Mingyang Intelligent (601615): Leading offshore wind power plant benefits high growth in the industry
The event company will launch the second extraordinary shareholders’ meeting of 2019 on June 14 and issue convertible bonds.
The funds raised through the conversion of bonds will be used to construct wind farms and invest in the development of 10MW-class offshore wind power plants and components.
A brief comment on the high growth of offshore wind power in the offshore wind power industry is at a high-speed growth stage, and the new installed capacity in 2016-2018 was 0.
65GW, the annual average is 64% / 97% / 42%.
At present, domestic offshore wind power has started construction, and the approval has exceeded 50GW, of which, construction has started6.
5GW, approved 21.
8GW, to be approved 22.
As the projects approved before the end of 2018 need to be re-approved by the grid-connected parties before the end of 2021, it is expected that the amount of grid-connected offshore wind power will maintain high growth in the next three years.
The company is the leader of large megawatts of offshore wind power, and its fist products are about to lead the company’s fist products5.
25MW units will soon lead the market.
The United Nations Navy’s offshore wind power mainly uses units below 5MW, and is currently rapidly increasing to above 5MW.
Among the new offshore wind power installations in 2018, 94% were units below 5MW, and the market was dominated by Shanghai Electric, Vision Energy, and Goldwind Technology. The three cities accounted for a total of 92% and Mingyang had only 5.
Among the offshore wind farms already in operation, the proportion of products above 5MW has increased rapidly, and the company’s market 厦门夜网 share has also increased to 29%.
The company ‘s unique ultra-compact and semi-direct-drive typhoon-resistant technology also features lightweight components, high availability, and excellent power generation performance, which is a powerful guarantee for the company to become a leader in offshore wind power plants.
Convertible bonds have been launched, and companies that have developed large megawatt offshore units have recently launched convertible bond issuance, raising funds for wind farm construction and investing in the development of 10MW-class offshore wind power units and components to ensure the company’s leading position in the field.
It is estimated that the company’s operating income for 19-21 will be 101/139/195 trillion, and the net profit attributable to the mother will be 4 respectively.
36 trillion, the corresponding EPS is 0.
75 yuan, corresponding to PE is 30/17/14 times.
Covered for the first time and given a “Buy” rating.
Risk reminders: 1) Offshore wind power policy is less than expected; 2) Offshore wind power construction progress is less than expected.