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 ...

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, also up 22% year-on-year [3] - The company is expected to ship 9-10 GW in 2024, representing a growth of over 25% [3] Financial Performance - Total revenue (in million yuan) is projected to grow from 14,939 in 2023 to 21,185 in 2026, with year-on-year growth rates of 21.21%, 15.42%, 13.33%, and 8.41% respectively [2][8] - The net profit attributable to shareholders is expected to increase from 2,007 million yuan in 2023 to 3,290 million yuan in 2026, with growth rates of 21.78%, 20.83%, 18.53%, and 14.50% respectively [2][8] - The latest diluted EPS is projected to rise from 1.66 yuan in 2023 to 2.73 yuan in 2026 [2][8] Market Position and Strategy - The company achieved a wind turbine sales volume of 7.24 GW in 2023, a year-on-year increase of approximately 61%, with a domestic market share of 9.3% [3] - The company has successfully expanded its overseas market, generating 3.1 billion yuan in revenue from Central and South Asia, a 150% increase year-on-year [3] - The company plans to continue its rolling development strategy, with expectations to transfer over 1 GW of wind farms in 2024, enhancing profitability [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 [4] - Inventory levels have increased, with 4.23 billion yuan in inventory reported in Q1 2024, a 37% increase from the previous quarter [4] Valuation - The company is expected to maintain strong profitability with projected net profits of 2.43 billion yuan in 2024, 2.87 billion yuan in 2025, and 3.29 billion yuan in 2026, corresponding to P/E ratios of 14x, 12x, and 11x respectively [3][4]

Investment Rating - The report maintains a "Recommended" rating for the company [3][4]. Core Views - The company achieved steady growth in performance, with 2023 revenue reaching 14.939 billion yuan, a year-on-year increase of 21.21%, and a net profit attributable to shareholders of 2.007 billion yuan, up 21.78% year-on-year [2][3]. - The company has made significant breakthroughs in its global strategy, with overseas revenue growing to 310 million yuan and an overseas sales gross margin of 22.07%, which is 5.25 percentage points higher than domestic [3]. - The company is expected to benefit from the favorable demand in the wind power industry, leveraging its technological cost advantages and proactive layout in offshore business, with projected revenues of 19.618 billion yuan, 24.305 billion yuan, and 26.885 billion yuan for 2024, 2025, and 2026 respectively [3][4]. Financial Performance Summary - In 2023, the company reported a gross margin of 17.03% and a net margin of 13.43%, with a slight decrease in gross margin compared to the previous year [2]. - The company’s main business performed well, with wind turbines and components generating revenue of 11.937 billion yuan, a year-on-year increase of 17.66% [2]. - The company’s earnings per share (EPS) for 2023 was 1.66 yuan, with projections of 2.01 yuan, 2.44 yuan, and 2.81 yuan for 2024, 2025, and 2026 respectively [4][9]. Revenue and Profit Forecast - The company is projected to achieve a revenue growth rate of 31.3% in 2024, followed by 23.9% in 2025 and 10.6% in 2026 [4][8]. - The net profit attributable to shareholders is expected to grow by 21.0% in 2024, 21.1% in 2025, and 15.0% in 2026 [4][8]. Market Position and Strategy - The company has established a marketing team of over 200 people to cover major global wind power markets, indicating a strong commitment to international expansion [3]. - The company has focused on product innovation, with significant advancements in both onshore and offshore wind turbine technologies, including the development of a 10MW offshore wind turbine and a 15MW onshore wind turbine [2][3].

三一重能 买入 维持评级 公司点评 新 能源与电力设备组 海外业务增长明 显 业绩简评 2024 年 4 月 29 日，公司发布年报及一季报，2023 年实现营收 149.39 亿元，同比增长 21.2%；归母净利润 20.07 亿元，同比增 长 21.78%。1Q24 实现营收17.28 亿元，同比增长 10.5%；归母净 利润2.66亿元，同比下降44.9%，毛利率19.7%，同比下降9.33pct， 环比修复5.40pct。 经营分析 新增订单再创新高，海风布局完善静待放量：公司2023年风电机 组实现收入119.37 亿元，同比增长17.66%，毛利率为 15.5%，同 比下降7.80pct，主要由于下游竞争加剧，招标价格下降所致。截 至 2023 年末，公司在手订单为 15.89GW，2023 年新增订单为 人民币(元) 成交金额(百万元) 14.1GW，创历史新高。2023 年 10 月公司发布13MW/16MW 海上风机 37.00 300 产品，实现 8.5MW-16MW 全系列海上风机储备。随着十四五末期各 35.00 250 33.00 省市海风项目推进加速，公司海风产品有望形成新增量。 ...

