研報掘金丨海通證券:予三一重能“優於大市”評級,合理價值為26.04-33.48元
海通證券研報指出,三一重能(688349.SH)海外業務逐步實現收入,大兆瓦機型佔比提升。2023年公司營收149.39億元,同比+21.21%;歸母淨利20.07億元,同比+21.78%,主要系風電行業裝機量持續增長,公司抓住機遇,實現業務迅速發展,風機銷售較上年增長。其中公司5.XMW 及以上的機型營收佔比58.76%,同比+23.14pct,主要系行業的海陸風機持續向大型化和智能化方向發展,大容量機組商業化應用步伐加快。據GWEC數據,2028年亞洲(除中國)新增裝機容量12.78GW ,2024-2028CAGR為10.24%,認為隨着公司產品型譜完善、海外需求增加,公司業績將進一步放量增長。考慮到公司“兩海”市場開拓的潛力及更高的ROE,參考可比公司估值,給予公司2024年14-18X PE,合理價值區間為26.04-33.48元,給予“優於大市”評級。
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