Sany Renewable Energy (SH:688349) Soochow Securities·2024-05-01 13:06Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown steady growth in domestic onshore wind market share, with a significant increase in sales and profitability. The "Dual Sea" strategy is entering an accelerated phase [3][4] - The company reported a revenue of 14.939 billion yuan for 2023, a year-on-year increase of 21%, and a net profit of 2.007 billion yuan, also up 22% year-on-year [3] - The company is expected to ship 9-10 GW in 2024, representing a growth of over 25% [3] Financial Performance - Total revenue (in million yuan) is projected to grow from 14,939 in 2023 to 21,185 in 2026, with year-on-year growth rates of 21.21%, 15.42%, 13.33%, and 8.41% respectively [2][8] - The net profit attributable to shareholders is expected to increase from 2,007 million yuan in 2023 to 3,290 million yuan in 2026, with growth rates of 21.78%, 20.83%, 18.53%, and 14.50% respectively [2][8] - The latest diluted EPS is projected to rise from 1.66 yuan in 2023 to 2.73 yuan in 2026 [2][8] Market Position and Strategy - The company achieved a wind turbine sales volume of 7.24 GW in 2023, a year-on-year increase of approximately 61%, with a domestic market share of 9.3% [3] - The company has successfully expanded its overseas market, generating 3.1 billion yuan in revenue from Central and South Asia, a 150% increase year-on-year [3] - The company plans to continue its rolling development strategy, with expectations to transfer over 1 GW of wind farms in 2024, enhancing profitability [4] Cost Management - The company has maintained good cost control, with a period expense ratio of 15.4% in 2023, a slight increase from the previous year [4] - Inventory levels have increased, with 4.23 billion yuan in inventory reported in Q1 2024, a 37% increase from the previous quarter [4] Valuation - The company is expected to maintain strong profitability with projected net profits of 2.43 billion yuan in 2024, 2.87 billion yuan in 2025, and 3.29 billion yuan in 2026, corresponding to P/E ratios of 14x, 12x, and 11x respectively [3][4]