Sinoma wind power overcapacity regulation becomes

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Sinoma Technology: the regulation of excess wind power capacity became a hidden worry

2009, the company achieved an operating income of 970million yuan, an increase of 33.3% year-on-year; The operating profit was 102million yuan, a year-on-year increase of 92.7%; The total profit was 133million yuan, a year-on-year increase of 52.1%; The net profit attributable to the shareholders of the listed company was 54.71 million yuan, a year-on-year decrease of 5.1%; The basic earnings per share is 0.36 yuan. The company estimates that the net profit attributable to the owners of the parent company in 2009 will increase or decrease by +20%~-30% over the same period of the previous year

wind power blades maintain performance growth

the growth of the company's operating revenue and operating profit is mainly due to the contribution of the wind power blade business. The higher growth rate of operating profit than that of operating revenue is due to the year-on-year increase in the sales proportion of the company's high gross margin products. The proportion of minority shareholders' equity in net profit of the company increased by 29.2 percentage points to 49.8% year-on-year, mainly due to the decline in profitability of other business segments and the relative increase in the contribution of wind power blades to net profit. The company's comprehensive gross profit margin increased by 2.7 percentage points year-on-year to 30.9%, and the period expense rate decreased by 0.4 percentage points year-on-year to 19.1%

overcapacity regulation of wind power becomes a hidden worry

wind power equipment is listed as an industry with overcapacity, and capacity regulation is inevitable. The upstream wind power machine manufacturers may reduce the purchase volume of wind power blades and lower the purchase price, which poses a certain pressure on the wind power blade business

during the reporting period, Sinovel wind power lowered the purchase contract amount from 1.02 billion yuan to 8.8 billion yuan The project team estimates that its partners will use compression molding, injection molding, machining and 3D printing to produce plastic parts of 800million yuan. Goldwind technology lowered the purchase contract amount from 630million yuan to 575million yuan twice, which confirms this trend. However, the main reason for the surplus of wind power is that the local power consumption capacity is limited. With the increase of power consumption capacity and the decline of the proportion of traditional power generation, the wind power industry as a new energy still has broad development space

composite gas cylinders and glass fiber membrane filter materials have temporarily become a short board

the first part of the company's future research on natural gas is to launch an innovative plasticization concept, and energizer composite gas cylinders are mainly for export. As the overseas market has not yet recovered, the company's overseas order execution has stagnated. The € 10.48 million supply contract signed with the United Arab Emirates only fulfilled € 3.14 million at the end of 2008, and the rest is still stranded. Due to the easy consumption and high cost of membrane filter materials, and the low willingness of cement and other industries to transform their own dust removal equipment, the company's membrane filter material business has not made significant progress

profit forecast and rating: it is estimated that the company's annual EPS will be 0.55 yuan and 0.95 yuan respectively, and the dynamic P/E ratio corresponding to the latest closing price of 32.66 yuan will be 59 times and 34 times; Considering that the regulation of excess capacity of wind power equipment can reduce the dependence of the plastic industry on petrochemical products and it is difficult for other businesses to make progress in the short term, the rating is lowered to "neutral"

note: the reprinted contents are indicated with the source. The reprint is for the purpose of transmitting more information, and does not mean to agree with their views or confirm the authenticity of their contents

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