The hottest wind power industry chain is difficult

It is difficult for the wind power industry chain to collect funds. Wind power enterprises are trapped in triangle debt

wind power dilemma, resulting in the emergence of triangle debt problems

Nanjing steam turbine generator Changfeng new energy Co., Ltd. is an important supporting supplier in the industry. Recently, the leaders of the company lamented in an interview that the payment for the fan factory is too difficult to collect, and it is not generally difficult to collect, and will pay more attention to financial risk management in the future

in other words, for wind turbine manufacturers, the pressure of upstream suppliers for payment is also increasing, while the downstream payment is becoming more and more difficult

take Goldwind technology, the industry leader, as an example, the accounts receivable at the end of the third quarter was 11.18 billion yuan, while the accounts payable at the end of the third quarter was 6.18 billion yuan

debt chain

in the wind power industry, there is a recent bridge segment: the leader of a wind power manufacturer lay down for two days after drunken in the northeast to recover his strength in order to collect payment for goods, but the customer didn't let him take away a penny of the payment at last. According to insiders, it's good to collect 20million yuan of arrears

for the difficult collection of accounts receivable, the solution is the late payment or non payment of accounts payable. A senior executive of XJ Group told that the current debt treatment method adopted by XJ Group is back-to-back, and the wind farm does not give me money, nor do I give money to suppliers

as the owner of wind power projects more upstream of the debt chain, the situation is not optimistic. After investigation, the leaders of the wind power business department of a central enterprise found that when these enterprises built wind power projects, their own funds were very low. For projects with hundreds of millions of yuan, the start-up funds were only tens of millions of yuan, so they could only pay the equipment deposit, and the balance was repaid by the electricity sales

there are two main factors that determine the cash flow of wind power projects, one is the actual generation hours, and the other is the subsidy between the electricity price and the benchmark electricity price. At present, these two factors limit the wind power project funds back to the correct use of the experimental machine fixture should be cage

according to the Research Report of wind power equipment branch of China Electrical Industry Association (2012 edition, while the CFRT market is dominated by electrostatic parts and sliding parts), fixed costs such as depreciation and interest account for 80% of the total cost of wind power projects in the initial operation period, and high depreciation and financial expenses will occur whether the wind farm is operated or not. If the wind power project is exposed to the sun or severely curtailed after it is put into operation, it will be difficult to make up for it in the later stage, and the profitability of the project will decline significantly or even suffer losses

there are also problems in the timely realization of subsidy funds. For example, cecep Wind Power Co., Ltd. disclosed in its prospectus that in the power purchase and sale contract signed with the local power company, most of the power companies do not pay all the electricity price at one time, but divide the electricity price into two parts, that is, the electricity price on the benchmark of local desulfurization coal-fired units and the renewable energy electricity price subsidy. There is a great difference in the settlement cycle of the two parts. For the renewable energy electricity price subsidy, the payment collection period is relatively long. The renewable energy electricity price subsidy in the electricity sales of Xinjiang and Gansu projects includes steel production enterprises, which usually delay settlement for 6 to 12 months

the asset light mode faces a big test

Goldwind's asset light mode adopts the business mode characterized by the development and design, quality control and general assembly sales of wind turbines. The supporting parts of wind turbines are produced by suppliers in accordance with the technical parameters and quality standards provided by Goldwind. Even the core components, such as blades, motors, gearboxes and bearings, are purchased from outside

this business model enables Goldwind technology to obtain development funds from suppliers as an assembly enterprise. The financial characteristics are that accounts payable are greater than accounts receivable, and monetary funds are sufficient. For example, the balance sheet on June 30, 2007 showed that accounts receivable were 220 million yuan, accounts payable were 390 million yuan, and monetary funds were 500 million yuan

since it can easily expand production capacity without its own large-scale investment, Goldwind technology quickly occupied the market. The first cut-off valve on the 2000 hydraulic control box should not be opened. The main business income of wind technology was 10.54 million yuan. Later, the company expanded from a regional company to a national company, reaching a peak in 2010, with an operating income of 17.86 billion yuan

however, the market situation has changed greatly in the past two years, with a serious overcapacity of wind turbines. According to the statistics of the wind power and electrical equipment branch of China Electrical Appliance Industry Association, the capacity of wind turbines in 2011 was 30000 MW, while the actual total installed capacity was only 18000 MW. The price has dropped from 6500 yuan/kW to 3500 yuan/kW now. Several industry leading enterprises interviewed said that the market was bleak, and the gross profit margin was zero or even negative

changes in the market have affected the sales of wind turbines of Goldwind technology, and it is difficult to recover the payment in time in the buyer's market. Combing the financial reports in recent years, we found that the accounts receivable of Goldwind technology increased significantly: accounts receivable at the end of 2010 were 7.07 billion yuan, accounts receivable at the end of 2011 were 10.2 billion yuan, accounts receivable at the end of the first quarter of 2012 were 11.65 billion yuan, and accounts receivable at the end of the third quarter were 11.18 billion yuan