On August 29, Sany Heavy Energy announced its 2024 interim report. During the reporting period, the company achieved operating income of 5.28 billion yuan, a year-on-year increase of 34.88%; the net profit attributable to shareholders of listed companies was 0.434 billion yuan, a year-on-year decrease of 46.92%.

Regarding the changes in performance, Sany Heavy Energy stated that the increase in operating income compared to the previous year is mainly due to the good development trend of the wind power industry, continuous growth in installed capacity, improved competitiveness of the company's fan products, and increased sales of fans compared to the same period. The decrease in net profit compared to the same period last year is mainly due to a smaller number of wind farm sales and a decrease in income.

In terms of profitability, during the reporting period, the company's overall gross margin is 16.01%, an increase of 4.82 percentage points compared to the second half of last year, mainly due to a significant increase in the gross margin of fan sales and effective control of costs and expenses. The gross margin of its fan business is 15.13%, an increase of 6.14 percentage points compared to the second half of last year; the expense ratio is 15.33%, a decrease of 4.58 percentage points year-on-year.

In terms of products, the income from fans and accessories is 4.917 billion yuan, a year-on-year growth of 68.10%. Among them, the domestic onshore fan sales capacity is 3.3GW, a year-on-year increase of 121%; wind power construction service income is 0.145 billion yuan, a year-on-year decrease of 78.30%.

Sany Heavy Energy's main business is the research, development, manufacturing, and sales of wind turbines; wind farm design, construction, and operation management businesses.

Industry insiders have told reporters from the Star Daily that fan sales are the foundation of enterprise operation, but the industry's gross margin is generally not high, while wind farm development can not only bring higher gross margin, but also become the main driving force for profit growth.

Looking ahead to the second half of the year, relevant personnel from Sany Heavy Energy told reporters from the Star Daily that the company has a large scale of wind resources in hand reserves for development, and currently has a self-built wind farm scale of over 2GW under construction. As wind farm development enters a rhythm of batch and large-scale development, more wind farms will be connected to the grid in the following months.

According to the company's rolling development strategy of 'developing, transferring, and holding a batch', it is expected that there will be a larger scale of wind farm sales in the second half of the year, thickening the company's annual profit. The above-mentioned person from Sany Heavy Industries also added.

Sany Heavy Industries is continuously expanding the overseas wind power market. During the reporting period, the company completed the hoisting and power generation of the first india project, and obtained customer recognition; it successfully won multiple projects in India, Southeast Asia, and the Middle East, achieving market breakthroughs; it is negotiating contracts with large installation capacities, and is expected to achieve rapid growth in overseas new orders for the full year; promoting, and has completed access work for many major clients.

The aforementioned officials from Sany Heavy Industries stated that the progress made in the above-mentioned work will lay the foundation for the bulk delivery of overseas orders and the rapid growth of overseas revenue in the following years.