① The three main businesses of landwind, sea wind, and wind farms all experienced twists and turns, and Mingyang Smart's 2023 Q4 performance lost a lot; ② At the beginning of last year, Mingyang Intelligence proposed to deliver 14 GW for the whole year. Judging from now on, the actual delivery last year may be far from this target.
Finance Association, January 30 (Reporter Xiao Lianghua) -- The three major businesses of Lufeng, Haifeng, and wind farms have all experienced twists and turns. Mingyang Intelligence (601615.SH) experienced bitter results within the industry in the 2023 Q4, with significant performance losses, dragging down annual earnings data.
“The installed volume of wind power this year was slightly lower than expected, especially the sea breeze, which has shrunk a lot from the optimistic judgment at the beginning of the year.” A senior official of a wind power machine company told the Financial Federation reporter that at the same time, when it comes to complete machinery, the industry is still intense, and there are endless bid grabbing at low prices, so no one in the industry can stay out of the situation.
Mingyang Intelligence released its 2023 annual results forecast this evening. It is estimated that net profit attributable to shareholders of listed companies will be 354 million yuan to 530 million yuan, a year-on-year decrease of 84.66% to 89.75%. According to the company's announcement data, the company is expected to lose 698 million to 874 million yuan in Q4 in 2023.
Regarding the reason for the poor performance, the company said that due to the impact of the industry cycle, the wind power industry has entered a stage of fierce price competition, and the overall bid price of fans has declined, especially for onshore wind power. The overall price of the fans delivered by the company in this period also declined due to price fluctuations in the industry, which led to a year-on-year decline in the company's gross margin of fan sales.
Furthermore, in the marine wind sector, where the company has an advantage, the company's successful offshore wind power orders to be delivered were delayed due to force majeure factors affecting the implementation progress of specific projects; at the same time, the power plant product transactions that the company originally planned to complete in the fourth quarter were not completed as planned, all of which had an adverse impact on performance.
At the beginning of 2023, Mingyang Intelligence proposed to deliver 14GW for the whole year at an investor conference. Judging from now on, the actual delivery last year may be far from this target.
A financial news agency reporter noticed that in the first three quarters of 2023, the company sold 6912MW of fans abroad, of which 4937MW of onshore fans were shipped, an increase of 41.19% over the previous year, while offshore fan shipments were 1975 MW, a year-on-year decrease of 11.05%. Will it be possible to deliver more than 7GW of products in the last quarter? Industry insiders said that the fourth quarter was the peak season for the industry, but Mingyang Intelligence's delivery volume for the first three quarters was still less than half of the previous estimate, so clearly there was a lot of pressure in the fourth quarter.