Heavy! Sany Renewable Energy is priced at 29.80 yuan / share, and the stock will be subscribed today! (with Q&A)

Listing Roadshow Investors/Netizens Interactive Q&A, some excerpts are as follows:

01

Chairman and general manager Zhou Fugui replied

1. Please briefly describe the company's future goals for its market position.

Answer: Hello, according to the statistics of the Wind Energy Professional Committee of the Chinese Renewable Energy Society, in 2017, 2018, 2019, 2020 and 2021, the corresponding new installed capacity of the company's wind turbine sales business was 420,000 kW, 254,000 kW, 704,000 kW, 3.033 million kW and 3.210 million kW, respectively, with market shares of 2.1%, 1.2%, 2.6%, 5.6% and 5.7%, ranking 11th, 14th, 10th and 8th respectively , 8 bits.

On the one hand, the continuous improvement of the company's product quality and technical level has made the company's competitiveness in the industry continue to improve. On the other hand, the company has obtained more orders in this round of rush to install. It is expected that the company's market share ranking is expected to further increase in the future.

2. Please briefly introduce the company's development strategy in onshore, offshore and overseas markets.

Answer: Hello, onshore is the company's main "battlefield", offshore wind turbine products are currently in the preparatory stage, overseas is the future of the company's growth point, is an important strategic development direction of the company, is expected to have a breakthrough soon. At present, the quality has been recognized by overseas customers, and there is a certain room for breakthrough in the case of a certain price advantage.

In the era of offshore wind power parity, the company hopes to make products that are more competitive than the current market products, and will launch offshore models as soon as possible.

3. Please briefly describe the main barriers to entry in the industry.

A: Hello, the main barriers are mainly reflected in the following aspects:

(1) Technical barriers: Wind power generation equipment is related to the stable operation of the power grid and the safety of power supply, so the technical standards are extremely strict. The wind turbine manufacturing industry is typically a technology-intensive industry.

(2) Brand barriers: A good brand reputation is the best proof of product quality and performance ability, and it is also an important reference for customers to choose wind turbine suppliers.

(3) Barriers to product testing and certification:Wind power equipmentQuality is an important foundation for the sustainable and healthy development of the wind power industry, and the product testing and certification system is an important measure to ensure the quality of equipment.

(4) Talent barriers: the reserve and training of talents require high costs, and the reserve, introduction, training and incentive of core technical personnel and talents at all levels have become an important component of the core competitiveness of market participants, and it is also one of the main barriers in the industry.

(5) Financial barriers: from the initial R&D and testing of products, to the production and delivery after obtaining orders, as well as various technical research and development work, a large amount of capital investment is required to ensure the company's production, operation and market competitiveness. As a result, the industry has high financial barriers to market participants.

4. What are the company's main customer groups?

Answer: Hello, the company's main business is the research and development, manufacturing and sales of wind turbines, the design, construction, operation and management of wind farms and the operation and management of photovoltaic power plants. The company's fan products and operation and maintenance service customers are mainly large-scale power generation groups or large-scale power construction groups, and the customers generally have the characteristics of large business scale, good financial status and high credit rating. The company's new energy power station business generates power for its own use, and sells it to the outside world, and some of the main customers for external sales are power grid companies.

5. How does the company see the future competition pattern of wind power machines? What is the company's competitive advantage.

Answer: Hello, (1) any industry will develop and change, the wind power industry has also experienced relevant changes in history, the industry competition pattern mainly depends on policies and opportunities, the company is committed to becoming one of the best enterprises in the industry. (2) The competition in the wind power industry is becoming more and more fierce, the company's management has a full understanding of the fierce competition, the current international mainstream machine factories are actually only 4-5, and there are currently 14-15 in China, the industry will continue to face the process of integration in the future, so it is expected that the future industry pattern will be more concentrated in the head enterprises. At present, the company's ranking in the industry has risen year by year, and it has full confidence in the forefront of the industry in the future.

