Sany Renewable Energy (SH:688349) Guoxin Securities·2024-11-12 00:07Investment Rating - The investment rating for the company is "Outperform the Market" [3][10][15] Core Views - The company achieved a revenue of 3.79 billion yuan in Q3 2024, representing a year-on-year increase of 6% and a quarter-on-quarter increase of 7%. The net profit attributable to shareholders was 250 million yuan, up 18% year-on-year and 50% quarter-on-quarter. The non-recurring net profit was 220 million yuan, showing a significant year-on-year increase of 229% [1][4][10] - The company sold 5.7 GW of wind turbines in the first three quarters of 2024, with Q3 sales of approximately 2.4 GW. The fourth quarter is expected to see sales of about 3.8 GW, leading to an annual sales target of over 9 GW [1][8] - The company is expanding its overseas market presence, with significant contracts signed in India and Singapore, which are expected to enhance profitability as high-margin overseas projects are delivered [1][8] Summary by Sections Financial Performance - In Q3 2024, the company reported a revenue of 3.79 billion yuan, a year-on-year increase of 6%, and a net profit of 250 million yuan, up 18% year-on-year. The gross margin was 14.9%, an increase of 3.2 percentage points year-on-year [1][4] - For the first three quarters of 2024, the company achieved a revenue of 9.07 billion yuan, a year-on-year increase of 21%, but the net profit decreased by 34% to 680 million yuan [4][11] Sales and Orders - The company has a robust order backlog, with new bids exceeding 12 GW in the first three quarters of 2024. The sales volume of wind turbines is expected to continue growing due to the traditional peak installation season in Q3 and Q4 [1][7][8] Overseas Expansion - The company has made significant strides in overseas markets, including contracts for 1,324 MW of wind turbines in India and 300 MW in Singapore. This expansion is expected to contribute to revenue growth and improve profitability [1][8][10] Profit Forecast - The profit forecast for 2024-2026 has been adjusted to 1.66 billion yuan, 2.56 billion yuan, and 2.97 billion yuan respectively, reflecting a year-on-year decrease of 17.3% in 2024, followed by increases in subsequent years [10][11]