Sany Renewable Energy (SH:688349) EBSCN·2025-09-02 08:17Investment Rating - The report maintains a "Buy" rating for the company, indicating a projected investment return exceeding the market benchmark by more than 15% over the next 6-12 months [3][5]. Core Insights - The company reported a revenue of 8.594 billion yuan for the first half of 2025, a year-on-year increase of 62.75%, while the net profit attributable to shareholders decreased by 51.54% to 210 million yuan [1]. - The company achieved a record high wind turbine sales capacity of 4.72 GW in the first half of 2025, benefiting from a 98.88% year-on-year increase in new wind power capacity in China [1][2]. - The company has a robust order backlog of over 28 GW as of June 2025, supporting future performance growth [2]. - The company is actively expanding its overseas market presence, with overseas orders increasing by 1 GW in the first half of 2025, and overseas revenue reaching 233 million yuan [2]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved a revenue of 85.94 billion yuan, a 62.75% increase year-on-year, while the net profit attributable to shareholders was 2.10 billion yuan, down 51.54% [1]. - The second quarter of 2025 saw a revenue of 64.07 billion yuan, marking an 80.35% year-on-year increase and a 192.93% quarter-on-quarter increase [1]. Market Position and Orders - The company has a strong order backlog, with over 28 GW of orders as of June 2025, which is a historical high [2]. - The company has successfully secured offshore wind turbine orders, including projects in Guangdong and Hebei, indicating potential for increased market share in the offshore wind sector [2]. Strategic Initiatives - The company is implementing a "rolling development" strategy for wind farm construction, which has led to the successful grid connection of 460 MW of self-built wind farms in the first half of 2025 [2]. - The company is continuously expanding its overseas market, with a significant increase in overseas orders and revenue, reflecting its growing brand influence [2]. Profitability and Valuation - The report projects a decline in net profit for 2025 to 1.502 billion yuan, with an expected EPS of 1.23 yuan, while maintaining a positive outlook for future profitability improvements [3][4]. - The company's P/E ratios for 2025-2027 are projected at 24, 14, and 12 times, respectively, indicating a favorable valuation in the context of industry growth [3][4].