Goldwind recently disclosed its third-quarter results. As expected by the industry, although the company's total operating income declined slightly in the third quarter, net profit plummeted. From the financial report of Goldwind Technology, it can be seen that one of the major problems plaguing Goldwind Technology and other wind power companies is whether a large number of successful wind turbine orders that have not yet signed formal contracts with downstream companies can be implemented as soon as possible.
Performance decline Goldwind Technology's revenue for the third quarter and the first three quarters of this year decreased by 7.89% and 13.5%, respectively, while net profit fell by 74.9% and 60% respectively year-on-year.
"As of September 30, 2011, the total number of orders awaiting execution by the company was 3,581 megawatts, including 1.5 megawatt (3,360 megawatts), 2.5 megawatt (215 megawatts) and 3 megawatts ( 6 MW, etc., of which there are also 102 MW of orders executed overseas. In addition to the above orders, there are 3412 MW of projects that have been awarded but not signed formal contracts, of which the most are 1.5 MW and 2.5 MW. The crews had 2262 MW and 1147.5 MW respectively to sign contracts.†Goldwind reminded investors.
The reporter checked the company’s previous financial reports and found that in the first three quarters of last year, Goldwind’s contract to execute was 3,799 MW, which is not much different from the figures for the first three quarters of this year. At that time, only 15,31 megawatts of bid-to-execute projects that needed to sign a formal contract were less than half of the same period this year. In other words, the backlog of orders that have won bids but have not signed formal contracts this year is very high.
Mr. Zhou, another top fan company in China, told the reporter of China Business News that most of the domestic wind turbine manufacturers are similar to Goldwind.
There are two types of cooperation between wind turbine manufacturers and wind farm investors (hereinafter referred to as "buyers"): one is that they have won the bid but no formal contract has been signed (hereinafter referred to as "intentional order"); the other is that both parties have a formal agreement, but the fan Not yet delivered to the other side of the wind farm, or still in production. The first situation is that companies are now more worried.
The reason why there are a large number of wind turbines that have not yet signed a formal contract is mainly because the National Energy Administration has already collected the approval authority for small wind farm projects below 50,000 kilowatts. Prior to this, as long as the wind power projects were signed by local authorities, this relatively liberal approval also prompted rapid development of domestic wind power projects at that time.
Xu Yongzhong, a multi-contracted contractor and less-than-expected futures analyst, told this newspaper that the current price of copper is about RMB 55,000/ton, compared with about RMB 64,000/ton in the same period of last year, and it was mad at RMB 76,000/ton earlier this year. . Therefore, some people have previously worried that raw material prices will rise further, and it is reasonable to quickly bid for wind power equipment.
Second, the buyer did not expect that the National Energy Administration will recover the approval right this year. In the past, although buyers and wind turbines did not sign a formal contract but had the intention of winning the bid, they both predicted that the government's approval time for wind farms would not be long. However, after the arrival of the New Deal, it will have a certain impact on the buyer's project progress and the seller's shipments.
Mr. Zhou said that the speed of investment in many wind farms has been delayed due to the issue of approval progress. Moreover, a large number of winning projects are difficult to connect to the network, so the speed of approval is also slowed down in order to give the grid company a certain amount of buffer time.
In addition, the country also intends to reduce the amount of fan installation. Last year, China’s cumulative installed capacity was 44.733 million kilowatts. According to the country’s target of 100 million kilowatts of cumulative installed capacity of wind power in 2015, China’s average annual installed capacity should be around 11 million kilowatts in the next five years, which is 41.6% lower than last year.
A fan enterprise management pointed out to reporters that now the wind turbine company still has a series of issues to solve, such as the pressure of payment is relatively large. As bank credit tightened, some customers could not quickly purchase money from the wind turbine, and the accounts receivable of the wind turbine company also increased. Goldwind also revealed that in the first three quarters of this year, the company was affected by the macroeconomic environment and the balance of accounts receivable increased by 56% compared to the end of last year. Sinovel's mid-year financial report also stated this year: The company's accounts receivable at the end of the second quarter was 10.7 billion yuan, compared with only 8.9 billion yuan at the beginning of the year.
