New energy power generation, photovoltaic, wind power

In contrast, wind power components are much better, with only 27.38% of the market share to earn more than 50% of the industry profits, worthy of our focus.

Second, how is the development of new energy power generation industry in the past 10 years?

Conclusion first, the last ten years.

Overall, the development of the new energy power generation industry is very good, and the development speed is far ahead of the average level of more than 4,000 municipal companies in A-shares. In the past two years, the speed of development has exploded, and the momentum is very strong.

From the perspective of sub-structure, the long-term development speed of photovoltaic power generation is significantly faster than wind power generation.

From the perspective of sub-industries, the performance of the five sub-branches of silicon wafers, photovoltaic auxiliary materials, photovoltaic processing equipment, inverters and wind power components is relatively good and has developed rapidly. Photovoltaic cell modules and wind power machine these two segments of the industry performance is poor, the development is slower.

After the analysis, we mainly focus on the five sub-industries of silicon wafers, photovoltaic auxiliary materials, photovoltaic processing equipment, inverters and wind power components.

The following is a detailed analysis.

How is an industry developing? Financial data is the strongest evidence.

Financial data mainly look at three points: How is the performance? Do you have strong earning power? Is the revenue quality high?

In order to facilitate everyone's understanding, the net uncle will briefly introduce these three related financial indicators, understand the small partners can skip this part.

(1) How is the performance?

Mainly look at two indicators: revenue growth and net profit growth.

① Revenue is simply how much money you can receive when you open a shop and sell goods.

The growth rate of revenue is whether you collect more money today than yesterday, whether you collect more money tomorrow than today, and whether the small day has passed the more promising.

The specific formula is as follows:

Revenue growth rate =(revenue growth/total revenue of last year)×100%

For example, if you open a milk tea shop, the first year sold a total of 100,000 yuan of milk tea, the revenue is 100,000 yuan, if the second year sold 120,000 yuan, then the revenue growth rate of this year is (120,000-100,000) / 100,000 =20%.

In short, the net profit of the mother is how much money you can earn as a shareholder of the shop after deducting various costs.

The growth rate of net profit is whether you earn more this year than last year, whether you earn more next year than this year, and whether the small day has passed the richer.

The specific formula is as follows:

Growth rate of net profit returning to mother =(growth amount of net profit returning to mother/total net profit returning to mother last year)×100%

Still take the opening of a milk tea shop as an example, for example, if you earn 10,000 yuan in the first year, then the net profit of a milk tea shop is 10,000 yuan, and the second year earned 15,000 yuan, then the net profit growth rate of this year is (15,000-10,000) / 10,000 =50%.

(2) Is the earning ability strong?

We look at ROE and net profit on sales.

The ROE is simply how much money can be earned on 1 yuan of net assets.

The specific calculation formula is as follows:

ROE = (Net profit/net assets) *100%

For example, you spend 100,000 yuan invested in a milk tea shop, the milk tea shop earned 10,000 yuan in the past year, the ROE of this milk tea shop is (10,000 ÷ 100,000) *100%=10%.

② The net profit rate on sales is simply how much money you can make from selling 1 yuan of goods.

The specific formula is as follows:

Net profit margin on sales = (net profit/sales revenue) *100%

For example, if you sell milk tea, buy a cup of 10 yuan, you can earn 2 yuan, then your net interest rate of sales is (2 yuan ÷10 yuan) *100%=20%.

(3) Is the revenue quality high?

Look primarily at cash/revenue from sales

What kind of revenue is the highest quality?

It's better to be able to prepay, the stuff is not produced, the money is already in place. Such a company, cash flow is sufficient, that is, cash/revenue > 100%, the larger the better;

The second is one hand to pay one hand delivery, cash flow is stable, that is, cash/revenue =100%;

The worst is the delivery, the money is still not given, the capital chain has the risk of breaking at any time, that is, cash/revenue < 100%, the smaller the worse.

By analyzing the short and medium term financial data of these three aspects, we can roughly see how an industry has developed over the years.

Next, it's time for the analysis.

1. Performance: Overall excellent, photovoltaic is better than wind power, silicon wafers, photovoltaic auxiliary materials, photovoltaic processing equipment, inverters and wind power components are better, photovoltaic cell modules, wind power machines are poor

(1) First, look at the revenue growth rate: photovoltaic growth rate is faster than wind power, photovoltaic auxiliary materials, wind power parts and components are growing fastest, silicon wafers, photovoltaic equipment processing, photovoltaic cell modules are growing faster, inverters, wind power machines are growing slower.