Windey(SZ:300772)2022-11-21 15:48Group 1: Company Position and Market Concerns - The company has maintained a strong position among state-owned enterprises (SOEs) and is not at risk of being blacklisted, as it has a significant customer base among SOEs [2] - New orders from SOEs and state-owned enterprises in 2021 have exceeded the total new orders from the previous year [2] - The company’s new orders in the first three quarters of 2021 reached 11.3 GW, representing an increase of over 80% compared to the total for 2020 [2] Group 2: Order Growth Factors - The increase in orders is attributed to the company's superior product performance and customer service, which have enhanced its reputation among clients [2] - The company benefited from a surge in demand following the 2020 installation rush, leading to broader recognition of its product value [2] - The brand advantage, product quality, and service excellence have attracted more clients, particularly from private enterprises [2] Group 3: Supply Chain and Cost Management - Currently, there are no critical supply chain bottlenecks, and component prices are typically determined in the first quarter following year-end bidding [3] - The company's profitability has improved in 2021 due to reduced unit costs from increased capacity and technological advancements [3] - Cost reductions have also been achieved through product optimization and enhanced bargaining power in the supply chain [3] Group 4: Offshore Wind Power Development - The company places significant emphasis on offshore wind power, having launched the "Hai Feng" series of 9 MW offshore units, which have received certification [3] - The company is preparing for mass delivery capabilities in 2022, coinciding with the entry of China's offshore wind power into a grid parity era [3] - New product offerings include large-diameter rotors for low-wind areas and high-capacity units for medium to high-wind zones [3]