New energy power generation, photovoltaic, wind power

(2) Followed by wind power components, the average net profit rate on sales in the past ten years was 10.80%, higher than the average level of all A-share listed companies;

(3) Inverter, the average net profit rate of sales in the past ten years is 10.03%, higher than the average level of all A-share listed companies;

(4) The average net profit rate on sales of photovoltaic auxiliary materials in the past ten years is 8.99%, slightly higher than the average level of the whole market;

The average net profit rate on sales of silicon wafers in the past ten years is 6.06%, which is far lower than the average level of the whole market.

3, revenue quality: general general, inverter and wind power components are good, silicon wafers, photovoltaic auxiliary materials are general, photovoltaic processing equipment is poor.

Revenue quality is largely dependent on cash flow, primarily looking at cash received from sales/operating income.

In general, the cash flow of new energy power generation is general, and only about 90% of the revenue is received in cash, slightly higher than the average level of 87.58% of the whole market.

From the perspective of sub-structure, the cash flow situation of photovoltaic is worse than that of wind power, and it is still in a worsening trend in the past two years.

Look at the specific industry segments.

The best cash flow is wind power components and inverters, and the average cash/operating income received from sales in the past ten years is more than 90%, higher than the average level of 87.58% of all A-share listed companies (the whole market);

Silicon wafers and photovoltaic materials followed, and the average cash/operating income received from sales in the past ten years was about 88%, basically the same as the average level of the whole market;

Photovoltaic processing equipment has the worst cash flow, and the average cash/operating income received from sales in the past ten years is only 78.83%, which is significantly lower than the average level of the whole market.

Combine the above three aspects of financial data.

Overall, the financial situation of the new energy power generation industry is very good, and the overall trend is on the rise.

In comparison, the financial situation of photovoltaic is significantly better than that of wind power.

However, it should be noted that the cash flow of photovoltaic is poor, and there has been a certain deterioration in recent years, and the performance may have a certain "moisture".

Third, what is the investment value of the five sub-sectors of new energy power generation?

In the previous part, we analyzed the development of five sub-industries in the past ten years: silicon wafers, photovoltaic auxiliary materials, photovoltaic processing equipment, inverters and wind power components.

So here's the problem.

How much is the investment value of these five sub-sectors?

The first conclusion:

Five segments of the industry.

Silicon wafer investment value is the highest, but the investment risk is also relatively high;

The second is photovoltaic auxiliary materials, photovoltaic processing equipment, the investment value is relatively high, the investment risk is general;

The investment value of wind power components is also relatively high, but because wind power has higher requirements for terrain, the investment risk is also relatively high.

The investment value of inverters is general, and they also face the competitive pressure of Huawei, an unlisted giant, and the investment risk is relatively high.

It should be noted that the above conclusions are based solely on financial data and the competitive landscape of the industry, and do not take into account the valuation situation. As for whether the current is suitable for investment, but also combined with the current valuation, we will talk about this in the next part.

The following is a detailed analysis.

Before, we mainly analyzed the overall financial situation of the five sub-sectors of new energy power generation.

However, how much is the specific investment value of an industry, it is not enough to look at the overall financial data of the entire industry, but also to look at the industry competition pattern and business model.

The following is a specific analysis of each industry segment.

1, silicon wafer: the investment value is high, but the internal variables in the industry are relatively large

Silicon wafer comprises two parts: silicon wafer and silicon wafer.

Silicon wafers are the core components of solar panels.

Silicon is the raw material for the production of silicon wafers.

Silicon wafer industry is the core industry of photovoltaic industry.

At present, the silicon wafer industry shows a pattern of "one super and many strong".

The revenue and net profit of Longi shares occupy an absolute advantage, and the strength of the other three can not be underestimated, and the market value is more than 100 billion.

However, the market pattern of silicon wafers is not firm and variable.

Why do you say that?

This has to start with the characteristics of the industry and the current development situation.

Silicon wafer is a long production cycle, low productivity flexibility of the industry.