Huatai Securities: Initiates coverage on Sany Heavy Industry with a "buy" rating, target price of 30.18 yuan.

Huatai Securities research report pointed out that Sany Heavy Industry primarily engages in the manufacturing of wind turbine components and has now become the sixth largest wind turbine manufacturer globally and the fifth largest in China. We are optimistic about the company maintaining cost and product advantages in the industry through industrial chain synergy and large-scale wind turbine technology layout, benefiting from 1) the entry of new energy into the market or driving the volume and price of wind power development beyond expectations; 2) the company is expected to achieve a breakthrough in offshore wind orders in the new round of offshore wind turbine installations, coupled with accelerated delivery of overseas orders, and the new growth curve of "double offshore" can be anticipated. The company is given a valuation of 11X EV/EBITDA for 2025, with a target price of 30.18 yuan, initiating coverage for the first time and giving a "buy" rating.