Wind power attack, the industrial chain burst out! 

In recent years, it is expected to be written into the "14th Five-Year Plan "of the expected sectors, such as photovoltaic, wind power in the market rotation performance. New energy trends global awareness, driving valuation upward.Photovoltaic, wind power industry has been supported by national policies, as costs continue to decline, the new energy industry has ushered in the global non-subsidized parity online.

The installed capacity of wind power projects approved in China by the end of 2018 has reached 88 GW, according to BNEF data, of which 46 have been started and 42 GW. have not been started According to the latest subsidy policy, these stock items must be connected to the grid by 2020 and 2021 to apply the subsidy policy of the current year, otherwise the state will no longer subsidize after 2021.

National Union Securities believes that without considering the newly approved projects in 2019 and 2020, the new installed capacity of wind power will reach 26 GW、30GW and 32 GW, respectively, with an average annual compound growth rate of more than 15 percent. Wind power subsidy policy may lead 2019~2021 domestic wind power rush.

According to the data of the State Energy Administration ,25.74 GW(+22.6%) of the new wind power grid installed in 2019, the cumulative capacity reached 210 GW, an increase of 25.0% over the same period last year, which has become the largest wind power market in the world. It is expected that the scale of new wind power installation will achieve further growth in 2020.

The Wood Mackenzie's latest report shows that the region is expected to add more than 170 GW. of electricity per year over the next decade As countries shift from fossil fuels to more environmentally friendly alternative sources of power, solar and wind energy will generate $1 trillion in investment opportunities in the Asia-Pacific region over the next decade, equivalent to two-thirds of the region's electricity industry.

WoodMackenzie forecast that the annual average growth rate of the global cumulative new grid-connected installed capacity between 2019 and 2028 will be 734.5 GW,, of which China will increase the annual average growth rate of 252.3, which is the largest new capacity market in the world.

As a renewable clean energy, the domestic wind power industry has developed rapidly in recent years. At present, wind power has become the third largest power source after thermal power and hydropower in China.

Wind power generation is the use of wind to drive the wind turbine blade rotation, and then through the growth machine to increase the speed of rotation to promote generator power generation.

The industry chain of wind power industry mainly includes four links: raw material enterprise, parts manufacturer, fan machine manufacturer and wind power operation.

Fan blade belongs to composite material products and is one of the core components of wind power equipment. The other main components also include generator, gearbox, hub, tower and so on.

The upstream of the wind power blade industry is mainly manufacturers of raw materials such as resin, glass fiber and sandwich materials.The main raw materials are glass fiber, with a certain transport radius, high-end supply and demand tight, less exports, usually with the whole machine export. Downstream customers are mainly domestic and foreign manufacturers (OEM), end-users are wind power investors and large power groups. The main enterprises providing wind and electrospray include China Stonehenge, Taishan Glass Fiber and Chongqing International.

The components of wind turbine mainly include blade, gearbox, generator, tower, spindle and brake system, among which blade accounts for about 23% of the total unit cost. Different from operation and whole machine, most parts manufacturing enterprises in China have export orders.The main blade manufacturers include medium-wood blades, Zhongfu Zhongzhong, CAAC Huiteng and so on.

The rapid development of domestic wind power industry has also led to the rapid rise of a number of wind power equipment manufacturers. The whole machine used in the early stage of wind power development in China is all foreign products. In 2005, China required the localization rate of wind power equipment to be no less than 70. This policy was cancelled at the end of 2009.

Among the wind power manufacturers, domestic wind power manufacturers accounted for 37.6% of the global market share in 2019. Jinfeng Technology, Vision Energy, Mingyang Intelligence, Yunda shares, Dongfang Wind Power, Shanghai Electric, Sea-mounted Wind Power, United Power and other enterprises ranked first. Among them, Jinfeng Technology, Vision Energy and Mingyang Intelligence accounted for 13.20%,8.60% and 5.70% of the global wind power market, respectively.

In the subdivision of fan, offshore wind power will become an important form of wind power development in the future. Offshore wind power has the advantages of no occupation of land, near load and large area development, which will become the main form of wind power industry in the future. Offshore wind power barriers are high, head leaders are expected to gain more market share.

Wind power operators are mainly large state-owned power enterprises, wind power operation in China is relatively closed, foreign operators are difficult to get the project.The main listed wind power operators include Longyuan Power, Datang New Energy, Huaneng New Energy, Huadian Fuxin and so on.There are differences in power system, different mechanism of electricity price formation, and higher operating cost of operators across regions, so they are more focused on local operation.

There are many policy systems to support the development of new energy in the world. At present, the main support for operators in China is electricity price subsidy and tax relief.
As an important new energy industry, wind power industry depends on subsidies to survive and develop so far. After years of development, the capacity, cost and efficiency of wind power have improved significantly, and the industry is maturing day by day, so "go subsidy" has become the main driver to promote the further maturity of the industry.

Source: Leqing think tank

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