2023 Environmental, Social and Governance Report Contents | About This Report | 01 | | --- | --- | | Message from the | 03 | | Chairman | | | About SANY | 05 | | Renewable Energy | | | Awards | 07 | | Disclosure of ESG | 79 | | --- | --- | | Indicators | | | Index for GRI | 87 | | Indicators and UN | | | SDGs | | Sustainable Development Management | Sustainable Development | 13 | | --- | --- | | Strategies | | | Sustainable Development | 16 | | Governance Structure | | | Materiality Analysis | 17 | 01 Green ...

Summary of Conference Call Company Overview - The company discussed is SANY, a prominent player in the construction machinery industry, as indicated by the reference to its promotional video [1]. Key Points and Arguments - The presentation aimed to provide investors with insights into the company's development status and operational plans, highlighting a commitment to transparency and investor engagement [1]. Additional Important Content - The duration of the presentation was specified to be between 10 to 15 minutes, suggesting a concise yet informative approach to communicating with investors [1].

Company Overview and Key Points Company Involved - The document pertains to a company named "31众人" (31 Zhongren) Core Insights and Arguments - The company presented a promotional video to provide investors with an understanding of its operations and development plans [1] - A brief overview of the company's operational status for the year 2023 was mentioned, indicating a focus on sharing recent developments and future strategies [1] Other Important Content - The presentation was structured to last approximately 10 to 15 minutes, suggesting a concise yet informative approach to investor communication [1]

Investment Rating - The investment rating for the company is "Buy" with a target price of 35.76 CNY, maintaining the rating from previous assessments [7]. Core Insights - The company achieved a revenue of 14.939 billion CNY in 2023, marking a year-on-year increase of 21.21%, and a net profit attributable to shareholders of 2.007 billion CNY, up 21.78% year-on-year [1]. - The company has seen a significant increase in its market share, with a domestic market share exceeding 9%, up 0.2 percentage points year-on-year, and a record high in new orders of 14.1 GW in 2023 [2]. - The company's gross margin remains industry-leading at 17.03%, although the gross margin for wind turbine business decreased by 7.8 percentage points year-on-year due to a decline in product delivery prices [3]. - The company is advancing its "Dual Sea Strategy," with international revenue reaching 310 million CNY in 2023, indicating strong growth in overseas markets [4]. Financial Performance and Projections - The company forecasts revenues of 18.35 billion CNY, 22.85 billion CNY, and 27.8 billion CNY for 2024, 2025, and 2026 respectively, with growth rates of 22.8%, 24.5%, and 21.7% [5]. - The projected net profits for the same years are 2.395 billion CNY, 2.881 billion CNY, and 3.394 billion CNY, with growth rates of 19.4%, 20.3%, and 17.8% [5]. - The earnings per share (EPS) are expected to be 2.0 CNY, 2.4 CNY, and 2.8 CNY for 2024, 2025, and 2026, corresponding to price-to-earnings (P/E) ratios of 14, 12, and 10 [5]. Market Position and Strategy - The company has optimized its shipment structure, with revenue from wind turbines and components reaching 11.937 billion CNY in 2023, a year-on-year increase of 17.66% [3]. - The company has established a robust overseas marketing team of over 200 personnel to support its international business development [4]. - The company has developed a comprehensive range of offshore wind turbine products, positioning itself for future growth in the offshore wind market [4].

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]