Tongyu Heavy(300185)2023-06-09 11:11Group 1: Company Overview and Product Offerings - The main product types of Tongyu Heavy Industry include wind power products such as doubly-fed and direct-drive systems, providing various forged and cast components for both onshore and offshore applications [1] - The company has developed a modular business for wind power equipment, supplying modular products to wind turbine manufacturers by assembling key components [1] Group 2: Manufacturing Capabilities - Tongyu Heavy Industry has established a complete manufacturing chain that integrates smelting, casting, forging, welding, heat treatment, and machining, making it a significant comprehensive R&D manufacturing platform in China [1] - The company aims to enhance production capacity and efficiency for large offshore wind power components, optimizing its production system for structural components [1] Group 3: Market Trends and Production Plans - The market for wind power cast main shafts is growing, with the company having delivered over 1,100 cast main shafts in 2022, establishing a scalable supply capability [2] - There are no current plans to expand casting capacity, but the company will continue to improve casting and machining processes for large offshore wind components to meet market demand [2] Group 4: Future Market Expectations - According to the Global Wind Energy Council (GWEC), the average annual new wind power installations are expected to reach 136 GW over the next five years, with onshore installations surpassing 100 GW by 2024 and offshore installations reaching 25 GW by 2025 [2] - The company's outlook on the future of the wind power market remains optimistic, supported by China's dual carbon strategy [2] Group 5: Raw Material Price Management - To mitigate the impact of raw material price fluctuations, the company is enhancing market development and maintaining order reserves [2] - The company has a raw material reserve that can meet production needs for approximately three months, allowing it to manage price volatility effectively [2]