Tianshun Wind Energy (002531) Comment on Important Matters: Expansion of production at sea and on land and go forward actively to create a global tower leader

Tianshun Wind Energy (002531) Comment on Important Matters: Expansion of production at sea and on land and go forward actively to create a global tower leader

On January 8, the company issued two announcements1. The company and the Sheyang Port Economic Development Zone Management Committee penetrated the “Tianshun (radiation)(Yang)) Wind power offshore engineering and intelligent manufacturing project investment agreement, the project plans to invest 16 trillion, covers an area of 500 acres, and can produce about 25 feet of wind power offshore engineering products.

2. Suzhou Tianshun Wind Energy Equipment Co., Ltd., a wholly-owned subsidiary of the company, invested and established Shangdu County Tianshun Wind Power Equipment Co., Ltd. in Shangdu County, Wulanchabu City, Mongolian Autonomous Region. It mainly researches and develops military onshore wind power generation towers and supporting components.Production and sales.

The project is expected to have an investment budget of 600 million yuan and an expected production capacity of 12 after completion.

  Comment: Onshore wind power towers expand their production capacity by 12, pointing to the Three-North Parity Project.

The company plans to invest 600 million U.S. dollars in Shangdu County, Ulanqab, Inner Mongolia, to expand 12 into onshore wind power.

It is expected that the choice of the new base will be based on the rush installation demand in the Three North Region, and the replacement of the Three North Region will be an important development site for underground land wind power after entering parity.

Considering that the company’s onshore wind power has formed Taicang 28 insertion capacity, Baotou 16 transmission capacity, and Zhuhai 12 insertion capacity, the expansion of the company’s onshore wind power capacity will reach 68 / steadily the world’s largest onshore wind power tower after the expansion is completed.supplier.

The offshore wind power capacity was expanded by 25, and new tower types were actively developed.

The company also announced plans to invest US $ 1.6 billion in Sheyang County to build 25 offshore product bases, marking the company’s official entry into domestic offshore wind power tower supply.

According to Bloomberg New Energy statistics, as of the end of the third quarter of 2019, the domestic offshore wind power inventory supplementary indicator was as high as 39.

8GW.

According to the regulations of the director of the Energy Bureau, these projects need to be connected to the grid before the end of 2021. Otherwise, they will need to participate in the bidding again, and domestic offshore wind power will soon enter the peak development period.

Imperial Company announced that its wholly-owned subsidiary Tianshun Wind Energy (Germany) invested 22 million euros to acquire Ambau’s offshore wind power pile-based assets in Germany. After the completion of the acquisition, the company will form offshore wind power installation capacity of more than 10 tons in Europe, which also marks the company’s officialEntered offshore wind power supply in the North Sea in Europe.

The company actively deploys domestic and European offshore wind power tower 北京夜网 supply, and actively builds new profit growth points based on its main accumulation.

The blades continue to boom and grow steadily in hand generators.

The company has formed 8 blade / mold production lines at the Changshu base, of which 4 are used for blade production and the corresponding capacity is about 300 sets, and 4 are used for blade mold production.

  With the start of a new wave of wind power rush installation in China, blades have entered a situation where supply and demand replace demand, and the company’s blades / molds continue to increase in volume and profitability continues to increase.

In the future, how to increase the size of blades and the continuous promotion of export business, the company’s blade profit is expected to continue to maintain rapid growth.

As of the end of the third quarter of 2019, the company has 680MW of wind farms in hand, and the company has 200MW of projects under development. It is expected to be connected to the grid before the end of 2020. The company continues to steadily promote wind farm development and increase the company’s profitability.

Maintain the company’s “strong push” rating.

The company’s tower and blade business profitability exceeded our expectations. We raised the company’s profit forecast for 2019-2021 to 8.

15 billion / 10.

45 billion / 12.

8.1 billion (origin value 7).

6.1 billion / 1 billion / 12.

2.7 billion), the corresponding EPS is 0.

46 yuan / 0.

59 yuan / 0.

72 yuan, with reference to the industry assessment center to give the company 15 times the estimate for 2020, corresponding to a target price of 8.

85 yuan / share, maintain “strong push” grade.

Risk Warning: The price of raw materials rises, and the policy is less than expected.