Sany Renewable Energy (SH:688349) Minsheng Securities·2024-09-01 12:01Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 23.61 yuan [3]. Core Views - The company achieved a revenue of 5.28 billion yuan in H1 2024, representing a year-on-year growth of 34.88%, while the net profit attributable to shareholders decreased by 46.92% to 434 million yuan [2]. - The company is expected to leverage its technological cost advantages and proactive overseas offshore business layout to further increase market share, with projected revenues of 18.1 billion, 23.71 billion, and 26.26 billion yuan for 2024, 2025, and 2026 respectively [2][3]. Financial Performance - In H1 2024, the company's revenue from wind turbines and accessories reached 49.17 billion yuan, a year-on-year increase of 68.07%, accounting for 93.97% of total revenue [2]. - The gross margin for H1 2024 was 16.01%, down 8.02 percentage points year-on-year, while the net margin was 8.21%, down 12.65 percentage points year-on-year [2]. - The company reported a significant increase in sales of large MW turbine models, with revenue from 5MW and above units reaching 42.09 billion yuan, a year-on-year growth of 173.85% [2]. Market Expansion - The company has made significant strides in overseas markets, completing its first project in India and securing multiple contracts in Southeast Asia and the Middle East, indicating a strong potential for growth in overseas orders [2]. - Plans are in place to accelerate overseas capacity construction, including expanding the factory in India and preparing for a factory in Kazakhstan to enhance supply capabilities [2].