Sany Renewable Energy (SH:688349)2023-12-13 10:08Group 1: Domestic Market Insights - The bidding price for domestic onshore wind turbines has nearly bottomed out, with only minor declines expected in large-scale projects [2] - The company anticipates a sales capacity of approximately 4.5 GW in 2022, with over 50% growth expected in 2023, aiming for a sales capacity of 60-70 GW in 2024 [2] Group 2: International Market Strategy - The company is actively establishing an international marketing team segmented by regions such as Asia, Europe, the Middle East, and Latin America, aiming to enhance overseas business through local talent recruitment [3] - The long-term goal is for overseas operations to become the second-largest revenue contributor after domestic onshore business, with a focus on brand promotion and channel development [3] Group 3: Offshore Wind Power Development - After a decline in offshore wind installation capacity to 5.16 GW in 2022, a recovery is expected in 2023, driven by provincial planning and resolution of related issues [3] - The company launched offshore wind turbine units in March 2023 and is actively pursuing project bids to achieve breakthroughs in offshore performance [3] Group 4: Component Supply and Profit Margins - The company does not foresee supply shortages for components in the upcoming year, as domestic suppliers have significantly improved their capabilities [4] - A decline in wind turbine gross margins is expected in 2023 due to increased competition, with margins projected to stabilize in 2024 [4] Group 5: Market Outlook - The industry is expected to maintain steady growth, with projected installation capacities of 55-60 GW in 2023 and 60-70 GW in 2024 [4] - The wind power sector is a key area for energy transition and security, supported by national policies promoting sustainable development [4]