证券代码：688349 证券简称：三一重能 公告编号：2024-049 三一重能股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 具体详见公司于 2024 年 1 月 17 日、2024 年 1 月 25 日在上海证券交易所网站 （www.sse.com.cn）披露的《三一重能关于以集中竞价交易方式回购公司股份方案 的公告》（公告编号：2024-015）、《三一重能关于以集中竞价交易方式回购公司股 份的回购报告书》（公告编号：2024-017）。 （二）2024 年 2 月 19 日，公司召开第二届董事会第二次会议，审议通过了 1 《关于增加回购股份资金总额及调整资金来源的议案》,为维护广大投资者的利益， 增强投资者对公司的投资信心，同意将回购股份资金总额由"不低于人民币 10,000 万元且不超过人民币 20,000 万元"调整为"不低于人民币 30,000 万元且不超过人 民币 50,000 万元"，将回购资金来源由"公司超募资金"调整为"公司超募资 ...

证券代码：688349 证券简称：三一重能 公告编号：2024-050 三一重能股份有限公司 关于召开 2023 年度暨 2024 年第一季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 会议召开时间：2024 年 05 月 15 日(星期三) 上午 10:00-11:30 会议召开方式：上证路演中心视频直播和网络互动 投资者可于 2024 年 05 月 08 日(星期三) 至 05 月 14 日(星期二)16:00 前登录 上 证 路 演 中 心 网 站 首 页 点 击 " 提 问 预 征 集 " 栏 目 或 通 过 公 司 邮 箱 sanyreir@sany.com.cn 进行提问。公司将在说明会上对投资者普遍关注的问题进 行回答。 三一重能股份有限公司（以下简称"公司"）已于 2024 年 4 月 30 日发布公司 2023 年年度报告及 2024 年第一季度报告，为便于广大投资者更全面深入地了解 公司 2023 年度及 2024 年第一季度的经营成果、财务状况，公司计划于 2024 ...

Investment Rating - The report maintains a **Buy** rating for the company, with a target price of RMB 27.88 [1] - The sector rating is **Outperform** [1] Core Views - The company's market share in the wind turbine sector increased to **9.3%** in 2023, up by **0.2 percentage points** from the previous year [3] - Overseas revenue grew significantly by **38,836.31%** in 2023, reaching RMB 310 million, with a gross margin of **22.07%**, which is **5.25 percentage points** higher than domestic operations [3] - The company's R&D investment reached **5.83%** of revenue in 2023, supporting advancements in product development, including the launch of a **15MW** onshore wind turbine [3] - Gross margin for the wind turbine business declined by **6.54 percentage points** to **16.93%** in 2023 due to intense price competition, but showed a recovery in Q1 2024, with a gross margin of **19.67%**, up by **5.30 percentage points** quarter-over-quarter [3] Financial Performance - In 2023, the company reported revenue of RMB **14,939 million**, a **21.21%** year-over-year increase, with net profit attributable to shareholders of RMB **2,007 million**, up by **21.78%** [3] - Q1 2024 saw a decline in net profit attributable to shareholders, dropping by **44.92%** to RMB **266 million** [3] - The company's order backlog reached **15.89GW** at the end of 2023, a **71.78%** increase compared to the end of 2022 [3] Valuation and Forecasts - The report adjusts the EPS forecasts for 2024-2026 to RMB **1.89**, **2.13**, and **2.42**, respectively, down from previous estimates of RMB **1.98**, **2.46**, and **-** [3] - The P/E ratio for 2024-2026 is projected at **14.8x**, **13.1x**, and **11.5x**, respectively [3] - Revenue growth is expected to be **12.3%** in 2024, **26.9%** in 2025, and **11.6%** in 2026 [4] Operational Highlights - The company's gross margin for 2023 was **17.03%**, a decline of **6.53 percentage points** from 2022, while net margin remained stable at **13.43%** [5] - In Q1 2024, the gross margin was **19.67%**, down by **9.33 percentage points** year-over-year, and net margin dropped to **15.38%**, a decline of **15.47 percentage points** [6] - The company's R&D expenses in 2023 were RMB **872 million**, accounting for **5.83%** of total revenue [3] Overseas Expansion - The company has established an overseas team of over **200 people**, focusing on a "Chinese + local" strategy to enhance brand influence and market penetration [3] - Overseas operations contributed RMB **310 million** in revenue in 2023, with a gross margin of **22.07%**, significantly higher than domestic operations [3]

