Goldwind Technology (002202): Gross Margin Up, Volume and Price Go Up
The company released the 2019 third quarter report.In the first three quarters of 2019, the company achieved revenue of 247.350,000 yuan, an increase of 38 in ten years.84%, net profit attributable to mother 15.91 trillion, down 34 a year.24%, comprehensive gross margin of 20.27%, a decline of 9 per year.28 points. Gross profit margin increased in the third quarter.In Q3 2019, the company’s revenue was 90.20,000 yuan, an increase of 32 in ten years.65%, net profit attributable to mother 4.06 billion, down 54 every year.3%, comprehensive gross profit margin 19.12%, a decline of 7 per year.77pct, an increase of 1 from the previous month.17 points. The expense ratio during the first three quarters dropped by nearly 2 pct per year.During the first three quarters of 2019, the company’s period expense ratio totaled 16.54%, down by 1 every year.99pct; by item, the selling expense ratio is 6.83%, increasing by 0 every year.80pct; management and R & D expense ratio 6.91%, down by 1 every year.38pct; financial expense ratio 2.79%, down by 1 every year.41 青岛夜网 points. During the third quarter alone, the company’s period expense ratio was 13.68%, downgraded by 6 in ten years.62%, down 1 from the previous month.40%, broken down by item, sales expense ratio, management and R & D expense ratio, and financial expense ratio are 5.52%, 5.97%, 2.19% change -2 each year.88 points, -2.45pct, -1.29pct; MoM changes -2.23pct, +0.41pct, +0.42 points. Balance sheet items: As of the end of the third quarter of 2019, the company’s bills receivables and accounts receivables were 196.17 trillion yuan, which was basically flat in the earlier quarters; bills payable and accounts payable were 259.4.5 billion, an increase of 10 from the previous month.41%; inventory 100.7.2 billion, an increase of 19 from the previous month.82%. Summary: The fan business has entered a stage of rising volume 南京桑拿网 and price.Fan bidding volume in 2019: Fan bidding capacity reached 32 in the first half of 2019.3GW, basically the same as the initial size of 2018, of which 19Q2 installed capacity reached 17.4GW, an increase of 16 from Q1 in 19Q.8% in the second quarter of 2018, an increase of 87.1%, a new high.Fan sales price bottomed out: Looking at the industry bidding data, 2.After the 0MW wind turbine price of 3196 yuan / kw at the end of August 2018, H1 has climbed to 3536 yuan / kw by the end of 19th. The company ‘s gross profit margin increased in the third quarter.The sales price of wind turbines bottomed out, and the gross profit margin will enter an upward trend.The company’s fan business will enter a stage of rising volume and price. Profit forecast and estimation.We estimate that the company’s net profit attributable to the parent company for 2019-2021 will be 30.03, 45.08, 54.50,000 yuan, the corresponding EPS is 0.71 yuan, 1.07 yuan, 1.28 yuan.With reference to comparable companies’ assessments, the company will be given PE 20-25X in 2019, corresponding to a reasonable value range of 14.20-17.75 yuan, maintaining the “primary market” rating. risk warning.Wind power installed capacity was lower than expected; competition intensified and gross profit margin increased.