New energy power generation, photovoltaic, wind power

In the past 10 years, the compound growth rate of revenue of the new energy power generation industry was 24.00%, and the growth rate in the past two years increased to 52.05%;

In the same period, the average compound revenue growth rate of all A-share listed companies was only 11.83%, and it fell to 8.30% in the past two years under economic downward pressure.

Overall, the revenue growth rate of the new energy power generation industry in the past ten years is very strong, crushing the average level of all A-share listed companies.

Look at the structure.

Pv long-term revenue growth is faster than wind power. The compound revenue growth rate of photovoltaic in the past 10 years was 29.70%, much higher than the 17.81% of wind power. However, in the past two years, the compound growth rate of wind power revenue has exploded to 59.05%, coming from behind and surpassing photovoltaic.

Look at the specific industry segments.

① The fastest growth rate is photovoltaic auxiliary materials, the compound growth rate of 10 years is as high as 42.19%, which is nearly four times the average growth rate of all A-share listed companies, but the growth rate has declined significantly in the past two years, the compound growth rate has dropped to 30.21%, falling to the last place, but it is still far better than the average level of all A-share listed companies;

(2) Followed by wind power components, the compound growth rate of revenue in 10 years was 41.89%, and the compound growth rate in the past two years rose to 46.07%;

(3) Photovoltaic processing equipment, the compound growth rate of revenue in 10 years is as high as 29.70%, and the compound growth rate in the past two years has risen to 36.25%;

(4) Photovoltaic cell modules, the compound growth rate of 10-year revenue is as high as 29.27%, lower than the overall growth rate of the photovoltaic industry, but the growth rate has increased significantly in the past two years, rising to 64.59%;

Silicon wafers, 10 years of compound revenue growth as high as 26.18%, the growth rate in the past two years accelerated significantly, rising to 41.27%, but still lower than the overall growth rate of the photovoltaic industry in the same period;

(6) Wind power machine, the 10-year compound revenue growth rate of 14.62%, relatively low, but still higher than the average growth rate of all A-share listed companies, the growth rate in the past two years has increased explosively, rising to 64.90%, large fluctuations;

The lowest growth rate is the inverter, the 10-year revenue compound growth rate is only 8.74%, significantly lower than the average growth rate of all A-share listed companies, but the compound growth rate in the past two years has increased to 52.02%.

(2) Look at the growth rate of net profit: the overall growth rate is rapid, photovoltaic is obviously better than wind power, silicon wafer growth rate is the fastest, wind power components, photovoltaic auxiliary materials, inverters growth rate is faster, photovoltaic cell modules, wind power machine growth rate is slower

In the past 10 years, the compound growth rate of net profit of the new energy power generation industry was 22.41%, and the growth rate in the past two years increased to 67.49%;

In the same period, the average compound growth rate of net profit of all A-share listed companies in the past 10 years is only 9.21%, and it is only 8.70% in the past two years.

Overall, the compound increase in net profit of the new power generation industry in the past ten years is quite strong, and the average level of all A-share listed companies is hit.

Look at the structure.

Photovoltaic long-term net profit compound growth rate is significantly faster than wind power. The compound growth rate of photovoltaic (net profit to the mother) in the past 10 years is 35.20%, while the compound growth rate of wind power in the past 10 years is only 13.14%. However, in the past two years, the compound growth rate of wind power has increased sharply to 90.60%, and the growth rate of photovoltaic in the same period is also very fast, up to 58.28%, but it is still less than wind power.

Look at the specific industry segments.

① The fastest growth rate is silicon wafer, the compound growth rate of 10 years (net profit to the mother) is as high as 54.12%, and the growth rate in the past two years has further increased to 63.00%. Combined with the previous analysis, the revenue growth rate of silicon wafers is also good, indicating that the high performance growth of silicon wafers is not only supported by strong real demand, but also strongly supported by G (government subsidies).

(2) Followed by photovoltaic auxiliary materials, the 10-year compound growth rate was 37.79%, and the growth rate increased to 55.88% in the past two years. Combined with the previous analysis, the growth of net income is relatively fast, indicating that the performance of this subsector is not only growing fast, but also the growth of performance is supported by real demand (rather than due to subsidies and the like).

(3) Wind power parts, 10 years compound growth rate of 37.37%, the growth rate in the past two years increased to 93.08%. Like photovoltaic auxiliary materials, they all belong to the double high growth of revenue and net profit, indicating that the growth of the performance of this subsector is supported by real demand;