Group 1: Company Overview and Market Strategy - Sany Heavy Energy has successfully delivered orders in Central Asia and South Asia, achieving a revenue of 310 million CNY in 2023, marking a significant breakthrough in recent years. The company plans to focus on markets in the Middle East, Southeast Asia, Latin America, and Europe in 2024 [2][3] - The company aims to enhance its offshore and onshore business simultaneously, with a particular focus on the Southeast Asia and South Asia offshore markets [2][3] Group 2: Financial Performance and Profitability - In 2023, the company's wind turbine gross margin was 15.45%. The overall gross margin for Q1 2024 is projected to be 19.67%, reflecting a decrease of 5.3 percentage points compared to the previous quarter [2][3] - The company achieved a net profit of 2.007 billion CNY in 2023, positioning itself among the top in the industry [4] Group 3: Product Development and Technological Advancements - The 15MW wind turbine prototype has been completed, with plans for market promotion following successful validation. This model is expected to reduce electricity costs significantly over its 25-year design life [3][4] - The company has adopted "dual box transformer" technology for its 8.5-11MW platform, which has become a mainstream technology in domestic wind turbines, enhancing efficiency and reducing costs [5] Group 4: Market Outlook and Sales Projections - In 2023, the company sold 7.24GW of wind turbines, a 61% increase year-on-year. The sales volume for Q1 2024 is approximately 1GW, doubling compared to the same period last year [4] - The domestic wind turbine production capacity is expected to exceed 100GW in 2024, with an estimated grid-connected capacity of around 90GW [4]

[Table_Page] 年报点评|专用设备 证券研究报告 [三Table_一Title] 重能（688349.SH） [公Tab司le_I评nves级t] 买入 当前价格 28.75元 业绩符合预期，双海战略持续推进 合理价值 39.66元 前次评级 买入 [ 核Tabl 心e_Su 观mm 点ary] ： 报告日期 2024-05-05 ⚫ 业绩整体符合预期。公司于4月30日发布23年年报与24年一季度季 [相Tab对le_P市icQ场uote表] 现 报，23年公司实现营收149.39亿元，同比+21.21%，归母净利润20.07 亿元，同比+21.78%，扣非归母净利润16.23亿元，同比+1.67%；单看 10% 2% 23Q4，公司实现营收74.49亿元，同比+24.58%，归母净利润9.76亿 -6%05/23 07/23 09/23 10/23 12/23 02/24 04/24 元，同比+61.44%，扣非归母净利润8.72亿元，同比+40.02%；24Q1， -14% 公司实现营收 17.28 亿元，同比+10.50%，归母净利润 2.66 亿元，同 -22% -30% 比-44.92%， ...

Investment Rating - The report maintains a "Recommended" rating for SANY Renewable Energy (688349.SH) [1][2] Core Views - The company achieved a revenue of 14.939 billion yuan in 2023, a year-on-year increase of 21.21%, with a net profit attributable to shareholders of 2.007 billion yuan, up 21.78% year-on-year [1] - The company’s market share continues to improve, with a significant increase in new installations and a strong order backlog supporting future growth [1] - The company is focusing on product innovation and expanding its international market presence, particularly in Central and South Asia [1] Summary by Sections Financial Performance - In 2023, the company reported a revenue of 14.939 billion yuan, a 21.21% increase year-on-year, and a net profit of 2.007 billion yuan, reflecting a 21.78% increase [1] - The operating cash flow for 2023 was 1.089 billion yuan, up 43.54% year-on-year [1] - For Q1 2024, the company achieved a revenue of 1.728 billion yuan, a 10.5% year-on-year increase, but a 76.8% decrease quarter-on-quarter [1] Market Position - The company’s wind turbine and components revenue reached 11.937 billion yuan in 2023, a 17.66% increase, with a market share increase in domestic installations [1] - The company ranked 7th globally in new installations with 7.9 GW added in 2023, a 75.56% increase year-on-year [1] Business Strategy - The company is implementing a "dual-sea" strategy, focusing on both onshore and offshore wind power innovations [1] - The company has successfully transferred wind power projects totaling 609.9 MW, enhancing profitability [1] Future Outlook - The company expects to ship 9-10 GW of wind turbines in 2024, a year-on-year growth of approximately 30% [1] - The report forecasts revenues of 19.426 billion yuan and 25.347 billion yuan for 2024 and 2025, respectively, with net profits of 2.495 billion yuan and 3.200 billion yuan [1]

