Sany Renewable Energy (688349) 国信证券·2025-03-09 08:25Investment Rating - The investment rating for the company is "Outperform the Market" [5][15][3] Core Views - The company reported a revenue of 18.09 billion yuan for 2024, representing a year-on-year growth of 21%. However, the net profit attributable to shareholders decreased by 7% to 1.86 billion yuan, primarily due to a decline in wind turbine prices and impairment provisions [1][8] - The company has made significant progress in expanding its overseas business, with new wind turbine installation capacity reaching 9.15 GW in 2024, a 23% increase year-on-year, and a domestic market share of approximately 10.5% [2][11] - The company is actively enhancing its overseas production capacity, including a joint development agreement for a wind equipment manufacturing base in Kazakhstan and expansion of its factory in India [12][14] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 18.09 billion yuan, with a net profit of 1.86 billion yuan, and a net profit margin of 10.3%, down 3.2 percentage points year-on-year [1][8] - The fourth quarter of 2024 saw a revenue of 9.02 billion yuan, a 21% increase year-on-year, and a net profit of 1.17 billion yuan, up 20% year-on-year [1][8] Market Position - The company has a cumulative wind turbine installation capacity exceeding 31.5 GW, with a domestic market share of about 5.6% as of the end of 2024 [2][11] - The company signed contracts for a total of 1,624 MW of wind turbine sales in India, indicating strong growth in overseas orders [12][14] Profitability Forecast - The profit forecast for 2025 and 2026 has been revised down to 2.33 billion yuan and 2.82 billion yuan, respectively, reflecting a year-on-year growth of 25% and 21% [3][15] - The current stock price corresponds to a price-to-earnings ratio (PE) of 14.7 for 2025 and 12.2 for 2026 [3][15]