Sany Renewable Energy (688349) 东吴证券·2024-06-18 09:01Investment Rating - The report maintains a "Buy" rating for SANY Renewable Energy (688349) [1] Core Views - The company leverages its manufacturing heritage to showcase its advantages in the supply chain, having established an integrated industry chain from wind turbine blade and generator manufacturing to power station construction and operation [2][11] - The company has shown robust revenue growth, achieving a revenue of 14.94 billion yuan in 2023, a year-on-year increase of 21%, and a net profit of 2.01 billion yuan, up 22% year-on-year [2][17] - The report anticipates continued expansion in the wind power sector, with projected net profits of 2.42 billion yuan in 2024, reflecting a 21% year-on-year increase [3][24] Summary by Sections 1. Manufacturing Heritage and Supply Chain Advantages - SANY Renewable Energy has a strong manufacturing background, having been established in 2008 and successfully listed on the STAR Market in 2022 [2][11] - The company capitalized on the wind power installation surge from 2019 to 2020, achieving a revenue of 9.31 billion yuan in 2020, a staggering increase of 529% year-on-year [2][17] - The company maintains a low debt-to-asset ratio and strong cash flow, positioning it well for future growth [2][24] 2. Cost Reduction and Efficiency Improvement - The domestic wind power installation reached 75.9 GW in 2023, a 101% increase year-on-year, with expectations for continued high demand in 2024 [2][26] - The report highlights the importance of cost control and innovation in maintaining competitiveness, especially in the context of increasing industry competition [2][3] 3. Wind Turbine Manufacturing and Market Position - In 2023, the company shipped 7.2 GW of wind turbines, a 61% increase, with a market share rising to 9% [3][20] - The company has focused on self-research and production of core components, enhancing supply chain stability and production efficiency [3][20] 4. Power Station Development - The company employs a "rolling development" strategy for its power station business, which has shown resilience in profitability [3][24] - In 2023, the revenue from power generation and wind power construction services was 4.7 billion yuan and 1.76 billion yuan, respectively [3][24] 5. Profit Forecast and Investment Recommendations - The report maintains profit forecasts for 2024-2026, expecting net profits of 2.42 billion yuan, 2.88 billion yuan, and 3.29 billion yuan, respectively [3][24] - The target price for the stock is set at 40 yuan, based on a projected P/E ratio of 20 for 2024, reflecting significant upside potential [3][24]