Sany Renewable Energy (SH:688349) Minsheng Securities·2024-04-30 15:30Investment Rating - The report maintains a "Recommended" rating for the company [3][4]. Core Views - The company achieved steady growth in performance, with 2023 revenue reaching 14.939 billion yuan, a year-on-year increase of 21.21%, and a net profit attributable to shareholders of 2.007 billion yuan, up 21.78% year-on-year [2][3]. - The company has made significant breakthroughs in its global strategy, with overseas revenue growing to 310 million yuan and an overseas sales gross margin of 22.07%, which is 5.25 percentage points higher than domestic [3]. - The company is expected to benefit from the favorable demand in the wind power industry, leveraging its technological cost advantages and proactive layout in offshore business, with projected revenues of 19.618 billion yuan, 24.305 billion yuan, and 26.885 billion yuan for 2024, 2025, and 2026 respectively [3][4]. Financial Performance Summary - In 2023, the company reported a gross margin of 17.03% and a net margin of 13.43%, with a slight decrease in gross margin compared to the previous year [2]. - The company’s main business performed well, with wind turbines and components generating revenue of 11.937 billion yuan, a year-on-year increase of 17.66% [2]. - The company’s earnings per share (EPS) for 2023 was 1.66 yuan, with projections of 2.01 yuan, 2.44 yuan, and 2.81 yuan for 2024, 2025, and 2026 respectively [4][9]. Revenue and Profit Forecast - The company is projected to achieve a revenue growth rate of 31.3% in 2024, followed by 23.9% in 2025 and 10.6% in 2026 [4][8]. - The net profit attributable to shareholders is expected to grow by 21.0% in 2024, 21.1% in 2025, and 15.0% in 2026 [4][8]. Market Position and Strategy - The company has established a marketing team of over 200 people to cover major global wind power markets, indicating a strong commitment to international expansion [3]. - The company has focused on product innovation, with significant advancements in both onshore and offshore wind turbine technologies, including the development of a 10MW offshore wind turbine and a 15MW onshore wind turbine [2][3].