Sany Renewable Energy (SH:688349) SINOLINK SECURITIES·2025-04-29 01:48Investment Rating - The report maintains a "Buy" rating for the company, with expected net profit growth for 2025-2027 being 22.0 billion, 26.9 billion, and 31.7 billion respectively, corresponding to PE ratios of 13, 11, and 9 [3][7]. Core Insights - In 2024, the company achieved revenue of 17.8 billion, a year-on-year increase of 19.1%, but the net profit attributable to shareholders decreased by 9.7% to 1.81 billion. The first quarter of 2025 saw revenue of 2.19 billion, up 26.6%, but a significant decline in net profit to -191 million, down 172% year-on-year [2][3]. - The manufacturing business is stabilizing, with significant breakthroughs in the "Two Seas" strategy expected to drive profit recovery. The wind turbine manufacturing segment generated revenue of 13.6 billion in 2024, with a gross margin of 10.99%, a slight decrease of 0.19 percentage points year-on-year. The company secured contracts for nearly 2GW of new projects in various international markets [2][3]. - The company transferred approximately 700MW of wind power projects in 2024, generating sales of 3.47 billion, a remarkable increase of 446%. However, the first quarter of 2025 saw a decrease in project transfers, impacting net profit [3]. - Inventory levels increased significantly, with a year-on-year growth of 66% to approximately 7 billion, while accounts receivable turnover improved, with a reduction of 34 days in turnover days [3]. Summary by Sections Performance Review - In 2024, the company reported total revenue of 17.8 billion, a 19.1% increase year-on-year, and a net profit of 1.81 billion, down 9.7% [2]. - The first quarter of 2025 showed revenue of 2.19 billion, a 26.6% increase, but a net loss of 191 million, a 172% decline year-on-year [3]. Operational Analysis - The wind turbine manufacturing segment generated 13.6 billion in revenue in 2024, with a gross margin of 10.99%, down 0.19 percentage points [2]. - The "Two Seas" strategy has led to significant breakthroughs in international markets, with new contracts signed for nearly 2GW of projects [2]. Financial Forecast and Valuation - The forecast for net profit from 2025 to 2027 is 22.0 billion, 26.9 billion, and 31.7 billion, with corresponding PE ratios of 13, 11, and 9 [3][7].