Sany Renewable Energy (SH:688349)2024-05-06 03:30Investment Rating - The report maintains a "Recommended" rating for SANY Renewable Energy (688349.SH) [1][2] Core Views - The company achieved a revenue of 14.939 billion yuan in 2023, a year-on-year increase of 21.21%, with a net profit attributable to shareholders of 2.007 billion yuan, up 21.78% year-on-year [1] - The company’s market share continues to improve, with a significant increase in new installations and a strong order backlog supporting future growth [1] - The company is focusing on product innovation and expanding its international market presence, particularly in Central and South Asia [1] Summary by Sections Financial Performance - In 2023, the company reported a revenue of 14.939 billion yuan, a 21.21% increase year-on-year, and a net profit of 2.007 billion yuan, reflecting a 21.78% increase [1] - The operating cash flow for 2023 was 1.089 billion yuan, up 43.54% year-on-year [1] - For Q1 2024, the company achieved a revenue of 1.728 billion yuan, a 10.5% year-on-year increase, but a 76.8% decrease quarter-on-quarter [1] Market Position - The company’s wind turbine and components revenue reached 11.937 billion yuan in 2023, a 17.66% increase, with a market share increase in domestic installations [1] - The company ranked 7th globally in new installations with 7.9 GW added in 2023, a 75.56% increase year-on-year [1] Business Strategy - The company is implementing a "dual-sea" strategy, focusing on both onshore and offshore wind power innovations [1] - The company has successfully transferred wind power projects totaling 609.9 MW, enhancing profitability [1] Future Outlook - The company expects to ship 9-10 GW of wind turbines in 2024, a year-on-year growth of approximately 30% [1] - The report forecasts revenues of 19.426 billion yuan and 25.347 billion yuan for 2024 and 2025, respectively, with net profits of 2.495 billion yuan and 3.200 billion yuan [1]