Financial Performance - The company's operating revenue for Q1 2024 was RMB 1,727,911,000, representing a year-on-year increase of 10.50%[4] - The net profit attributable to shareholders decreased by 44.92% to RMB 265,775,000 due to intensified industry competition and a decline in product gross margin[4][8] - The net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 236,880,000, down 41.73% compared to the same period last year[4][8] - The basic earnings per share for Q1 2024 was RMB 0.2220, reflecting a decrease of 45.28%[4][8] - The diluted earnings per share was RMB 0.2186, down 45.43% compared to the same period last year[4][8] - The total comprehensive income for Q1 2024 was CNY 266,477 thousand, significantly lower than CNY 482,249 thousand in Q1 2023[20] Assets and Liabilities - The total assets at the end of the reporting period increased by 2.73% to RMB 34,288,187,000 compared to the end of the previous year[5] - As of March 31, 2024, the company's total assets amounted to RMB 34,288,187 thousand, an increase from RMB 33,375,651 thousand as of December 31, 2023, reflecting a growth of approximately 2.74%[14] - The company's total liabilities increased to CNY 21,474,157 thousand as of March 31, 2024, compared to CNY 20,582,242 thousand at the end of 2023[16] - The company's total current liabilities decreased to RMB 15,000,000 thousand from RMB 15,500,000 thousand, showing a reduction of about 3.23%[15] - The company's total equity increased to RMB 19,288,187 thousand from RMB 18,375,651 thousand, reflecting a growth of about 4.97%[15] - The total equity attributable to shareholders reached CNY 12,814,028 thousand, slightly up from CNY 12,793,407 thousand at the end of 2023[16] Cash Flow - The net cash flow from operating activities was negative at RMB -1,461,727,000, primarily due to the impact of bill payments during the period[4][8] - In Q1 2024, the net cash flow from operating activities was -1,461,727, compared to -381,474 in Q1 2023, indicating a significant decline[22] - Cash flow from operating activities for Q1 2024 was CNY 2,406,936 thousand, compared to CNY 2,272,084 thousand in Q1 2023, reflecting a growth of 5.9%[21] - The total cash outflow for operating activities was 3,980,324, compared to 2,793,592 in Q1 2023, indicating increased operational costs[22] - The company received tax refunds of 16,227, up from 9,769 in Q1 2023, reflecting improved cash management[22] Research and Development - The company's R&D investment totaled RMB 187,300,000, accounting for 10.84% of operating revenue, a decrease of 1.29 percentage points year-on-year[4][8] - Research and development expenses for Q1 2024 were CNY 187,300 thousand, a slight decrease from CNY 189,697 thousand in Q1 2023[18] Inventory and Receivables - Inventory increased significantly to RMB 4,227,115 thousand, up from RMB 3,086,801 thousand, indicating a rise of approximately 37.02%[14] - The accounts receivable decreased to RMB 3,522,010 thousand from RMB 3,833,410 thousand, a decline of approximately 8.12%[14] - The company's contract liabilities increased to RMB 3,343,947 thousand from RMB 2,705,474 thousand, reflecting a growth of about 23.58%[15] Shareholder Actions - The company repurchased 10,549,970 shares, accounting for 0.88% of the total share capital[11]

