Tongyu Heavy(SZ:300185)2022-11-21 15:50Group 1: Wind Power Market Overview - As of 2020, China's cumulative installed capacity of onshore wind power reached 278.3 GW, accounting for approximately 39.4% of the global total, making it the largest onshore wind power market in the world [2] - In 2020, China added 52.0 GW of new onshore wind power capacity, ranking first globally for new installations [2] - China's offshore wind power saw a new grid-connected capacity of 3.06 GW in 2020, with a year-on-year growth of 22.74%, representing 50.43% of the global new offshore wind capacity [2] - Cumulative offshore wind power capacity in China reached about 10.0 GW by the end of 2020, ranking second globally, just behind the UK [2] Group 2: Company Position and Production Capacity - The domestic wind power main shaft market has largely replaced imports, with major manufacturers including Tongyu Heavy Industry and Jinlei Co., Ltd. [3] - In 2020, Tongyu Heavy Industry produced approximately 150,000 tons of wind power main shafts, accounting for about 60% of its forging capacity, which decreased to around 50% in the first nine months of 2021 [3] - The company plans to issue convertible bonds to raise no more than 1.5 billion yuan, primarily to invest in projects aimed at enhancing production capabilities for high-end equipment core components [3][4] Group 3: Future Business Layout - Tongyu Heavy Industry aims to enhance its collaborative development advantages in the wind power sector by improving production capacity for wind power main shafts and accelerating new process R&D [3] - The company plans to upgrade its wind power casting components to adapt to larger product sizes and improve product quality to capture more market share [3] - Future projects include the "Energy-saving and Material-saving Project" and the "Large Offshore Wind Power Product Supporting Capability Enhancement Project," which are expected to significantly improve production efficiency and product quality [4] Group 4: Forging Capacity and Market Development - The current forging capacity of Tongyu Heavy Industry is approximately 220,000 tons, with plans to increase capacity by an additional 100,000 tons following the completion of the energy-saving project [4] - The company is focusing on both forged and cast main shafts, with a marketing model based on "sales-driven production" to meet diverse customer needs [4] - The transition to die forging technology is expected to reduce production costs for forged main shafts and enhance overall product quality [4]