Competitive advantage: In a comprehensive comparison, the company's advantages include (1) high organizational efficiency; (2) Strong driving force for R&D and innovation; (3) Strong ability to adapt to marketization.

6. Sany Group has a strong brand advantage, how can it empower Sany Renewable Energy?

A: Hello, the company meets the requirements of independence and has an independent corporate governance system. Sany Group's synergistic advantages for the company are first reflected in the inheritance of management system and corporate culture; secondly, it is reflected in the cost reduction of raw material costs caused by the group's bulk centralized procurement; In addition, the design concept of the group's intelligent manufacturing also has a lot of influence on the company.

7. Please briefly describe the effect of the company's strategy implementation and future planning.

Answer: Hello, there are mainly the following aspects of planning:

(1) R&D capability planning: By introducing world-class digital concepts and management experience, we will create world-leading digital R&D methods to provide customers with products and services covering the "whole life cycle of wind power".

(2) Marketing capability planning: Through the "double focus strategy - focusing on large customers and focusing on large bases", the full coverage of mainstream customers in the wind power industry has been realized, and the company's market ranking has jumped and entered the forefront of the industry.

(3) Supply chain planning: Adhere to the procurement concept of leading the total cost of the whole life cycle, and the relationship between Party A and Party B has shifted from the opposing competition model under the traditional procurement to the interconnected and win-win model under the new ecological chain.

(4) Digital capability planning: Digital capabilities will cover the entire life cycle of wind power products, further implement the "two-wheel strategy" of digitalization of delivery and operation and digitalization of services, help the company transform to service-oriented manufacturing, improve the company's intelligent decision-making capabilities, and promote the improvement of the full life cycle value of the company's products.

(5) Capital operation planning: It is planned to land in the capital market through the issuance of shares and listing on the Science and Technology Innovation Board, give full play to the functions and advantages of direct financing in the capital market, broaden financing channels and improve financing efficiency, so as to effectively reduce capital costs and provide sufficient financial guarantee for the company's business development.

8. Please briefly introduce the support of Sany Group to the company.

A: Hello, the company meets the requirements of independence and has an independent corporate governance system. Sany Group's synergistic advantages for the company are first reflected in the inheritance of management system and corporate culture; secondly, it is reflected in the cost reduction of raw material costs caused by the group's bulk centralized procurement; In addition, the design concept of the group's intelligent manufacturing also has a lot of influence on the company.

02

Li Qiang, director, deputy general manager, chief engineer and dean of the research institute, answered

1. What achievements have been made in the independent research and development of the company's core technology?

Answer: The company was established in 2008, after more than ten years of continuous research and development, up to now, the company has formed a core technology system of digital top-level design, intelligent manufacturing, complete machine system, core components, wind farm design, wind farm operation and management, etc., and has formed mature products or solutions in wind turbine products and operation and maintenance services, wind farm design, construction, operation and management, etc., and the core technology is at the forefront of China.

The company has fully mastered and established independent wind turbine design capabilities, mastered the core technologies such as whole turbine design, blade design, generator design, load simulation, and production algorithm. XMW, 3.XMW and other series of onshore wind turbines are the main models currently sold. In recent years, the company has independently developed 4. The performance indicators of XMW and 5.XMW series onshore wind turbines have been at the domestic first-class level, which has brought the competitiveness of the company's onshore wind turbines to a new level.

2. Please introduce the changes in the price of the company's main raw materials during the reporting period.

Answer: Hello, since 2019, on the one hand, the arrival of the industry's rush to install has made the supply of some raw materials tight; On the other hand, the development trend of large-scale wind turbines has led to the upgrading of core component specifications, so the prices of gearboxes, core materials, glass fibers, reducers, hubs, nacelle covers, main control systems, and blades (external mining parts) have increased. Among them, the main component of the core material, balsa wood, is mainly purchased from abroad, and the price continues to rise rapidly due to the impact of the epidemic and the surge in demand for rush installation; At the same time, the trend of large-scale blades has increased the amount of single-leaf balsa, which has also led to the increase in the price of core materials.

