Although the installed capacity of wind power in China remains at a very high level, the growth rate has obviously slowed down compared to the previous double-digit growth in total installed capacity for the past five years. The wind power industry has returned to rationality after rapid development in the past five years.
From an investment point of view, wind power machine manufacturing and wind farm operations are relatively lack of investment space due to overcapacity and monopoly of state-owned enterprises. High-tech parts and components, especially wind power converters, have certain investment opportunities.
After the outbreak grew, it entered the adjustment period. During the past few years, the scale of PE investment in the wind power sector in China has gone up, and the total installed capacity of wind power has doubled. According to statistics from China Venture's China Investment Group, China's wind power industry disclosed 24 cases of private equity financing from 2005 to 2011, with a financing amount of US$590 million and an average single financing amount of US$26.62 million. Among them, total financing amounted to 280 million U.S. dollars in 2010, which was the highest level in history and accounted for 47.46 percent of the total private financing of wind power industry in the past five years. In terms of capital markets, from 2007 to the present, a total of eight wind power industry companies have achieved IPOs in the global capital market with an accumulated financing amount of 4.92 billion U.S. dollars. Among them, six companies achieved IPO in 2010, financing amounted to 2.51 billion US dollars, accounting for 50.5 percent of the total IPO financing scale of wind power industry in the past five years.
However, recently the wind power industry has apparently “cooled downâ€, and the major wind power companies did not show “astonishing†results in the first three quarters of this year as they have done in the past few years, and even experienced a decline in performance. Domestic wind power equipment manufacturers Huarui Wind Power, Xiangdian Power, Goldwind's net profit for the first three quarters of the year have dropped by 48.51 percent, 18.23 percent and 59 percent respectively year-on-year. Eight eight.
At the same time, due to the conduction effect between upstream and downstream of the entire wind power industry, the listed companies of upstream components have performed poorly in the first three quarters of this year. The first three quarters of net profit of Sinoma Technology, the tower manufacturer of the blade manufacturing company, Taisheng Wind Energy, and the bearing manufacturing company Tianma Co., Ltd. decreased by 35.59, 49.69 and 100% respectively year-on-year. At 22:32.
The wind power policy adjustment is to control the pace of development of the wind power industry in order to ensure the sustainable development of the industry. In addition, the frequent occurrence of wind turbine off-grid accidents reflects that many wind turbines do not have low-voltage ride-through capabilities and other issues.
Li Ling, an analyst at ChinaVenture Investment Group, believes that with the adjustment of state support policies, the termination of subsidies, and the exposure of many issues in the wind power industry, the wind power industry is experiencing unprecedented bottlenecks. The excessive competition in the market and the improvement of the industry's technology threshold will inevitably bring about the integration of the entire industry. Some small-scale enterprises that rely on subsidies excessively will face exit risks.
The investment value of wind energy converter highlights that policy adjustment is to change the direction of development of wind power in China, instead of simply limiting the wind power industry. Although in the short term it may lead to a decrease in market growth, in the long run, it will make the development of the wind power industry more standardized and healthy. The draft of the “12th Five-Year Plan for Renewable Energy Development†proposes that by the end of 2015, the cumulative installed capacity of wind power in China will reach 100 million kilowatts, and by 2020 it will reach 200 million to 250 million kilowatts. It can be seen that the country’s determination to develop wind power has not changed.
Throughout the entire wind power industry chain, the contradiction between overcapacity in wind power machine manufacturing industry is outstanding, and the pressure faced by wind power machine manufacturers is relatively large, and there is a lack of investment space. In terms of wind farm operations, it is basically monopolized by China Power Investment, Huadian, Huaneng, Datang, and Guodian Power Group, and there is no good investment opportunity.
Li Ling believes that from the perspective of the sub-industry, the wind energy converter industry contains a large investment space, which is worthy of attention. Wind power converters are only a few of the wind turbines that have not yet achieved localization. At present, the domestic market for wind energy converters mainly relies on imports. Foreign brands such as ABB, Converteam, and U.S. Superconducting occupy the major market share of domestic wind energy converters. Domestically-funded enterprises account for only about 5% of the total, and there is ample room for market substitution. At the same time, the wave of wind turbine transformation caused by large-scale fan off-grid accidents this year has brought about good development opportunities for the wind power converter industry.
