7, 2020.

A total of 17 trillion funds were raised for the first time, and the original restricted shareholders subscribed for a total of 2.

05 trillion, accounting for 12 of the total circulation.

05%.

The raised funds will be used for “Mingyang Xilinhot City 100MW Wind Power Project”, “Xilinhot City Mingyang Wind Power Co., Ltd. 50MW Wind Power Heating Project”, “Mingyang Qingshuihe County Jiicaizhuang 50MW Wind Power Heating Project”, ” MySE10MW-class offshore wind power plant and key components development 杭州桑拿 project “and supplementary working capital.

At present, the large-scale trend of offshore wind power and onshore wind turbines has begun.
Progressed to 10MW, and the company won 6 in this batch.

The 4MW-level index has won 5 bids in batches in 2019.

Further increase on the basis of 5MW minimum.

On December 2, Mingyang Intelligent MySE 8-10MW offshore wind turbine was rolled off the production base in Yangjiang, Guangdong. It became the third OEM in the offshore wind power market in China that has already rolled off 8MW + grade offshore wind turbines.MySE8-10MW offshore wind turbine will be hoisted in Yangjiang local wind farm one week later.

The smooth issuance of the company’s convertible bonds has helped R & D on a scale of 10MW, which is expected to enable the company to continue to maintain its advantage in the offshore wind turbine field.

Offshore wind power has entered the peak delivery season, and the company’s inflection point has come.

The company’s comprehensive gross profit margin in the third quarter was basically the same as that in the second quarter. The impact of low-price orders has been fully absorbed, and the company’s profitability has entered an improvement channel.

In addition, the company’s third quarterly report showed that the company’s inventory was 24 at the end of September.

33 trillion, an increase of 77% a year, an increase of 68 over the end of the previous year.

45%, the company’s accounts payable, bills payable, and advance receipts have increased significantly by 38 compared with the end of 2018.

7%, 64.

28%, 64.

01%.

The company has won new bids for offshore wind power since 20193.

66GW, the company will enter the forecast peak period in 2020, and its performance is expected to accelerate its release.

Earnings forecasts, estimates and investment ratings.

Do we maintain expectations for 2019?
In 2021, the company’s net profit attributable to mothers can achieve 6.
18, 10.
99, 14.

30,000 yuan, corresponding to the current maximum PE is 27, 15, 12 times.

According to the estimation of the wind turbine industry hub, we give the company 2020 performance20.

00 times estimate, maintaining target price of 15.

8 yuan, maintaining the “strong push” level.

Risk warning: Offshore wind power policy is less than expected, and high-power quantitative mass production progress is less than expected; convertible bond issuance is less than expected.