In 2020, the impact of the rush on the supply and demand relationship of the industry will continue, and the price of major components such as gearboxes, core materials, slewing rings, spindles, reducers, wheel hubs, and cabin covers will increase.

In 2021, the impact of the rush to install on the supply and demand relationship of the industry will gradually subside, and the price of core materials, converters, reducers, pitch systems, nacelle covers, and main control systems will be reduced to varying degrees. At the same time, the trend of large-scale wind turbines has led to an increase in the specifications of components that are highly related to power levels, such as gearboxes and slewing rings, and the unit price has risen. The main raw materials of blades such as glass fiber and resin have risen significantly due to market supply and demand factors. In addition, glass fiber is additionally driven by technological upgrades, the purchase material has changed from glass fiber cloth to pultruded glass plate, and the amount of glass fiber per set has increased significantly due to the increase in blade length, so the average purchase price has increased significantly.

3. Please introduce the company's service model.

Answer: Hello, the company's aftermarket service is mainly responsible for the service department, which has the jurisdiction of the engineering technology department, the parts management department, and the engineering project department. Aftermarket services mainly involve post-delivery guidance hoisting, commissioning, pre-acceptance, warranty operation and maintenance services, etc. The company adheres to the design concept of full life cycle product development, combines various advanced technical means, and strives to ensure the continuous and efficient operation after on-site installation and operation, and creates value for customers continuously and stably. Sany Renewable Energy's self-developed intelligent O&M DOM digital platform enables the operation and maintenance services such as fan shipment, installation, commissioning, 240 acceptance, scheduled inspection of wind turbines during the warranty period, troubleshooting, replacement of large parts, and warranty of wind turbines, as well as the construction of wind turbine SBOM master data, and the management of accessories, personnel, and vehicle resources through the system platform.

After years of accumulation, Sany Renewable Energy has comprehensive wind farm operation and maintenance service capabilities, focusing on providing customers with high value-added services such as detection, monitoring and early warning, customized training, etc., reducing maintenance costs and providing comprehensive technical support for the stable operation of the whole life cycle of products.

4. Please introduce the raw materials and energy supply of the company's main products.

Answer: Hello, there are a large number of wind turbine parts and components involving multidisciplinary interdisciplinary, and the types of parts involved are not only traditional cast-forged and welded large-scale mechanical structural parts, but also involve electrical systems, electronic control systems, composite materials, etc. The main components include blades, gearboxes, generators, converters, pitch systems, main control systems, hubs, spindles, nacelle covers, reducers, slewing rings, etc. Among them, the blades are the main components that capture wind energy, and the generator is the core of the energy conversion. The blades and generators involved in the production of wind turbines by the issuer are mainly produced by the issuer, and the rest of the parts are mainly procured from external sources. The main raw materials of blades include resin, glass fiber, core material, etc. The complexity of the components determines the complexity of the supplier system. The company ensures the stability of the supplier system by selecting excellent suppliers in the industry for long-term cooperation and establishing strategic relationships. Since 2019, affected by the rush to install wind power, the pressure on the upstream supply chain of the wind power industry has increased, and parts such as gearboxes and blades have been in short supply to varying degrees. However, due to the issuer's long-term strategic supplier maintenance and scientific supply chain management, the pressure on supply guarantee has been effectively alleviated. Since 2021, affected by the rise in steel prices, some downstream wind farm owners have requested wind turbine manufacturers to provide wind turbines and towers at the same time. As a result, the proportion of tower purchases by issuers has increased significantly since 2021, while the number of towers purchased by companies was relatively low before that.

