Sany Renewable Energy (SH:688349) Changjiang Securities·2024-11-18 02:36Investment Rating - The report maintains a "Buy" rating for SANY Renewable Energy [7][8]. Core Views - In the first three quarters of 2024, SANY Renewable Energy achieved revenue of 9.1 billion yuan, representing a year-on-year increase of 21%. However, the net profit attributable to the parent company was 700 million yuan, a year-on-year decrease of 34% [5][6]. - For Q3 2024, the company reported revenue of 3.8 billion yuan, a year-on-year increase of 6%, and a net profit of 300 million yuan, a year-on-year increase of 18%. The growth in revenue is attributed to expected sales from power station transfers and an increase in wind turbine shipments [5][6]. - The gross margin for Q3 2024 was approximately 15%, remaining stable year-on-year and increasing by about 0.6 percentage points quarter-on-quarter. The company anticipates improvements in wind turbine gross margins as bidding prices stabilize [6][7]. - As of the end of Q3 2024, the inventory balance was approximately 6.3 billion yuan, showing significant growth year-on-year and quarter-on-quarter, indicating a solid delivery outlook. The contract liabilities balance was about 5.1 billion yuan, reflecting a robust order backlog [6][7]. - Looking ahead, the company expects wind prices to stabilize gradually, coupled with increased wind power installations in 2025, which may enhance both shipment and profitability. The company is also actively expanding into overseas markets, with contracts for GW-level wind turbine sales expected to contribute to future growth [7]. Financial Summary - For 2024, the expected net profit attributable to the parent company is approximately 2.2 billion yuan, and for 2025, it is projected to be around 2.8 billion yuan, corresponding to price-to-earnings ratios of about 16 and 12 times, respectively [7][17].