Mingyang Intelligence (601615): High-performance growth of wind turbine delivery accelerated

Mingyang Intelligence (601615): High-performance growth of wind turbine delivery accelerated

The company released the third quarter report for 2019 and achieved revenue of 72 in the first three quarters.

100,000 yuan, an increase of 58 in ten years.

87%, net profit attributable to mothers5.

140,000 yuan, an increase of 98 in ten years.

59%, net profit after deduction is 4

470,000 yuan, an increase of 107 in ten years.


Revenue in the third quarter was 31.

95 ppm, an increase of 60 in ten years.

11%, an increase of 40 from the previous month.

81%, net profit attributable to mothers1.

80 ppm, a 59-year increase of 59.

04%, down 38% from the previous month.

98%, mainly due to the transfer income of more than 200 million power plants in the second quarter.

  The delivery of wind turbines is accelerated and the cost is well controlled: the company achieved a wind turbine revenue of 33 ppm and a gross profit margin of 18 in the first half of the year.

5%, the third quarter revenue increased by 40.

81%, the company’s fan delivery accelerated.

  The company’s overall gross margin in the third quarter was 22.

29%, a decrease of 0 from the second quarter.

32 averages. Due to the increase in the percentage of wind turbine revenue in the third quarter, the gross profit margin of wind turbines is expected to increase sequentially.

In the first three quarters, the company’s sales / management / R & D / financial expense ratios were 8 respectively.




09, for a total of 18.

68%, which decreases by 1 each year.




01 averages, a total decrease of 5.

24 units.

Expenses for the third quarter 15.

19%, down 6 from the previous month.

27 units.

  Too many orders in hand, leading offshore wind turbines: In the 深圳桑拿网 first half of the year, the company replenished 6 GW of bids and 12 GW of orders in hand, of which 2 was replenished at sea.

16GW, gradually ordering 4GW, the company has significant advantages in Guangdong offshore wind power location, the development of transfer offshore projects is accelerated, and order delivery will also be accelerated.

At the end of the third quarter, the company’s inventory was 24.

300 million, an increase of 68 at the end of the previous 18 years.45%, advance payment 30.

60,000 yuan, an increase of 64 over the end of 18 years.

01%, an increase of 26 over the previous 19 years.

53%, advance payment 5.

530,000 yuan, an increase of 137 over the end of 18 years.

21%, an increase of 138 over 19 years.


From the leading indicators of the balance sheet, it can be judged that the company’s 杭州夜网论坛 delivery is about to usher in high growth, and there is a sufficient response in the upstream supply chain.

  Relying on its own regional advantages and product advantages, the company’s market share has continued to increase in the upward cycle of the industry boom.

  Profit forecast: The company’s EPS for 2019-2021 is expected to be 0.

52, 0.

79 and 1.

00 yuan, given an overweight rating.

  Risk warning: wind power replenishment installed exceeds expectations, gross margin improvement exceeds expectations