First Read: Sany Renewable Energy "2026 AIC: Overseas expansion and..."

研报英文原文证据摘录

First Read: Sany Renewable Energy "2026 AIC: Overseas expansion and..."

Global Research

28 May 2026abc

First Read

EquitiesSany Renewable Energy

2026 AIC: Overseas expansion and domestic China

margin recovery to drive earnings rebound Electric Components & Equipment

12-month rating Buy

12m price target Rmb31.00

Margin recovery in domestic market

We hosted Sany Energy management at UBS AIC 2026, to discuss the company's latest

business update. Mgmt remained positive on the company's overall GPM recovery Price (28 May 2026) Rmb21.30

momentum in 2026, driven by domestic wind turbine price pickup and increasing RIC: 688349.SS BBG: 688349 CH

contribution from overseas sales. Despite near term margin pressure weighed by

Trading data and key metrics

upstream cost inflation due to the Middle East conflict and RMB appreciation, mgmt

reiterated its cost declining trend in 2026, driven by effective cost control. 52-wk range Rmb32.49-21.30

Market cap. Rmb25.7b/US$3.79b

Overseas expansion to gain traction Shares o/s 1,206m (ORDA)

Mgmt highlighted strong growth momentum in its overseas expansion. The company Free float 19%

secured 3GW overseas order in 2025 and is targeting Rmb10bn order by end-26. Mgmt Avg. daily volume ('000) 7,976

expects 50% overseas revenue mix in the long term. The company has already Avg. daily value (m) Rmb198.8

established a solid presence in Asia, East and South Europe, and is actively expanding Common s/h equity (12/26E) Rmb15.3b

into Latin America and Africa markets. Given that the overseas turbine price is nearly P/BV (12/26E) 1.7x

double that of the domestic price, mgmt is confident on >20% overseas GPM, higher Net debt to EBITDA (12/26E) NM

than domestic GPM.

EPS (UBS, diluted) (Rmb)

UBS Cons.

Ambitious guidance for LT growth

12/26E 1.33 1.35