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Mingyang Intelligent (601615) Matters Comment: Sales of Power Plants Thicken Results Offshore Wind Turbine Orders Continue to Grow

Mingyang Intelligent (601615) Matters Comment: Sales of Power Plants Thicken Results Offshore 深圳桑拿网 Wind Turbine Orders Continue to Grow

Key points of investment: Recently, the company sold 100% equity of Dachai Dan Mingyang New Energy Co., Ltd., a wholly-owned sun company, and won the bid for a 400,000-kilowatt offshore wind farm project in Huameng Shantou Lemen (II) Offshore Wind Farm.

  Ping An view: The sale of wind farms will significantly increase the company’s profit in 2019.

According to the announcement, the company will sell 100% equity of Dachai Dan Mingyang New Energy Co., Ltd., a wholly-owned sun company, to China Nuclear Shandong Energy Co., Ltd. for a consideration of 3.

9.9 billion.

The Dachai Dan Mingyang operation project is the first phase of Qinghai Xitieshan Liushaping 100MW wind farm and the second phase of Qinghai Dachaidan 100MW wind farm. The first phase of the project started construction in August 2017 and is estimated to have been completed so far; the second phase of the projectConstruction started in July 2018.

  The profit generated by this transaction is about 205.43 million yuan, of which the equity premium profit is about 111.24 million yuan, which is returned to the original unrealized profit of about 93.02 million yuan. This transaction will significantly increase the company’s 2019 performance.

  The new sample won the bid for Huaneng’s 400MW sea breeze project, and the sea breeze order in hand is estimated to exceed 4GW.

Recently, the company won the bid for Huaneng Shantou Lemen (II) Offshore Wind Farm Project for wind turbines and auxiliary equipment procurement, with a project capacity of 400,000 kilowatts, and the winning sample was MySE6.

45-175 mm, the bid amount is about 26 million, which is equivalent to about 6,500 yuan per kilowatt fan.

MySE6.

The 45-175 budget is a new sample for the company to obtain batch orders, with a single capacity of 6.

45MW, impeller diameter 175 meters, combined with existing 5.

5MW and 7.

With a scale of 25MW, the company’s large-capacity offshore wind turbines are gradually serialized, which can better meet the needs of different markets.

As of now, it is estimated that the company has more than 4GW of offshore wind turbine orders in hand. The delivery time of the successful bidding project is from September 2019 to July 2020. The company has clearly stated that it can meet this successful bidding project and other existing projects at the same time.Increased orders mean that the income elasticity of offshore wind power business will further increase in the next three years.

  The convertible bond plan was issued to increase the maximum capacity of offshore wind turbines and the development of wind farms.

Recently, the company issued a public plan for the issuance of convertible corporate bonds with an issue size of no more than US $ 1.7 billion, which is mainly used for the development of 10MW offshore wind turbines and the development of 200MW onshore wind farms.

The company is expected to accelerate the development of major businesses such as offshore wind power in the capital market.

  Profit forecast and investment suggestions: Considering the investment 西安耍耍网 income of selling wind farms and the rapid growth of wind turbine orders, the company’s profit forecast is increased, and it is expected that the net profit will be returned to the mother in 2019-20206.

07, 10.

4.5 billion (original value of 3.

76, 10.

2.7 billion), corresponding to EPS 0.

44, 0.

76 yuan, dynamic PE 24.

6, 14.

Three times, maintaining the company’s “recommended” rating.

  Risk reminders: 1) Domestic offshore wind power is affected by policies, and policy changes may lead to changes in the industry’s development logic; 2) The company’s commercialization of offshore wind turbines using semi-direct-drive technology is shortened, and product maturity may require longer verification;Operational management risks brought by rapid expansion of business scale.