Investment Rating - The investment rating for SANY Renewable Energy (688349.SH) is "Accumulate" [4][17]. Core Views - The company achieved steady revenue growth in 2023, with operating income reaching 14.94 billion yuan, a year-on-year increase of 21.2%, and a net profit attributable to shareholders of 2.01 billion yuan, up 21.8% year-on-year. However, the gross profit margin faced temporary pressure, decreasing to 17.0%, down 6.5 percentage points year-on-year [1][7]. - The fourth quarter saw significant growth, driven by the transfer of power plants, which contributed approximately 900 million yuan in investment income. The fourth-quarter revenue was 7.45 billion yuan, a year-on-year increase of 24.58% and a quarter-on-quarter increase of 108.33% [1][12]. - The company is experiencing short-term pressure in the first quarter of 2024, with revenue of 1.73 billion yuan, a year-on-year increase of 10.5% but a quarter-on-quarter decrease of 76.8%. The net profit attributable to shareholders was 266 million yuan, down 44.92% year-on-year [1][12]. - New orders reached a record high of 14.1 GW in 2023, with total orders on hand at 15.9 GW by the end of the year. The wind turbine manufacturing revenue was 11.94 billion yuan, with a gross margin of 15.5% [1][12]. - The company is advancing its globalization strategy, achieving breakthroughs in overseas markets with overseas revenue of 310 million yuan and a gross margin of 22.1%, which is 5.3 percentage points higher than domestic margins [1][12]. Summary by Sections Financial Performance - In 2023, the company reported operating income of 14.94 billion yuan, a 21.2% increase year-on-year, and a net profit of 2.01 billion yuan, up 21.8% year-on-year. The gross profit margin was 17.0%, down 6.5 percentage points year-on-year [1][7]. - The fourth quarter of 2023 saw revenue of 7.45 billion yuan, a year-on-year increase of 24.58% and a quarter-on-quarter increase of 108.33%. The net profit for the quarter was 976 million yuan, a year-on-year increase of 61.44% [1][12]. - The first quarter of 2024 showed revenue of 1.73 billion yuan, a year-on-year increase of 10.5% but a quarter-on-quarter decrease of 76.8%. The net profit was 266 million yuan, down 44.92% year-on-year [1][12]. Orders and Market Position - The company achieved a record high in new orders with 14.1 GW in 2023, and total orders on hand reached 15.9 GW by the end of the year. Wind turbine manufacturing revenue was 11.94 billion yuan, with a gross margin of 15.5% [1][12]. - The company is expected to see a rebound in wind turbine gross margins due to ongoing cost reduction efforts [1][12]. Global Expansion - The company has made significant strides in its global strategy, with overseas revenue of 310 million yuan and a gross margin of 22.1%, which is higher than domestic margins [1][12]. - A dedicated overseas marketing team of over 200 members has been established to support international business development [1][12].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown steady growth in domestic onshore wind market share, with a significant increase in sales and profitability. The "Dual Sea" strategy is entering an accelerated phase [3][4] - The company reported a revenue of 14.939 billion yuan for 2023, a year-on-year increase of 21%, and a net profit of 2.007 billion yuan, up 22% year-on-year. The gross margin was 17.0%, down 6.5 percentage points [3] - The company is expected to ship 9-10 GW in 2024, representing a growth of over 25%. The sales volume of wind turbines in 2023 was 7.24 GW, a year-on-year increase of approximately 61%, with a domestic market share of 9.3% [3][4] Financial Performance Summary - Total revenue (in million yuan) for 2022A was 12,325, and is projected to be 14,939 for 2023A, 17,243 for 2024E, 19,541 for 2025E, and 21,185 for 2026E, with year-on-year growth rates of 20.89%, 21.21%, 15.42%, 13.33%, and 8.41% respectively [2] - The net profit attributable to the parent company (in million yuan) for 2022A was 1,648, projected to be 2,007 for 2023A, 2,425 for 2024E, 2,874 for 2025E, and 3,290 for 2026E, with year-on-year growth rates of 2.78%, 21.78%, 20.83%, 18.53%, and 14.50% respectively [2] - The latest diluted EPS (in yuan/share) is projected to be 1.66 for 2023A, 2.01 for 2024E, 2.38 for 2025E, and 2.73 for 2026E [2] Strategic Developments - The company has successfully expanded its overseas market, achieving revenue of 310 million yuan from exports to Central Asia and South Asia, a year-on-year increase of 150% [3] - The company has implemented a rolling development strategy for wind farms, with a significant increase in the scale of wind farm transfers, achieving an investment income of approximately 1.55 billion yuan from the transfer of wind farms in 2023 [4] - The company is expected to continue enhancing its profitability through the expansion of wind farm transfers, with a target of transferring over 1 GW in 2024 [4] Cost Management - The company has maintained good cost control, with a period expense ratio of 15.4% in 2023, a slight increase from the previous year. The inventory at the end of Q1 2024 was 4.23 billion yuan, a 37% increase from the previous quarter [4]

