Tianshun Wind Energy (002531) annual report comment report: 2018H2 single ton gross profit bottomed out and production capacity released to help 19-year growth

Tianshun Wind Energy (002531) 深圳桑拿网 annual report comment report: 2018H2 single ton gross profit bottomed out and production capacity released to help 19-year growth

Event: On April 24, 2019, Tianshun Wind Energy released its 2018 annual report.

  The rise in steel prices caused a decrease in gross profit margin, and net profit after deducting non-attribution increased slightly.

Tianshun Wind Energy achieved revenue of 38 in 2018.

34 ppm, an 18-year increase.

39%; net profit attributable to mothers4.

70 ppm, an increase of 0 in ten years.

03%, net profit after returning to the mother is 4.

38 ppm, a ten-year increase4.


Due to the rapid rise in steel prices, the company’s gross profit margin and net profit margin improved slightly.

The company’s gross profit margin for sales in 2018 was 26.

05%, ten-year average 1.

33pcts, net sales margin is 12.

99% twice a year.


The company plans to use 1,767,659,099 shares as the base number and distribute 0 cash for every 10 shares.

60 yuan (including tax), a total of 10,605 cash dividends will be distributed.

950,000 yuan.

  The gross profit of single ton in 2018H2 bottomed out, technical transformation of existing production capacity was completed, investment in new production capacity was started, and subsequent production capacity was released to promote performance growth.

In 2018, the company’s wind tower reconstruction realized revenue of 30.

57 ppm, an increase of 11 years.

60%, gross margin is 21.

60%, ten-year average 3.


The reduction in 2018 was about 38 substitutions, which was changed to zero.


The company’s pricing method is dominated by cost plus. Due to the rise in steel prices, the single ton ton of the company’s wind tower in 2018 rose to 8042 yuan / ton, an increase of 12%. The gross profit per ton was 1,737 yuan / ton, and the residence time was -4.


From the second half of the year, the H2 company’s wind tower reduction in 2018 has risen to 8,196 yuan / ton, an annual increase of 15%, and the gross profit per ton has risen to 1,827 yuan / ton, an increase of more than 11%.

At the same time, the company completed the technical renovation and expansion of the production centers in Taicang, Baotou and Zhuhai in 2018, and the company’s short-term production capacity is expected to be resolved.

According to the company’s announcement on April 10, 2019, the company plans to invest in the establishment of Heze Tianshun New Energy Equipment Co., Ltd. in Yancheng, Shandong, mainly for the research and development, production and sales of wind power towers and supporting components, with a design capacity of 10 per year. Probe.

The increase in single-ton gross profit and expansion of production capacity has contributed to the rapid growth of the company’s performance.

  Wind farms have been connected to the grid one after another, and the power generation has gradually expanded.

In 2018, the company realized revenue from power generation3.

60 ppm, an increase of 50 in ten years.

7%, gross margin is 64.

14%, an annual increase of 2.

51.In 2018, the company’s Heze Licun Phase I 80MW and some Nanyang Tongbai Xiemaling projects were completed and connected to the grid.

As of 2018, the company’s wind farm under construction is 215MW, with a planned start of 199MW.

  Subsequent projects were gradually connected to the grid. After the scale of power generation gradually expanded, the amount of power generation and net profit of power generation gradually increased.

  The first phase project of Changshu Blade was put into operation, and the gross profit margin of the blade business increased significantly.

In 2018, the company’s Changshu Tianshun Blade Base Phase I factory was officially put into operation. By the end of the year, the ramp up of production capacity had been basically completed.

In 2018, the sales volume of blades was 266 pieces. Due to the suspension of the foundry business in Kunshan, the blade business was upgraded to an independent sales model, and the blade sales volume replaced 63% each time.

The mold injection volume reached 18 sets.

The company’s blade segment achieved revenue in 20182.

50,000 yuan, an increase of 52 in ten years.

At 64%, the gross profit margin of the blade segment reached 20.

97%, up 17 per year.


The company’s blades adhere to the dual-sea strategy of “overseas customers” and “domestic customers’ overseas markets”, strengthen the large-scale manufacturing capabilities of blades and blade molds, and the subsequent blade business is expected to become a new growth point for the company.

  Profit forecast: It is expected that the company’s revenue for 2019-2021 will be 50.



2.3 billion, net profit attributable to mothers6.



870,000 yuan, an increase of 46 in ten years.

8% / 30.

8% / 20.

5%, corresponding to a PE of 14.



2 times.

  Risk Warning: The price of steel products fell less than expected; the pace of wind farm grid connection was less than expected; blade customer development was less than expected; wind tower capacity was released less than expected