Although revenue is increasing, the net profit of wind power boss Jinfeng Technology (002202.SZ) is still declining year-on-year.

On the evening of October 26, Jinfeng Technology announced that its revenue in the first three quarters was 29.319 billion yuan, up 12.06 percent from the same period last year. Net profit attributable to its parent company was 1.261 billion yuan, down 46.69 percent from the same period last year, an increase of about 12 percentage points over the first half of the year.

Among them, the operating income in the third quarter was 10.318 billion yuan, up 8.61 percent from the same period last year, while the net profit attributable to the parent was 9.4353 million yuan, down 97.88 percent from the same period last year.

Since last year, the wind turbine bidding prices continue to decline, fierce competition in the industry, is still relatively low operation. The unit price of onshore wind turbines has dropped from a high of nearly 4000 yuan/kilowatt in the past two years to about 1500 yuan/kilowatt; the unit price of offshore wind turbines has dropped from about 7000 yuan/kilowatt to about 3500 yuan/kilowatt.

Fan profit margins continue to compress, directly reflected in the performance of related companies. In a single quarter, Jinfeng Technology earned 1.235 billion yuan, 0.017 billion yuan, and 0.009 billion yuan in the first three quarters, and the decline in the past two quarters was 98.6 and 43.2 respectively.

In the first half of this year, the gross profit margin of Jinfeng's fan and parts sales was only 3.64, down 8.95 percentage points from the same period last year, the largest decline in all businesses.

according to the financial report, from January to September, jinfeng technology achieved an external sales capacity of 8903.66 MW, up 27% year on year.

among them, the sales capacity of units below 4 MW is 64.3 MW, accounting for 0.72; 4 MW (inclusive)-6 MW units have a sales capacity of 5586.21 MW, accounting for 62.74; The sales capacity of 6 MW and above units is 3253.15 MW, accounting for 36.54.

as of the end of September, the total number of orders to be executed outside jinfeng technology was 22038.37 MW, of which 4 MW (inclusive)-6 MW units were 12437.42MW, accounting for the largest proportion, reaching 56%; Units of 6 MW and above are 8666 MW, accounting for about 40%.

up to now, jinfeng technology has a total of 29940.36 MW of external orders in hand, of which 3805.27 MW is overseas orders, accounting for about 12.7 percent. The company also has another internal order of 1568.7 MW.

Guojin Securities data show that as of the end of the third quarter, Jinfeng Technology's domestic and foreign wind power projects have added 1000 MW of installed capacity, while the scale of sales of wind farms is 822 MW, and the total installed capacity of domestic and foreign self-operated wind farms is 7256 MW.

from January to September, the average power generation and utilization hours of Jinfeng's domestic units were 1867 hours, 202 hours higher than the national average.

as for the price trend of wind turbines, Sany heavy energy (688349.SH) said in a survey conducted by investors a few days ago that the bidding price of land-based wind turbines has basically bottomed out, but the current situation of the whole industry is that supply exceeds demand. in the process of industry adjustment, as production, supply and marketing tend to be balanced, it is expected that the price will go up.

Galaxy Securities Research Report data show that 2023 is a big year for wind power delivery. It is expected that China's new land breeze installed capacity this year is expected to exceed 55 GW, an increase of about 60% year-on-year; sea breeze installed more than 8W, more than doubled year-on-year. Sea wind competition, approval, start speed up, the industry accelerated catalytic upward.