Sinoma or merger and acquisition expansion

Sinoma (002080) recently issued a semi-annual report, the first half of the year to achieve business income of 1.041 billion yuan, increased by 81.18% over a year earlier, to achieve operating profit of 154 million yuan, up from the same period last year 230.12%. "Wind turbine blade is the main source of income and profit at this stage."　　"Huatai Joint analyst Zhou Yi believes that the increase in its blade sales margin, thanks to the expansion of production scale, production efficiency and long-term contract to bring profit margins." Media disclosed that Sinoma technology in the North Glass Institute based on the strength of fiberglass research, and the introduction of German technology based on the implementation of 1.5MW 40.25M Blade development.　　Its fan blades on the gross margin of more than 30%, higher than other companies in the industry. However, a long-term concern on the market for wind power equipment analysts said that the wind turbine blade prospects, "The wind turbine blade industry in the future slowed down, the blade faced with the trend of long-term price reduction."　　In the first half of the year, he said, the medium-quality technology was temporarily resisting pressure due to product sales, but the second half is expected to be reduced. In fact, because the blade manufacturing industry technology threshold is not high, some manufacturers as long as the license from abroad, can be formed within six months of production capacity, in order to seize market share, only by playing price war to vicious competition.　　and research and development capabilities often determine the future wind turbine blade enterprises in the market competitive position.　　However, the newly-developed energy industry Development plan proposed that in 2011-2020, China will increase its new energy industry to invest 5 trillion yuan directly, including nuclear power, wind energy, solar energy, biomass energy and so on.　　Therefore, in the industry under the situation, it has become the blade oligarchs mergers and acquisitions expansion and extension of the industrial chain is a good time. At present, the wind turbine blade industry or will usher in mergers and acquisitions trendy.　　Zhou, the president of Sinoma Technology, has said that mergers and acquisitions may take place over the next 2-3 years to boost concentration.　　Reporter learned that, in addition to strengthening the industry integration efforts, Sinoma technology has been expanding capacity, to seize the market to defend its dominance.　　Products "fought" Class III wind zone according to the introduction, because I, II type of wind resources have been basically enclosure completed, the fan investment hotspot is gradually to account for wind energy resources of the Category III wind area 50%. "At present, MW-level below the fan blades will be phased out, applicable to the I, ii-type wind area of 37.5 meters and the following 1.5 MW fan blades have been overcapacity, while the adaptation of the third type of weak wind zone 40.25 m 1.5 MW fan blades are still in short supply stage.　　"Zhou Yi analysis. This reporter learned that the sinoma blade production capacity of all 1.5 MW class, the first large-scale production of 40.25 meters long blades in 2009.　　In its holding subsidiary, that is, Sinoma wind Turbine Blade Co., Ltd. 's web site, the reporter saw its current annual output of 3000 sets of MW wind turbine blade production capacity. And Zhou Yi revealed that its considerable advantage of the 1.5 MW 40.25 meters of wind turbine blade annual production capacity of about 1300 sets, only to ensure that sinovel wind power, Goldwind(002202) Order.　　In addition, Sinoma technology is applicable to offshore wind power of the 3 MW blades, lagging behind the same in the first echelon of the blade manufacturers in the joint and Zhong Hang Hui Teng. "Although the next 2-3 years, the domestic offshore wind power installed on the demand for blades will not be like the terrestrial wind TV, but its requirements on the quality of the blades will be established in line with the qualification of the market brand status of enterprises."　　"China Agricultural Machinery Industry Association Wind Energy Equipment Branch Deputy Secretary-General Shen Dechang told the newspaper reporter." In this respect, Sinoma Securities Department staff did not respond positively, "our products are indeed in short supply."　　He also said that in its research and development capacity of the Beijing FRP Research Institute as a technical backing, so to meet the requirements of offshore wind turbine blades is not a problem. Reporter learned that this March-April, Sinoma has issued a separate bulletin that will be in Beijing Badaling, Jilin Baicheng and Gansu Jiuquan investment wind turbine blade industrialization Project, can produce 3 MW wind turbine blades 200 sets/year, 100 sets/year and 300 sets/year.　　Among them, the Baicheng project also includes an annual output of 400 sets of 1.5 MW composite wind turbine blades production line. "The first and second phases of the Badaling project have been completed and the Jiuquan project has been completed," said the staff member of the Securities department. Jilin Baicheng Project is under construction. "" Sinoma technology under construction all put into production, it will have 2800 sets of wind turbine blades of the actual production capacity. "Zhou Yi introduced.　　