Sany Renewable Energy (688349)2025-05-22 07:20Investment Rating - The report maintains a rating of "Accumulate" for SANY Renewable Energy [5]. Core Views - SANY Renewable Energy reported a total revenue of 17.792 billion yuan for 2024, representing a year-on-year growth of 19.10%. However, the net profit attributable to shareholders decreased by 9.70% to 1.812 billion yuan [2][3]. - In Q1 2025, the company achieved a revenue of 2.187 billion yuan, a year-on-year increase of 26.58%, but reported a net loss of 191 million yuan, indicating a shift from profit to loss [2][10]. - The growth in revenue for Q1 2025 was primarily driven by an increase in wind turbine deliveries, while the low profitability was attributed to the absence of wind farm sales and lower prices for large MW turbines [10][11]. Summary by Sections Financial Performance - For 2024, SANY Renewable Energy's total revenue was 17.792 billion yuan, with a gross margin of 16.90%, up from 13.62% in 2023. The gross margin for wind turbine and components was 10.99%, while the overseas wind turbine business achieved a gross margin of 21.71% [3][4]. - The company reported a decrease in net profit for 2024, with a total of 1.812 billion yuan, and a non-recurring net profit of 1.595 billion yuan, down 1.76% year-on-year [2][3]. Market Position - In 2024, SANY Renewable Energy ranked fifth in the domestic market with a market share of 10.5%, an increase of 1.18 percentage points year-on-year. The company added 9.15 GW of new installed capacity, reflecting a growth of 23.5% [3][9]. Future Outlook - The company expects to achieve revenues of 25.14 billion yuan in 2025, with net profits projected at 2.15 billion yuan, indicating a positive growth trajectory [11][12]. - SANY Renewable Energy has set a target for wind farm transfers of 1-1.2 GW in 2025, with ongoing projects contributing to future revenue [10][11].