The company's main energy supply is electricity, and the domestic power supply is sufficient, and the price is basically stable during the reporting period. From 2018 to 2021, the electricity expenses in the company's production costs were 4.6275 million yuan, 4.2575 million yuan, 15.1754 million yuan, and 8.3782 million yuan respectively. Among them, the higher electricity cost since 2020 is mainly due to the increase in the issuer's overall production in 2020, and the increase in electricity costs generated by the commissioning of Tongyu and Shaoshan blade bases and Tongyu complete machine production lines.

5. What achievements have been made in the independent research and development of the company's core technology?

Answer: The company was established in 2008, after more than ten years of continuous research and development, up to now, the company has formed a core technology system of digital top-level design, intelligent manufacturing, complete machine system, core components, wind farm design, wind farm operation and management, etc., and has formed mature products or solutions in wind turbine products and operation and maintenance services, wind farm design, construction, operation and management, etc., and the core technology is at the forefront of China.

The company has fully mastered and established independent wind turbine design capabilities, mastered the core technologies such as whole turbine design, blade design, generator design, load simulation, and production algorithm. XMW, 3.XMW and other series of onshore wind turbines are the main models currently sold. In recent years, the company has independently developed 4. The performance indicators of XMW and 5.XMW series onshore wind turbines have been at the domestic first-class level, which has brought the competitiveness of the company's onshore wind turbines to a new level.

6. Please briefly describe the intellectual property rights of the company's main fan products.

Answer: Hello, in the early development process, the company gradually independently developed and formed the 905 platform technical solution, and on this basis, part of the technology license of Aerodyn was borrowed to develop the 906 platform and 908 platform for the second time. Since then, the company has digested and absorbed Aerodyn's related technologies, further improved the independent intellectual property rights system, and independently developed the 908S platform, 2.5MW platform, 3.XMW platform, 4.XMW-6. XMW platform product technical solutions.

7. Please briefly describe the company's foreign technical cooperation.

Answer: Hello, the company's foreign technical cooperation is as follows:

1) Partnering with Aerodyn

Aerodyn is a world-renowned wind turbine design company, whose business mainly includes wind turbine design, blade design, technical consulting, engineering services and other businesses. It has more than 20 years of experience in wind turbine design and engineering services, providing manufacturers with wind turbine technology and blade technical support. Domestic enterprises such as Mingyang Intelligent, United Power, Electric Wind Power, Haizhuang Wind Power, Huayi Electric and other complete machine manufacturers have carried out R&D cooperation through the introduction of Aerodyn technology or joint design.

In order to meet the requirements of the market and quickly develop high-quality products, in November 2016, Sany Renewable Energy signed a cooperation agreement on the design and R&D of the aeroMaster 2.0-120 wind turbine with Aerodyn, a German wind turbine design company. In June 2017, Sany Renewable Energy and Aerodyn signed a cooperation agreement on the design and R&D of aeroMaster 3.0-145 (including blades) wind turbines.

Through the above-mentioned joint R&D, the issuer has achieved the following R&D results:

(1) Obtained the non-exclusive right to use and secondary development rights of aeroMaster 2.0-120 and aeroMaster 3.0-145 wind turbine design schemes

Through the above-mentioned joint research and development, the issuer has obtained a non-exclusive right to use the technical solutions for the manufacture, installation, commissioning, operation and maintenance of aeroMaster 2.0-120 (excluding blades); Obtained the non-exclusive right to use the main transmission components of aeroMaster 3.0-145 and the technical scheme of AE3.0-71.0 blades. At the same time, according to the agreement, the issuer has the right to carry out secondary development of the above-mentioned technical solutions.

(2) Establish 906 and 908 wind turbine platforms

Through the above-mentioned cooperative research and development, the issuer has established the 906 and 908 wind turbine platforms, and formed product planning and secondary development capabilities based on the platform, which enables the company to quickly improve the competitiveness of its products, meet the differentiated needs of different customers and different wind resource regions for wind turbine products, and form a rapid response ability to market demand.

