On September 7, Sany Heavy Energy, a wind power complete machine manufacturer, had its first launch meeting on the Science and Technology Innovation Board.
       It is reported that Sany Heavy Energy Co., Ltd. (hereinafter referred to as "Sany Heavy Energy") intends to raise about 3.032 billion yuan, which will be used for new product and new technology development projects, new large-megawatt wind turbine production line projects, The production line upgrade project and the aftermarket process technology research and development project construction funds are 2.032 billion yuan, and the remaining 1 billion yuan is used to supplement working capital.
According to the prospectus data, SANY Heavy Energy's operating income in 2019 was 1.481 billion yuan, and the cumulative net cash flow from operating activities from 2017 to 2019 was 2.90 billion yuan. With reference to the company’s secondary market valuation, Sany Heavy Energy expects The market value will not be less than 2 billion yuan.
　　According to the data, Sany Heavy Energy was formerly known as Sany Electric Co., Ltd. and was established by Sany Group with a capital of 200 million yuan. After 2015, Sany Heavy Energy once prepared for overseas listing and established a red-chip structure, but finally gave up and decided to return to domestic listing. In September 2020, Sany Heavy Energy was transformed into a company limited by shares. Liang Wengen held 56.74% of the shares as the controlling shareholder and actual controller.
      At the beginning of its establishment, Sany Heavy Energy's main business was the R&D, manufacturing and sales of wind turbines. The company's early-stage wind turbine products were mainly 1.5MW models. In recent years, it has gradually transitioned to 2.XMW and 3.XMW models, and is currently striding forward to 4.XMW and 5.XMW models. In 2016, Sany Heavy Energy's first wind farm was completed and connected to the grid, and wind farm operation and management business was added. In the same year, the company's first photovoltaic power station was connected to the grid, and photovoltaic power station operation and management business was added. Up to now, Sany Heavy Energy has the capability of R&D and production of a full range of units from 2.XMW to 5.XMW. It is mainly engaged in R&D, manufacturing and sales of wind turbines, wind farm design, construction, operation management, and photovoltaic power plant operation management business. , Is a global wind power overall solution provider.
　　 In recent years, SANY Heavy Energy has rapidly increased its market share in the wind power industry. According to the statistical data of the Wind Energy Professional Committee of the Chinese Renewable Energy Society, the sales of SANY Heavy Energy wind turbines in 2017, 2018, and 2019 correspond to new installed capacity of 42 million kilowatts, 254,000 kilowatts, and 704,000 kilowatts, respectively, with market shares of 2.1%, 1.2%, 2.6%, ranked 11th, 14th, and 10th respectively. According to Bloomberg New Energy Finance, the installed capacity of Sany Heavy Energy's wind turbines in 2020 is 3.72GW, ranking 10th in the world, of which onshore wind power installed capacity ranks 9th in the world. Domestically, in 2020, Sany Heavy Energy's installed capacity of wind turbines ranks 7th in the country, of which onshore wind power installed capacity ranks 6th in the country.
　　 In the first half of this year, the performance of Sany Heavy Energy continued the growth momentum of last year. As of June 30, the company achieved operating income of 3.948 billion yuan, a year-on-year increase of 65.31% over the first half of 2020; net profit was 833 million yuan, an increase of 117.92% over the end of 2020.
　　 To build SANY Heavy Industry in the field of wind power, and strive to become the "China's No. 1 and World Brand" in the new energy industry is the development goal of SANY Heavy Energy.
       It is worth noting that in terms of industry and operating risks, since Sany Heavy Energy’s direct customers are mainly large power generation groups or large power construction groups, the company’s top five customer revenues accounted for 85.40% and 75.35% of the current operating revenue respectively. , 71.78% and 81.61%, the concentration is relatively high. If the company's main customers are lost and the development of new customers is blocked in the future, it will adversely affect the operating results of Sany Heavy Energy.
　　In the short term, with the withdrawal of subsidy policies for the wind power industry, SANY Heavy Energy still faces the risk of profit decline.
　　The high debt-to-asset ratio is another risk factor. The data shows that from 2017 to September 2020, the annual asset-liability ratio of Sany Heavy Energy was 116.88%, 123.99%, 113.76%, and 86.40%, respectively. From 2017 to 2019, the asset-liability ratio exceeded 100%. In the future, if Sany Heavy is able to increase debt financing or other internal and external factors, the debt-to-asset ratio will further increase, which may further affect the company's solvency.
　　 Benefiting from this wave of wind power rush installations, SANY Heavy Energy has achieved a new round of growth since 2019. Data shows that from 2017 to 2020, Sany Heavy can achieve net profits of -249 million yuan, -335 million yuan, 126 million yuan, and 1.370 million yuan respectively. The net profit has increased year by year, turning from negative to positive.
　　 In the first half of this year, Sany Heavy could achieve operating income of 3.948 billion yuan, a year-on-year increase of 65.31%; net profit of 833 million yuan, a year-on-year increase of 177.92%. In this regard, Sany Heavy Energy stated that due to the continuous implementation of the "rush for installation" orders and the strong market demand, the company's equipment sales scale has maintained a relatively high level. In addition, the company has sold wind farm subsidiaries Zhongying Fangyuan New Energy and Jiaxian Hongshishan. Wind power and Jiyuan Taihang New Energy achieved investment income and achieved substantial growth in net profit.
　　 As Sany Heavy can go through the meeting smoothly, it will soon enter the A-share market, and the listed legions of Sany Group will increase from two to three. According to data from the semi-annual report, from January to June this year, the other two listed companies of the Sany Series, Sany Heavy Industry (600031.SH) and Sany International (0631.HK), both achieved performance growth.