Several points of concern for Mingyang Wind Power

From a fundamental point of view, in the wind power industry, Mingyang has historically been a company with ROE, revenue growth, profit growth, valuation, and orders in hand;

However, financial problems are often complained about;

Overall, there are several risk points,

1. The debt ratio is relatively high; both deposits and loans are high;

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2. Wind power, especially the whole machine, the competition pattern is not the best; (shown as low gross profit margin); downstream is a few domestic giants purchasing; gross profit margin is difficult to improve; competition is also fierce;

3. The gross profit margin has been in a downward trend; I don’t know when there will be a chance to reverse it;

4. Mingyang’s sales expense rate is much lower than that of Goldwind; one argument is that Mingyang has not fully accrued maintenance and operation costs; this needs to be investigated in detail; and, what is the warranty period of the fan and the maintenance cost? How much, I don’t know who knows this;
5. Shareholders have been reducing their holdings; shareholders have made profits; it seems that a group of shareholders are shareholders who have returned from the delisting of US stocks; I don’t know if this is considered a substantial negative;
6. The company’s ir, on the platform, is basically ineffective in answering questions; the attitude is relatively bad; it may be that the support of retail investors is not needed;

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a plausible opportunity;

0. There is no doubt that the company is still on a track for substantial growth; especially in the field of sea breeze;
The company seems to be quite reliable overall; although there are so many slots, the gross profit margin is slightly higher than that of its peers; the net profit margin is much higher than that of Goldwind Technology (mainly due to the relatively low sales expense ratio and management expense ratio;)
growth is also good;
It should be a good industry and a good company, right?
In-hand orders are also available;

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1. Is there any chance for the gross profit margin to stop falling and recover?
There seem to be several possible opportunities,
One is that the rate of sea breeze further increases,
One is that the export ratio is further increased, and it seems that there is such an opportunity; but I have not seen the specific details of the figures;
Another is the price reduction of upstream bulk commodities. I don’t know if this is eaten by module manufacturers, or by wind power operators, or can he also get a share of the pie? This is not very clear;
There is also a saying that after the large-scale wind power, it is said that the gross profit rate can also be improved; large-scale is a trend; this is also worthy of attention; it is also a good thing;
There is also a saying that the so-called wind power hydrogen production and wind power energy storage are theoretically new growth points; but I don’t know when it will have substantial output; after all, the company’s market value is not small, and it is not possible to rely on a concept. pulled;

2. The company’s new business, I don’t know how much revenue and profit it can generate, and when it will be generated; I still don’t understand this;

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3. What will be the gross profit margin for next year’s business (current orders in hand)? Will the above new products generate a certain amount of revenue next year?

$Mingyang Smart(SH601615)$ $Goldwind Technology(SZ002202)$

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