[Table_Title] 证券研究报告 风机市占率持续提高，两海业务稳步推进 公司研究 [Table_ReportDate] 2024年5月1日 [Table_ReportType] 公司点评报告 [T事ab件le：_S ummary] [三Ta一bl重e_能Sto c(k6A8n8d3R4an9k)] 公司于2024年4月29日发布2023年年度报告及2024年第一季度报告， 投资评级 增持 2023年公司实现营收149.39亿元，同比增长21.2%，实现归母净利润20.07 亿元，同比增长21.8%，实现扣非归母净利润16.23亿元，同比增长1.7%。 上次评级 增持 2023年公司毛利率为17.0%，同比-6.5pct，净利率为13.4%，同比+0pct。 2024年第一季度实现营收17.28亿元，同比增长10.5%，实现归母净利润 [武Ta浩b le电_新Au行th业o首r] 席分析师 2.66亿元，同比下降44.92%，实现扣非净利润2.37亿元，同比下降41.73%。 执业编号：S1500520090001 联系电话：010-83326711 点评： 邮 箱：wuhao@cindasc.com ...

[Table_Title] 证券研究报告 风机市占率持续提高，两海业务稳步推进 公司研究 [Table_ReportDate] 2024年5月1日 [Table_ReportType] 公司点评报告 [T事ab件le：_S ummary] [三Ta一bl重e_能Sto c(k6A8n8d3R4an9k)] 公司于2024年4月29日发布2023年年度报告及2024年第一季度报告， 投资评级 增持 2023年公司实现营收149.39亿元，同比增长21.2%，实现归母净利润20.07 亿元，同比增长21.8%，实现扣非归母净利润16.23亿元，同比增长1.7%。 上次评级 增持 2023年公司毛利率为17.0%，同比-6.5pct，净利率为13.4%，同比+0pct。 2024年第一季度实现营收17.28亿元，同比增长10.5%，实现归母净利润 [武Ta浩b le电_新Au行th业o首r] 席分析师 2.66亿元，同比下降44.92%，实现扣非净利润2.37亿元，同比下降41.73%。 执业编号：S1500520090001 联系电话：010-83326711 点评： 邮 箱：wuhao@cindasc.com ...