At present, the fan companies have invested in the R&D, production, and transformation of wind turbines in the earlier period. Therefore, some wind turbine companies have now received the bills receivable from clients and transferred them directly to the upstream suppliers. The advantage of this is that the fan company can use the bill as a kind of purchase money to the supplier, but this also increases the risk of the capital circulation of the supplier.
Performance decline Goldwind Technology's revenue for the third quarter and the first three quarters of this year decreased by 7.89% and 13.5%, respectively, while net profit fell by 74.9% and 60% respectively year-on-year.
"As of September 30, 2011, the total number of orders awaiting execution by the company was 3,581 megawatts, including 1.5 megawatt (3,360 megawatts), 2.5 megawatt (215 megawatts) and 3 megawatts ( 6 MW, etc., of which there are also 102 MW of orders executed overseas. In addition to the above orders, there are 3412 MW of projects that have been awarded but not signed formal contracts, of which the most are 1.5 MW and 2.5 MW. The crews had 2262 MW and 1147.5 MW respectively to sign contracts.†Goldwind reminded investors.
The reporter checked the company’s previous financial reports and found that in the first three quarters of last year, Goldwind’s contract to execute was 3,799 MW, which is not much different from the figures for the first three quarters of this year. At that time, only 15,31 megawatts of bid-to-execute projects that needed to sign a formal contract were less than half of the same period this year. In other words, the backlog of orders that have won bids but have not signed formal contracts this year is very high.
Mr. Zhou, another top fan company in China, told the reporter of China Business News that most of the domestic wind turbine manufacturers are similar to Goldwind.
There are two types of cooperation between wind turbine manufacturers and wind farm investors (hereinafter referred to as "buyers"): one is that they have won the bid but no formal contract has been signed (hereinafter referred to as "intentional order"); the other is that both parties have a formal agreement, but the fan Not yet delivered to the other side of the wind farm, or still in production. The first situation is that companies are now more worried.
The reason why there are a large number of wind turbines that have not yet signed a formal contract is mainly because the National Energy Administration has already collected the approval authority for small wind farm projects below 50,000 kilowatts. Prior to this, as long as the wind power projects were signed by local authorities, this relatively liberal approval also prompted rapid development of domestic wind power projects at that time.
Xu Yongzhong, a multi-contracted contractor and less-than-expected futures analyst, told this newspaper that the current price of copper is about RMB 55,000/ton, compared with about RMB 64,000/ton in the same period of last year, and it was mad at RMB 76,000/ton earlier this year. . Therefore, some people have previously worried that raw material prices will rise further, and it is reasonable to quickly bid for wind power equipment.
Second, the buyer did not expect that the National Energy Administration will recover the approval right this year. In the past, although buyers and wind turbines did not sign a formal contract but had the intention of winning the bid, they both predicted that the government's approval time for wind farms would not be long. However, after the arrival of the New Deal, it will have a certain impact on the buyer's project progress and the seller's shipments.
Mr. Zhou said that the speed of investment in many wind farms has been delayed due to the issue of approval progress. Moreover, a large number of winning projects are difficult to connect to the network, so the speed of approval is also slowed down in order to give the grid company a certain amount of buffer time.
In addition, the country also intends to reduce the amount of fan installation. Last year, China’s cumulative installed capacity was 44.733 million kilowatts. According to the country’s target of 100 million kilowatts of cumulative installed capacity of wind power in 2015, China’s average annual installed capacity should be around 11 million kilowatts in the next five years, which is 41.6% lower than last year.
A fan enterprise management pointed out to reporters that now the wind turbine company still has a series of issues to solve, such as the pressure of payment is relatively large. As bank credit tightened, some customers could not quickly purchase money from the wind turbine, and the accounts receivable of the wind turbine company also increased. Goldwind also revealed that in the first three quarters of this year, the company was affected by the macroeconomic environment and the balance of accounts receivable increased by 56% compared to the end of last year. Sinovel's mid-year financial report also stated this year: The company's accounts receivable at the end of the second quarter was 10.7 billion yuan, compared with only 8.9 billion yuan at the beginning of the year.
At present, the fan companies have invested in the R&D, production, and transformation of wind turbines in the earlier period. Therefore, some wind turbine companies have now received the bills receivable from clients and transferred them directly to the upstream suppliers. The advantage of this is that the fan company can use the bill as a kind of purchase money to the supplier, but this also increases the risk of the capital circulation of the supplier.
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