From an investment point of view, wind power machine manufacturing and wind farm operations are relatively lack of investment space due to overcapacity and monopoly of state-owned enterprises. High-tech parts and components, especially wind power converters, have certain investment opportunities.
After the outbreak grew, it entered the adjustment period. During the past few years, the scale of PE investment in the wind power sector in China has gone up, and the total installed capacity of wind power has doubled. According to statistics from China Venture's China Investment Group, China's wind power industry disclosed 24 cases of private equity financing from 2005 to 2011, with a financing amount of US$590 million and an average single financing amount of US$26.62 million. Among them, total financing amounted to 280 million U.S. dollars in 2010, which was the highest level in history and accounted for 47.46 percent of the total private financing of wind power industry in the past five years. In terms of capital markets, from 2007 to the present, a total of eight wind power industry companies have achieved IPOs in the global capital market with an accumulated financing amount of 4.92 billion U.S. dollars. Among them, six companies achieved IPO in 2010, financing amounted to 2.51 billion US dollars, accounting for 50.5 percent of the total IPO financing scale of wind power industry in the past five years.
However, recently the wind power industry has apparently “cooled downâ€, and the major wind power companies did not show “astonishing†results in the first three quarters of this year as they have done in the past few years, and even experienced a decline in performance. Domestic wind power equipment manufacturers Huarui Wind Power, Xiangdian Power, Goldwind's net profit for the first three quarters of the year have dropped by 48.51 percent, 18.23 percent and 59 percent respectively year-on-year. Eight eight.
At the same time, due to the conduction effect between upstream and downstream of the entire wind power industry, the listed companies of upstream components have performed poorly in the first three quarters of this year. The first three quarters of net profit of Sinoma Technology, the tower manufacturer of the blade manufacturing company, Taisheng Wind Energy, and the bearing manufacturing company Tianma Co., Ltd. decreased by 35.59, 49.69 and 100% respectively year-on-year. At 22:32.
The wind power policy adjustment is to control the pace of development of the wind power industry in order to ensure the sustainable development of the industry. In addition, the frequent occurrence of wind turbine off-grid accidents reflects that many wind turbines do not have low-voltage ride-through capabilities and other issues.
Li Ling, an analyst at ChinaVenture Investment Group, believes that with the adjustment of state support policies, the termination of subsidies, and the exposure of many issues in the wind power industry, the wind power industry is experiencing unprecedented bottlenecks. The excessive competition in the market and the improvement of the industry's technology threshold will inevitably bring about the integration of the entire industry. Some small-scale enterprises that rely on subsidies excessively will face exit risks.
The investment value of wind energy converter highlights that policy adjustment is to change the direction of development of wind power in China, instead of simply limiting the wind power industry. Although in the short term it may lead to a decrease in market growth, in the long run, it will make the development of the wind power industry more standardized and healthy. The draft of the “12th Five-Year Plan for Renewable Energy Development†proposes that by the end of 2015, the cumulative installed capacity of wind power in China will reach 100 million kilowatts, and by 2020 it will reach 200 million to 250 million kilowatts. It can be seen that the country’s determination to develop wind power has not changed.
Throughout the entire wind power industry chain, the contradiction between overcapacity in wind power machine manufacturing industry is outstanding, and the pressure faced by wind power machine manufacturers is relatively large, and there is a lack of investment space. In terms of wind farm operations, it is basically monopolized by China Power Investment, Huadian, Huaneng, Datang, and Guodian Power Group, and there is no good investment opportunity.
Li Ling believes that from the perspective of the sub-industry, the wind energy converter industry contains a large investment space, which is worthy of attention. Wind power converters are only a few of the wind turbines that have not yet achieved localization. At present, the domestic market for wind energy converters mainly relies on imports. Foreign brands such as ABB, Converteam, and U.S. Superconducting occupy the major market share of domestic wind energy converters. Domestically-funded enterprises account for only about 5% of the total, and there is ample room for market substitution. At the same time, the wave of wind turbine transformation caused by large-scale fan off-grid accidents this year has brought about good development opportunities for the wind power converter industry.
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