According to the state securities analysis data, according to the National Wind power planning objectives, the next 5 years of annual demand for about 8000 sets per year.　　Mergers and acquisitions wagon?　　In May 2008, the number of manufacturers engaged in wind turbine blades was only 30, and only two years later, this number rose rapidly 3 times times, up to 120.　　The formation of mass production capacity of the enterprise has more than 10, foreign-funded enterprises mainly to Vestas, GE, Airm (LM), Gome SA (GAMESA) as the representative, domestic enterprises to Avic Huiteng, Zhongfu Lian, Sinoma technology as a representative. Shen Dechang said, "domestic companies accounted for 70% of the market share, which, most of them are three giants share." "It is understood that the rapid expansion of the number of enterprises behind, is the demand for the blade and high profit margins."　　Guangdong Shenyang Wind Turbine Technology Co., Ltd. General Manager Dengchangwao introduced, the current wind blade industry average profit margin of more than 10%, but the blade is still in short supply situation. In this situation, more and more enterprises flock into the blade manufacturing industry, the whole industry's profit margins are gradually diluted.　　In the industry under the situation, also become the blade oligopoly mergers and acquisitions expansion and extension of the industrial chain is a good time.　　Obviously, this new energy industry feast, naturally, in the first echelon of the Sinoma technology.　　Sinoma Securities Department staff in the interview with the reporter said, Sinoma has the intention of mergers and acquisitions, but the specific details of the company only know the top. China Securities Research Report analysis, compared to the Danish Airm (LM) This global professional blade manufacturers, the domestic three giantsStill has a certain gap in competitiveness.　　Their development can also explore the strategy of upstream and downstream integration. The report said, "Individual blade enterprises on the acquisition of Wind power plant, and even their own investment in the construction of wind farms have done theoretical discussion." And in the background of large shareholder as the central Enterprise, its feasibility is much larger than that of private enterprises. But such mergers and acquisitions will not be put on the agenda in the short term. "Sinoma technology clearly has the ability to get through the upstream and downstream links."　　Zhou has publicly indicated that mergers and acquisitions to boost concentration in the next 2-3 years is a signal. And on August 18, China News agency hosted the "Low-carbon Development of Low-carbon Life" public Image exhibition, Sinoma Group Co., Ltd. Corporate culture propaganda Department Minister Cao Yongxieng also said to reporters, "at present, the situation is such a development, (Sinoma technology) is likely to acquire the machine factory."　　"An industry analysis, the expansion of domestic wind power capacity is bound to create 2-3 years after the absolute excess capacity, the strength of enterprises need to transfer capacity overseas." In this regard, the Sinoma technology has also reaped some gains.　　Last year, Sinoma first 40.35 meters of wind turbine blades, has been with sinovel production of the machine supporting the export of South Asia, began to move to the international market. However, the industry believes that, taking into account the domestic manufacturers of 1.5MW Blades began to run about 3 years ago, although no major accidents, but for 20 years of design life, after all, the test time is still short. "Once the quality accident occurs, the maintenance cost of the enterprise will be more large." "In this regard, Sinoma wind Turbine Blade Co., Ltd., the head of the marketing department of the speech cautious," because it involves sinovel wind power, so the details are inconvenient to disclose. But Shen Dechang told reporters, "the export situation does have, but at present, the number is not much." "Sinoma Technology" is an important manufacturer of wind turbine blades. As one of the seven strategic emerging industries in China, the new energy industry, including wind, solar, nuclear and other new energy, is China's future to achieve a low-carbon economy is an important link. In the new energy industry, wind power is the closest commercially available renewable technology.　　Wind power does not consume mineral resources, the generation process has no impact on the environment, in the emphasis on sustainable development, environmental protection today, wind power has become an important clean energy. China's wind power market developed rapidly, as of 2009, China to achieve wind power Cumulative Installed capacity of 25853MW, an increase of 113%. has become Asia's first, the world's fourth wind energy country. It is expected that China will soon overtake Germany and Spain as the second largest wind power in the United States before completing the Chinese government's 30,000mw development goal in 2020.