Sany Renewable Energy (688349) 长江证券·2024-07-19 04:31Investment Rating - The report assigns a "Buy" rating for SANY Renewable Energy (688349.SH) for the first time [4]. Core Views - SANY Renewable Energy is a leading player in the wind turbine industry, continuously expanding its business layout. The company has a concentrated shareholding structure, with the controlling shareholder being Mr. Liang Wengen. The main business includes wind turbine products, operation and maintenance, wind power construction services, and wind farm operation management, with wind turbine revenue consistently accounting for over 80% of total revenue. The company is actively developing wind farms to mitigate the impact of declining bidding prices in the wind turbine industry, aiming for stable growth in net profit attributable to shareholders [4][5][6]. Summary by Sections Wind Turbine Industry Leader - SANY Renewable Energy has been deeply engaged in the wind turbine sector for many years, extending its business into wind power construction services and wind farm management. The company has become one of the top ten global wind turbine manufacturers and one of the top five in China. The company has successfully launched various wind turbine models and has a strong order backlog, with significant contracts from both domestic and international markets [13][15][16]. Short-term Outlook - The wind power industry is expected to continue its growth in 2024, with SANY Renewable Energy likely to benefit from increased delivery volumes and profitability. The company has secured approximately 14.1 GW of new orders in 2023, marking a historical high. The anticipated growth in wind power installations is supported by a backlog of 125 GW from previous years, which will provide a strong foundation for 2024 [5][20][24]. Medium to Long-term Growth - The company is focusing on dual offshore and onshore wind power strategies, which are expected to enhance its growth potential. SANY Renewable Energy is actively developing offshore wind projects and expanding its overseas market presence. The company has also been increasing its investment in wind farm development, which is expected to contribute significantly to profit growth in the coming years [6][32][34]. Investment Recommendations - Given the company's strong market position, cost control, and ongoing expansion into offshore wind and international markets, SANY Renewable Energy is well-positioned for rapid growth in both output and performance. The report forecasts a net profit of approximately 2.22 billion yuan for 2024, corresponding to a PE ratio of about 14 times [7][19].