Sany Renewable Energy (SH:688349) Soochow Securities·2024-05-02 01:30Investment 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, up 22% year-on-year. The gross margin was 17.0%, down 6.5 percentage points [3] - The company is expected to ship 9-10 GW in 2024, representing a growth of over 25%. The sales volume of wind turbines in 2023 was 7.24 GW, a year-on-year increase of approximately 61%, with a domestic market share of 9.3% [3][4] Financial Performance Summary - Total revenue (in million yuan) for 2022A was 12,325, and is projected to be 14,939 for 2023A, 17,243 for 2024E, 19,541 for 2025E, and 21,185 for 2026E, with year-on-year growth rates of 20.89%, 21.21%, 15.42%, 13.33%, and 8.41% respectively [2] - The net profit attributable to the parent company (in million yuan) for 2022A was 1,648, projected to be 2,007 for 2023A, 2,425 for 2024E, 2,874 for 2025E, and 3,290 for 2026E, with year-on-year growth rates of 2.78%, 21.78%, 20.83%, 18.53%, and 14.50% respectively [2] - The latest diluted EPS (in yuan/share) is projected to be 1.66 for 2023A, 2.01 for 2024E, 2.38 for 2025E, and 2.73 for 2026E [2] Strategic Developments - The company has successfully expanded its overseas market, achieving revenue of 310 million yuan from exports to Central Asia and South Asia, a year-on-year increase of 150% [3] - The company has implemented a rolling development strategy for wind farms, with a significant increase in the scale of wind farm transfers, achieving an investment income of approximately 1.55 billion yuan from the transfer of wind farms in 2023 [4] - The company is expected to continue enhancing its profitability through the expansion of wind farm transfers, with a target of transferring over 1 GW in 2024 [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. The inventory at the end of Q1 2024 was 4.23 billion yuan, a 37% increase from the previous quarter [4]