Financial Performance - The company's operating revenue for 2023 reached CNY 14,938,880 thousand, representing a 21.21% increase compared to 2022[17]. - Net profit attributable to shareholders for 2023 was CNY 2,006,537 thousand, up 21.78% from the previous year[17]. - The net cash flow from operating activities for 2023 was CNY 1,089,104 thousand, an increase of 43.54% year-on-year[17]. - The total assets at the end of 2023 amounted to CNY 33,375,651 thousand, reflecting a 26.35% increase from the end of 2022[17]. - Basic earnings per share for 2023 were CNY 1.6806, a 10.72% increase compared to 2022[18]. - The company's revenue for 2023 was 14.83 billion yuan, with a gross margin of 17.03%, maintaining a leading profitability level in the industry[33]. - The gross profit margin for the main business decreased by 6.54 percentage points to 16.93% compared to the same period last year[90]. - The operating costs increased by 31.56% to RMB 12,395.17 million, primarily due to the rise in operating revenue[87]. - The company reported an investment income of RMB 1,797.57 million, which is a 91.99% increase compared to the previous year[87]. Dividend and Shareholder Information - The company plans to distribute a cash dividend of 5.90 RMB per 10 shares, totaling approximately 711.26 million RMB, which represents 35.45% of the net profit attributable to shareholders for the year 2023[5]. - The total number of shares for the cash dividend calculation as of December 31, 2023, is 1,205,521,015 shares[189]. - For the fiscal year 2022, the company distributed a cash dividend of 4.30 RMB per 10 shares, totaling 511,478,212.45 RMB, which represents 31.04% of the net profit attributable to shareholders[187]. - The company has established a cash dividend policy in its articles of association, ensuring the protection of minority shareholders' rights[187]. Research and Development - The company’s R&D expenditure as a percentage of operating revenue was 5.83% in 2023, down 0.40 percentage points from the previous year[18]. - The company’s R&D investment amounted to CNY 872 million, accounting for 5.83% of operating revenue[25]. - R&D investment totaled 768,313 thousand yuan, representing a 13.45% increase compared to the previous year, with R&D investment accounting for 6.23% of operating revenue, a decrease of 0.40 percentage points[60]. - The company applied for 208 new patents during the reporting period, with a total of 1,639 patents applied for and 1,011 patents granted cumulatively[59]. - The company has increased its R&D personnel to 853, up from 755 in the previous period, with R&D personnel accounting for 14.91% of the total workforce[68]. Market and Industry Trends - The cumulative installed capacity of wind power in China reached 441.34 million kW, maintaining the global leading position for 14 consecutive years[24]. - The wind power industry in China is expected to see an increase in new installations to 90 GW in 2024, driven by national policies and market demand[38]. - The wind power industry in China has entered a price parity era, with overall demand gradually improving and bidding volumes continuing to grow[42]. - The global wind power installed capacity reached 118GW in 2023, with the company ranking seventh globally, marking its best historical performance[45]. - The average capacity of onshore wind turbines reached 5.3MW, while offshore wind turbines exceeded 9.6MW, indicating a trend towards larger and smarter wind turbines[47]. Corporate Governance and Compliance - The company has received a standard unqualified audit report from Ernst & Young Huaming[4]. - The company emphasizes the importance of the accuracy and completeness of the annual report, with all board members confirming its integrity[4]. - The company has not reported any non-operating fund occupation by controlling shareholders or related parties[7]. - The company has not experienced any violations of decision-making procedures regarding external guarantees[7]. - There are no special arrangements for corporate governance applicable to the company[7]. Operational Efficiency and Cost Management - The company achieved over 10% reduction in procurement costs through comprehensive cost-cutting measures in 2023[33]. - The company has significantly reduced production costs through product collaborative design and enhanced supply chain management, improving core competitiveness[73]. - The company has improved the efficiency of micro-siting by over 200% through drone-assisted design and three-dimensional terrain mapping technology[50]. - The company is focusing on reducing costs and improving efficiency in offshore installation operations through the analysis of operational models and cost structures[65]. Strategic Initiatives and Future Plans - The company aims to enhance its global presence and establish itself as a leader in clean energy equipment and services, contributing to carbon neutrality goals[129]. - The company plans to increase R&D investment to maintain product competitiveness and lead in the development of large megawatt wind turbines[130]. - The company is implementing a digital service model that integrates online monitoring, dynamic early warning, remote diagnosis, and intelligent operation and maintenance[130]. - The company is focused on innovative wind farm construction strategies to ensure rapid, efficient, and low-cost establishment of wind power plants, aiming for a breakthrough in wind resource development[138]. - The company plans to enhance its global presence by establishing international teams and increasing the proportion of local employees, targeting major international clients to create benchmark wind farms[139]. Employee and Management Information - The total number of shares held by key personnel increased from 123,264,900 to 135,941,700, reflecting a net increase of 12,676,800 shares[156]. - The total pre-tax remuneration for chairman Zhou Fugui was 644,000 yuan for the reporting period[154]. - The total pre-tax compensation received from the company by key personnel amounted to 41.14 million CNY[156]. - The company has implemented a strategic allocation of shares to senior management and core employees, enhancing alignment with shareholder interests[161]. - The company has a robust governance structure, with a clear outline of the roles and responsibilities of its board members and management team[162].

证券代码：688349 证券简称：三一重能 公告编号：2024-037 三一重能股份有限公司 2024 年第二次临时股东大会决议公告 本公司董事会及全体董事保证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、准确性和完整性依法承担法律责任。 重要内容提示： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 86 | | --- | --- | | 普通股股东人数 | 86 | | 2、出席会议的股东所持有的表决权数量 | 603,051,030 | | 普通股股东所持有表决权数量 | 603,051,030 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 51.8215 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 51.8215 | （四） 表决方式是否符合《公司法》及公司章程的规定，大会主持情况等。 本次会议由公司董事会召集，董事长周福贵先生主持，会议采用现场投票和 网络投票相结合的方式进行表决。本次会议的召集、召开程序及表决程序符合《公 司法》及《公司章程》等相关规定。 ...