China's leading supplier of wind power composite materials
The company is mainly engaged in the manufacture of composite materials, including wind turbine cabin cover, large non-metallic mold, engineering vehicle hood, passenger car cover and so on. At present, the company's main source of income is wind power supporting products, and the main downstream customers are wind power mainframe plants, including Vestas, Siemens Gomeisa, Xinjiang Goldwind Science & Technology and other leading wind power enterprises. the company is a high-quality material production supplier in the upper reaches of the wind power industry chain.
Benefit from the installation boom under the new policy of wind power subsidies, and the performance growth will be determined in the next two years.
As an important new energy industry, the wind power industry has survived and developed by subsidies. After years of development, the unit capacity, cost and efficiency of wind power have been significantly improved, and the industry is becoming more and more mature, so "de-subsidy" has become the main driver to promote the further maturity of the industry. the historical adjustment of subsidy policy has greatly affected the change of domestic wind power installed capacity in a short period of time. The wind power grid benchmarking price policy was implemented for the first time in 2009 and lowered for the first time in 2015. After the two adjustments, the newly installed capacity of wind power has reached an all-time high. We judge that another reduction in subsidies in May this year will still lead a new round of wind power installation boom. As the world's mainstream upstream supplier of wind turbines, the company currently accounts for only 10% of the global market share of wind turbines, and will fully benefit from this round of wind power installation. The performance growth in the next two years is certain.
Major wind power customers have full orders on hand, and the future growth rate will be supported.
The company's main downstream customers are wind power mainframe plants, and the main customers include Vestas, Siemens Gomeisa, Xinjiang Goldwind Science & Technology and other leading wind power enterprises. According to the orders-on-hand and wind power sales shown in the Vestas and Siemens Gamesa financial reports, the wind power business has maintained rapid growth. The company's orders declined in 2018 under the influence of the Siemens Gamesa merger, and the company's performance is expected to grow as downstream customer orders continue to grow in 2019.
Profit forecast and rating
It is estimated that the company's net profit from 2019 to 2021 will be 131 million yuan, 174 million yuan and 211 million yuan respectively, with an average annual compound growth rate of 33.9%, corresponding to EPS 1.18,1.56,1.90 yuan respectively. Considering that the company will benefit from the increase in wind power installed capacity in the next two years, the performance growth will be determined, and the "recommended" rating will be given for the first time.
Risk hint. The investment of new capacity is lower than expected; the risk of wind power policy change.