Mei Ri Jing Ji Xin Wen·2025-10-12 16:12Core Viewpoint - Mingyang Smart Energy plans to establish the UK's first integrated wind turbine manufacturing base in Scotland with a total investment of £1.5 billion, approximately ¥14.21 billion, pending approvals from various governmental bodies [1][2]. Investment Plan - The investment will be allocated to build offshore and floating wind turbine manufacturing facilities in three phases: the first phase focuses on advanced wind turbine nacelle and blade manufacturing, aiming for initial production by the end of 2028; the second phase will expand production lines for floating wind technology; the third phase will include the production of control systems, electronic devices, and other key components [2]. - The funding sources for this project will include the company's own funds and self-raised funds, including proceeds from the 2022 global depositary receipts issuance and future bank financing [2]. Strategic Impact - This overseas production base is expected to help the company establish a service center for offshore wind energy in the UK, Europe, and other non-Asian markets, positioning the company as a significant player in the global offshore wind industry [3]. - The investment will introduce advanced offshore wind technology to the North Sea region, accelerating the commercialization of floating wind technology [3]. Market Context - The UK government aims to double annual clean energy investments by 2035 and significantly increase installed capacities for onshore and offshore wind and solar energy by 2030 [3][4]. - The UK is projected to add 1.2 GW of offshore wind capacity in 2024, making it the largest offshore wind market in Europe [5]. International Expansion - The company has already secured orders in multiple European countries and has established local partnerships in Northeast Asia, including agreements in South Korea and Japan, as well as collaborations in Southeast Asia and Italy [7]. - Recent developments include a memorandum of understanding with Italian developers to establish a wind turbine component production base in Italy [7]. Financial Projections - According to Guojin Securities, the company's net profit forecasts for 2025 to 2027 are ¥1.92 billion, ¥2.7 billion, and ¥3.39 billion, with corresponding price-to-earnings ratios of 15x, 11x, and 9x [8].