Huaxia Energy Network learned that on February 26, wind power giant Sany Renewable Energy (SH: 688349) released its 2023 performance report, and the company achieved annual revenue of 1494.7 billion yuan, a year-on-year increase of 2128%；Net profit attributable to the parent company 200.3 billion yuan, a year-on-year increase of 2155%。
In the current wind power industry, where the overall valuation of the capital market is sluggish and the performance is not ideal, such performance growth is commendable. Moreover, on the list of new installed capacity in 2023 released by Bloomberg New Energy a few days ago, Sany Renewable Energy ranked with 10With a market share of 07%, it continues to rank fifth.
Profits mainly depend on the sale of power stations
Since the beginning of this year, a number of wind turbine companies have released performance forecasts, and their performance has declined in a large area. In particular, Mingyang Intelligence, although it will ascend to the throne of the sea breeze leader in 2023, its performance has declined for the first time since its listing in 2019, and it is a cliff-like **, with a net profit decrease of 84% year-on-year66% to 8975%。
In contrast, Sany Renewable Energy is one of the few wind power companies with both revenue and profit growth. In the preview, Sany Renewable Energy attributed the performance growth to two reasons:
First, the wind power industry has maintained a good development trend, and the installed capacity has continued to growSecond, the company actively promotes the development of the domestic market and customers, the deepening of strategic cooperative relations, comprehensive excavation and cost reduction, international business development and other measures, and the company's competitiveness continues to improve.
Statistics show that in 2023, more than 770 domestic wind power projects will be won at home and abroad, with a total capacity of 11807GW, an all-time high. Among them, Sany Renewable Energy won the bid for 1522GW ranked fifth, laying the foundation for growth.
It is worth noting that in 2023, Sany Renewable Energy's net profit attributable to the parent company increased by 2155%, but the net profit after deduction only increased by 350%。
According to the Soochow ** research report, in 2023, Sany Renewable Energy will transfer a total of 450MW of 5 power stations, contributing a total profit of more than 1.3 billion yuan, accounting for about 65% of the net profit attributable to the parent company.
From the timeline, the transfer of wind farms in the fourth quarter was relatively intensive, and in December alone, two wind farms of Tongzhao New Energy and Xiangyu New Energy were transferred, with a total scale of 200MW and a thickening of 7200 million yuan of total profit;From a single quarter point of view, Sany Renewable Energy's profit increased by 60% year-on-year82%, an increase of about 13265%。
In the whole machine business segment, Sany Renewable Energy said that the competition in the wind power market continued to intensify, and the bidding for wind power products declined. Data show that in the first three quarters of last year, the company's gross profit margin was 1967%, a year-on-year decrease of 647%, the future performance may face the "hidden worry" of declining gross profit.
Is the installed capacity ranking expected to go to the next level?
Behind the performance growth is the growth of Sany Renewable Energy's new installed capacity.
According to data released by Bloomberg New Energy, Sany Renewable Energy will add 7 new installed capacity in 202376GW, with a market share of 1007%, ranking fifth in the ranking of domestic machine manufacturers.
Since entering the field of wind power machines, Sany Renewable Energy has been called a "dark horse" and a "catfish" by the industry. In 2018, its market share was only 12%, which is still a big gap from the top ten. However, with the advantage of "low price" competition, it continues to compete for orders, and its market share and ranking continue to increase. By 2021, Sany Renewable Energy's market share has reached 57%, ranking eighth in the industry. In 2022, the market share has further reached 82%, and the ranking has risen to fifth place.
Based on the high growth trend of installed capacity over the years, the industry has great expectations for the development of Sany Renewable Energy, and predicts that it has the hope of rushing forward. However, with the release of the new list, the expectation of promotion has been disappointed.
It is worth mentioning that the wind power market pattern in 2023 has changed, and the ranking of complete machine manufacturers has also undergone major changes.
From the perspective of the ranking seats, Mingyang Intelligent Offshore Wind Power has added 2 new installed capacity9GW, doubling compared to 2022, and ascending the iron throne of offshore wind power for the first time; Although Envision Energy is firmly in the second place, it is only 083GW, the market share is only 107 percentage points; Yunda shares with 1The advantage of 36GW surpassed Mingyang Intelligence and once again ascended to the third throne.
In contrast, although Sany Renewable Energy's market share has increased, its ranking has not changed, and it is relatively "stable".
Huaxia Energy Network noted that not long ago, the general election of Sany Renewable Energy was completed, and Zhou Fugui and Li Qiang served as chairman and general manager respectively. After the two old people continue to "take shifts", is Sany Renewable Energy's industry status expected to reach a higher level?
*Please indicate the source, article**: Huaxia Energy Network, **hxny3060).