研报掘金丨长江证券：维持三一重能“买入”评级，合同负债高位有望释放交付景气

Core Viewpoint - Sany Heavy Energy's net profit attributable to shareholders for the first three quarters is approximately 120 million, a year-on-year decline of 82%, with Q3 showing a net profit of approximately -90 million, also a year-on-year decrease [1] Financial Performance - The company experienced operational pressure in Q3, but high contract liabilities are expected to release delivery momentum [1] - The wind turbine bidding prices have stabilized, and the company is anticipated to benefit from price-increased orders, marking a potential recovery point for wind turbine profitability [1] Market Expansion - Sany Heavy Energy is accelerating its expansion into overseas markets, with a continuous increase in orders on hand, which is expected to open up future growth opportunities [1] Future Projections - The projected net profits attributable to shareholders for 2025 and 2026 are approximately 1.5 billion and 2.56 billion, respectively, corresponding to price-to-earnings ratios of approximately 21 times and 12 times [1] Investment Rating - The company maintains a "Buy" rating based on the analysis [1]