(3) Create new technology models

Through the technical cooperation with Aerodyn, the issuer has pioneered a technology and method with high technical integration, compact and reliable, and dynamic load reduction drive chain system; A new design method for underframe and wheel hub with lightweight and high-reliability casting structure was developed. A comprehensive technology for optimally increasing power generation has been developed.

(4) Integrate high-quality resources and establish a good strategic cooperation framework

This project adopts key supporting equipment with mature market, and the core components adopt top configuration, and the technical development of the whole machine is mature and reliable.

Through technical cooperation, we have established good cooperation with famous supporting facilities in the industry, integrated external high-quality resources, focused on the development of system integration and control strategies, greatly shortened the product development cycle, and effectively improved the high reliability of products, and made a strong technical guarantee for high-quality products on the market.

(5) Talent training

Through the implementation of this project, a technical team of dozens of people has been trained, which has greatly improved the technical level of the team. At the same time, technical cooperation has accelerated personnel training and team building, and consolidated technical strength.

In September 2020, the company and Aerodyn carried out joint research and development on the 8.4MW wind turbine concept research project, aiming to support the company's wind turbine research in the 8-10MW field, and in September 2021, the company and Aerodyn carried out joint research and development on the 15.0MW wind turbine concept research project, aiming to support the company's forward-looking technology research on ultra-large megawatt wind turbines. The above-mentioned cooperation is an extension of the company's layout in the field of large megawatt wind turbines, which provides a useful reference for the company's product upgrading.

As at the date of this Prospectus, the Company has entered into agreements with Aerodyn consisting of an aeroMaster 2.0-120 technology development agreement, an aeroMaster 3.0-145 technology development agreement and an aeroMaster 8.4-180 concept study engineering agreement.

2) Partnering with Windnovation

Founded in 2007, Windnovation is the world's leading wind turbine blade design company, with comprehensive and reliable blade design solutions, and has developed more than 100 blades for different terrain and wind conditions in more than 20 countries and regions around the world.

In 2017, the company signed a 63.5-meter wind turbine blade design and development technology license agreement with Windnovation Co., Ltd., and carried out all-round technical cooperation and absorption and transformation from material selection, blade aerodynamic shape design, mold design, structural design, load handling and strength checking, static and fatigue testing, etc., and established and improved the blade design capability.

In 2019, Sany Renewable Energy once again signed an 83.4-meter wind turbine blade technology development agreement with Windnovation to develop onshore large-megawatt carbon fiber blade girders, and further deepen cooperation in the application of new blade materials and technologies.

After several years, through the cooperation and development process with Windnovation, the company has gradually realized the accumulation of experience and technology with international standards in the design, manufacturing and testing of wind turbine blades. On this basis, through the digestion, absorption and re-innovation of the introduced technology, in view of the characteristics of China's wind conditions, in order to make the blade products better meet the domestic market demand and match the company's whole machine, the company's R&D team independently carried out secondary development on the basis of licensed products, such as 63.5 meters of blades for different wind conditions for material replacement and weight reduction design, for low wind speed has been expanded and developed to 68.5 meters, which is the smallest blade with the smallest diameter and light weight of the same level of blade blades in China.

In the process of secondary development, the company's technical foundation has been gradually strengthened, and its core technical capabilities have been exercised, verified and developed. On the one hand, the company has cultivated the company's key talents, absorbed foreign advanced design and development processes, verification methods and management concepts, and built an independent blade development system. On the other hand, the company has achieved an international and global development team, and has formed a close cooperative relationship with high-quality design companies.

As at the date of this Prospectus, the Company has signed agreements with Windnovation including a technology license agreement for WINDblade635-3.0G1-1 wind turbine blades for 2.5MW turbines and WINDblade834-5.6-F60G1S1 turbine blades for 5.6MW turbines.

8. Please introduce the company's current products, technologies and customer development progress in the field of large megawatt wind turbines.

Answer: Hello, Sany Renewable Energy has the ability to integrate the layout of the whole wind power industry chain, and has carried out an all-round layout in the core components of wind turbines, wind turbine products and operation and maintenance services, wind farm design, construction and operation.

