Investment Rating - The report maintains a rating of "Accumulate" for SANY Renewable Energy (688349.SH) [3] Core Views - The company reported strong performance in H1 2025, achieving revenue of 8.594 billion yuan, a year-on-year increase of 62.75%, and a net profit attributable to shareholders of 210 million yuan, a decrease of 51.54% [1][3] - In Q2 2025, the company achieved revenue of 6.407 billion yuan, a year-on-year increase of 80.35%, and a net profit of 401 million yuan, a year-on-year increase of 139.20%, aligning with expectations [1][3] - The sales revenue from wind turbines in H1 2025 reached 6.407 billion yuan, a year-on-year increase of 30.32%, with a sales capacity of 4.72 GW, representing a growth of approximately 44% year-on-year [1][2] Summary by Sections Financial Performance - In H1 2025, the company achieved a revenue of 85.94 billion yuan, with a net profit of 2.10 billion yuan, reflecting a significant increase in revenue but a decline in net profit [1][3] - The wind turbine sales gross margin for H1 2025 was 4.65%, down by 10.48 percentage points year-on-year, primarily due to the impact of declining order prices in 2024 [1][2] Order and Sales Insights - The company secured 1 GW of new overseas orders in H1 2025, with total overseas orders exceeding 2 GW by August 28, 2025, and the total value of overseas orders surpassing 10 billion yuan [2] - The company has a robust order backlog of over 28 GW, including significant offshore wind projects [2] Profitability Forecast - The report projects net profits for 2025-2027 to be 2.137 billion yuan, 2.700 billion yuan, and 3.186 billion yuan, representing year-on-year growth rates of 18.0%, 26.3%, and 18.0% respectively [2][8] - The expected earnings per share (EPS) for the same period are 1.74 yuan, 2.20 yuan, and 2.60 yuan, with corresponding price-to-earnings (P/E) ratios of 16.7, 13.3, and 11.2 [2][8]

Core Viewpoint - The company's 1H25 performance met market expectations, with significant revenue growth but a decline in net profit [1] Financial Performance - In 1H25, the company reported revenue of 8.594 billion yuan, a year-on-year increase of 62.75%, while net profit attributable to shareholders was 210 million yuan, corresponding to earnings per share of 0.17 yuan, down 51.54% year-on-year [1] - For 2Q25, the company achieved revenue of 6.407 billion yuan, representing an 80.3% year-on-year growth and a 292.9% quarter-on-quarter increase; net profit was 401 million yuan, up 139.2% year-on-year, marking a turnaround from a loss [1] Business Segments - The company's wind turbine gross margin was under pressure, with a gross margin of 4.65%, the lowest in recent years, primarily due to the impact of low-priced orders from previous periods [1] - The company sold over 300,000 kW of power stations, generating 1.83 billion yuan in revenue from this segment, with a gross margin of 28.8%, indicating a smooth sales rhythm for power station products [1] Development Trends - As of the end of 1H25, the company had a backlog of 28 GW in orders, with over 2 GW of new overseas orders since the beginning of 2025, and overseas order value exceeding 10 billion yuan [2] - The company is expected to see significant growth in wind turbine shipments in 2025, with overall shipment levels projected to remain stable in 2026; wind turbine profitability is anticipated to improve as the impact of low-priced orders diminishes [2] - The power station business is experiencing rapid growth, with 0.46 GW of new connected power stations added in 1H25 and 2.9 GW under construction, alongside plans for greenfield projects overseas [2] Profit Forecast and Valuation - Due to lower-than-expected profit margins in the wind turbine manufacturing business, the company has revised its profit forecasts for 2025 and 2026 down by 35.1% and 12.4% to 1.51 billion yuan and 2.40 billion yuan, respectively [3] - The current stock price corresponds to a price-to-earnings ratio of 23.1 and 14.5 for 2025 and 2026, respectively; the company maintains a target price of 33.92 yuan, indicating a potential upside of 19.3% from the current price [3]

