Sany Renewable Energy (SH:688349) Guoxin Securities·2025-09-09 08:13Investment Rating - The investment rating for the company is "Outperform the Market" [5][22][27] Core Views - The company has experienced steady growth in wind turbine sales and has made significant breakthroughs in overseas orders, with a total of over 2GW of new overseas orders as of the mid-year report [3][19] - The company has adjusted its profit forecasts for 2025-2026 down to 2.13 billion and 2.68 billion yuan respectively, while introducing a new profit forecast for 2027 at 3.5 billion yuan, reflecting a year-on-year growth of 17.6% [22][23] Financial Performance - In the first half of 2025, the company achieved an operating income of 8.59 billion yuan, a year-on-year increase of 63%, while the net profit attributable to shareholders was 210 million yuan, a decrease of 52% [8][19] - The comprehensive gross margin was 10.6%, down 5.4 percentage points year-on-year, while the net profit margin was 10.3%, up 2.1 percentage points year-on-year [8][19] Revenue Breakdown - The revenue from wind turbine sales, power station products, power generation business, and wind power services in the first half of 2025 was 6.41 billion, 1.83 billion, 0.83 billion, and 0.18 billion yuan respectively, with year-on-year growth rates of 30%, not comparable, -36%, and 26% [2][19] - The company sold 4.72GW of wind turbines in the first half of 2025, a year-on-year increase of 44%, with an average selling price of 1358 yuan/KW, down 132 yuan/KW year-on-year [2][19] Order Status - As of the end of the second quarter, the company had over 28GW of orders on hand, with new overseas orders of 1GW and new domestic offshore wind orders of 450MW in the first half of 2025 [2][19] Market Expansion - The company has been actively expanding its overseas market presence, with significant orders received in the Asia-Pacific, Latin America, and Europe regions, enhancing its brand influence internationally [3][19]