Sany Renewable Energy (SH:688349) Xinda Securities·2024-02-26 16:00Investment Rating - The investment rating for SANY Renewable Energy is "Buy" [1] Core Views - The company reported strong performance in 2023, achieving revenue of 14.95 billion yuan, a year-on-year increase of 21.3%, and a net profit attributable to shareholders of 2.00 billion yuan, up 21.6% year-on-year [1] - The company has a stable and sustainable investment income, with expected profits from the transfer of two renewable energy projects contributing significantly to Q4 net profit [1] - Wind turbine sales have seen rapid growth, with the company ranking fourth among domestic manufacturers with a total bid of approximately 13.5 GW in 2023 [1] - The launch of new offshore wind power products is expected to lead to sales breakthroughs, with the company actively participating in offshore project tenders [1] Financial Performance Summary - In 2023, the company achieved total revenue of 14.965 billion yuan, with a growth rate of 21.4% year-on-year [2] - The net profit attributable to shareholders for 2023 is projected to be 2.003 billion yuan, reflecting a year-on-year growth of 21.6% [2] - The gross profit margin for 2023 is estimated at 19.7%, with a return on equity (ROE) of 16.3% [2] - Earnings per share (EPS) for 2023 is expected to be 1.66 yuan, with a price-to-earnings (P/E) ratio of 15.91 [2] Future Projections - The company is projected to achieve net profits of 2.418 billion yuan in 2024 and 2.874 billion yuan in 2025, with growth rates of 20.7% and 18.8% respectively [1][2] - The market capitalization corresponds to a P/E ratio of 13.2 and 11.1 for 2024 and 2025 [1]