Three blade manufacturing bases, so that we have more than 90 meters long blades; Intelligent motor factory, so that we have 1.5MW-6.XMW intelligent customized generator independent production capacity.

We have 2. The R&D and production capacity of a full range of units from XMW to 6.XMW grasp the technical trend of "high, large, long, light and intelligent", and have the advantages of high configuration, high reliability, high power generation and low cost of electricity, and successfully ranked among the "Top 10 global wind power manufacturers".

We have a professional wind farm design and EPC project management team, relying on CFD-based wind farm 3D simulation system, smart wind farm system and other technologies to provide wind farm life cycle solutions. It has broken through central enterprises and state-owned enterprises (5 large and 6 small customers), and will continue to follow up and break through provincial enterprises.

9. Please briefly describe the industrialization of the company's R&D technology.

Answer: Hello, the company's R&D technology is widely industrialized and applied to wind turbine products and their core components, operation and maintenance services, wind power construction services, wind farm operation and management business, etc.

In terms of fan products, the company has 2. The R&D and production capacity of the full range of units from XMW to 6.XMW has a series of advantages such as reliability, high efficiency and low operation and maintenance costs. In terms of core components, the company has the ability to independently develop and manufacture wind turbine blades and generators, and has the ability to design some other core components. In terms of O&M services, Sany Renewable Energy's smart wind farm products are deeply integrated with the company's wind turbine design, opening up data silos through digitalization, increasing power generation through intelligent control, increasing owners' income, improving O&M efficiency, and reducing O&M costs. In terms of wind power construction service business, the company has a professional wind farm design and EPC project management team, which can provide consulting and design, equipment procurement, engineering construction, operation and maintenance training and project financing and other wind farm life cycle solutions. In terms of wind farm operation and management, the company owns and operates a number of benchmark wind farms, among which the annual equivalent hours of power generation of the Guanyinge Wind Farm in Ningxiang County have ranked among the best in Hunan Province for consecutive years.

03

Fang Meng, chief financial officer and secretary of the board of directors, replied

1. Please briefly describe the impact of product features on profitability.

Answer: Hello, the company's main business is the research and development, manufacturing and sales of wind turbines, the design, construction, operation and management of wind farms and the operation and management of photovoltaic power plants. The company has 2. The R&D and production capacity of a full range of units from XMW to 6.XMW has basically realized the full power coverage of onshore wind power. Among them, the products that have formed sales revenue in the past three years are mainly 2. XMW series, 3.XMW series products. During the reporting period, the cost of raw materials accounted for more than 89% of the company's main business costs in each period. The company's main raw materials are purchased parts and accessories, which are composed of four parts: transmission system, structural system, electrical system and auxiliary system, and the main materials and components include blades and raw materials, gearboxes, generator parts and accessories, converters, pitch systems, etc., and the fluctuation of related parts prices will have a certain impact on the company's product costs and profitability.

2. Please tell us about the latest orders in hand and potential orders?

Answer: Hello, the company's marketing advantage lies in the whole industry chain layout of production and manufacturing, which can better realize customer needs, such as the company completes the manufacture of blades by itself, so the application of new materials such as glass fiber, carbon fiber, and pultrusion materials in the integrated design of the fan can realize the weight reduction of the blade, and then the reduction of the blade root circle and the weight reduction of the whole fan and so on; Compared with manufacturers who only do the main engine assembly, it is difficult to put forward customized requirements for general-purpose blade products, so there will be certain constraints on the research and development of new models and the specific needs of customers. Companies are much more flexible in this regard.

In 2019, 2020 and 2021, the company signed external orders of approximately 2,929.00MW, 2,614.10MW and 6,760.00MW; Orders in the wind power industry usually have a one-year landing time, and the company currently has sufficient orders in hand; Since 2022, the number of new orders has also maintained a good momentum.