Investment Rating - The report maintains a "Buy" rating for SANY Renewable Energy [6][4] Core Views - The company reported a significant revenue increase of 62.75% year-on-year for H1 2025, reaching 8.594 billion RMB, while net profit decreased by 51.54% to 210 million RMB [1] - The second quarter of 2025 saw a revenue surge of 80.35% year-on-year and a 192.93% quarter-on-quarter increase, driven by high-margin power station product sales and reduced losses in wind turbine products [1] - Key growth drivers include the upward trend in profitability for domestic wind turbine operations, the successful implementation of the "Dual Sea" strategy, and steady progress in wind farm development [1][3] Summary by Sections Revenue and Profitability - In H1 2025, the company achieved a revenue of 18.33 billion RMB from power station products, contributing 58% of the total gross profit with a gross margin of 28.8% [2] - Wind turbine sales reached a record capacity of 4.72 GW, a 44% increase year-on-year, with total orders exceeding 28 GW [2] Strategic Developments - The "Dual Sea" strategy is showing significant results, with overseas orders increasing by 1 GW in H1 2025 and total overseas orders exceeding 2 GW [3] - The company successfully entered the high-barrier offshore wind market with two projects totaling 450 MW [3] Financial Forecast and Valuation - The report forecasts net profits for 2025-2027 to be 2.028 billion RMB, 2.636 billion RMB, and 3.276 billion RMB respectively, with corresponding EPS of 1.65, 2.15, and 2.67 RMB [4] - The target price is raised to 38.01 RMB, reflecting an 11x EV/EBITDA valuation for 2026, indicating a more accurate reflection of the company's earnings potential [4]

业绩简评 2025 年 8 月 27 日公司披露 25 年半年报，上半年公司实现营收 171.4 亿元，同比增长 45.3%；实现归母净利润 6.1 亿元，同比下 降 7.7%；其中，公司 Q2 实现营收 94.4 亿元，同比增长 40.4%， 环比增长 22.5%，实现归母净利润 3.1 亿元，同比下降 13.6%，环 比增长 1.9%。 经营分析 收入规模大幅增长，制造盈利预计小幅修复：上半年公司实现产 品销售收入 158 亿元，同比增长 51.2，毛利率约为 10.1%，同比 改善 0.20pct；其中风机及配件销售业务实现收入 124.8 亿元，同 比增长 57.5%，占比 79%，同比提升 3pct；电站产品销售业务收入 31.4 亿元，同比增长 48.6%，占比 20%，同比持平。考虑到上半年 产品销售收入中风机制造业务占比略有提升，以及在"136"号文 落地背景下电站产品销售毛利率大概率下降，我们预计风机及配 件销售业务毛利率存在小幅改善。展望后续，在风机价格企稳回升 的背景下，看好公司制造端毛利率持续回暖。 "两海"战略稳步推进，有望逐步贡献业绩弹性：海风方面，上半 年公司成功实现全球单体容量 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q1 performance met expectations, with an improvement in wind turbine gross margin [1] - Revenue for 2024 is projected at 27.16 billion yuan, a year-on-year decrease of 3.43%, while net profit is expected to be 346.11 million yuan, down 8.12% year-on-year [7] - The company achieved a record new wind turbine order of 27.1 GW, indicating strong market demand despite a decrease in sales revenue for wind turbines and related components [7] - The report anticipates significant growth in net profit for 2025 and 2026, with projections of 2.37 billion yuan and 2.87 billion yuan respectively, reflecting a year-on-year increase of 584.72% and 21.24% [7] Financial Summary - Total revenue for 2023 was 28.12 billion yuan, with a projected increase to 38.50 billion yuan by 2025, representing a growth rate of 41.75% [1][8] - The gross margin for 2024 is expected to be 8.1%, improving to 12.3% by 2025 [8] - The company's earnings per share (EPS) is projected to rise from 0.15 yuan in 2024 to 1.04 yuan in 2025 [1][8] - The price-to-earnings (P/E) ratio is expected to decrease significantly from 68.19 in 2024 to 9.96 in 2025, indicating improved valuation [1][8]