Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company experienced a revenue decline of 5.7% year-on-year in Q1 2024, with total revenue reaching 5.1296 billion yuan. The decline is attributed mainly to a significant drop in mining equipment revenue, particularly in tunneling machines, wide-body trucks, and mining trucks. However, the company anticipates a growth phase for its mining truck business in the second half of 2024 due to the launch of a 240-ton product and the resumption of deliveries for a 150-ton product [1][2] - The company has acquired the oil equipment business in 2023, but this segment underperformed in Q1 2024, resulting in losses. The solar energy business is also expected to face challenges due to significant price declines across the industry, impacting equipment and component sales [1] - The company announced the acquisition of a 65% stake in SANY Robotics for 45.5 million yuan, which is expected to reduce losses from new business ventures [1] Financial Summary - For 2024 and 2025, the company is projected to achieve revenues of 27.987 billion yuan and 34.007 billion yuan, representing year-on-year growth rates of 38.02% and 21.51%, respectively. The net profit attributable to shareholders is expected to be 2.254 billion yuan and 2.564 billion yuan, with growth rates of 16.85% and 13.75% [2][4] - The company's net profit margin is projected to decline from 9.07% in 2023 to 8.05% in 2024 and further to 7.54% in 2025 [5] - The total assets of the company are expected to grow from 34.963 billion yuan in 2023 to 41.243 billion yuan in 2024 and 51.905 billion yuan in 2025 [4][5]

Investment Rating - The report maintains a "Buy" rating for SANY International with a target price of HKD 7.90, reflecting a potential upside of 13.0% from the current price of HKD 6.99 [2][14]. Core Insights - SANY International's Q1 2024 net profit decreased by 21% year-on-year, which was worse than expected, primarily due to losses in oil and gas equipment and emerging industries. However, there are signs of improvement expected in the second half of 2024 driven by strong overseas demand for large mining trucks and logistics equipment, as well as potential acceleration in port equipment orders due to government policies [1][2][3]. Financial Performance Summary - Q1 2024 revenue fell by 6% year-on-year to RMB 5.13 billion, with mining equipment revenue down 26% to RMB 2.8 billion, while logistics equipment revenue increased by 23% to RMB 1.8 billion [1][4]. - The adjusted net profit for FY 2024 is projected to be RMB 2.034 billion, with a year-on-year growth of 5.5% [2][10]. - Revenue for FY 2024 is estimated at RMB 25.874 billion, reflecting a year-on-year growth of 27.6% [2][10]. Market Outlook - The report highlights that domestic logistics equipment is benefiting from equipment upgrade policies, with SANY expressing confidence in strong orders starting from the second half of 2024 [1][2]. - Overseas growth remains promising, particularly for wide-body trucks, with a target of delivering 1,800 units in 2024, translating to approximately RMB 2.6 billion in sales [1][2]. - Despite a decline in the solar energy sector, SANY aims to deliver 3-4 GW of solar modules this year, although losses are still anticipated due to ongoing price declines in the solar supply chain [1][2][5]. Revenue Projections - Revenue projections for various segments in FY 2024 include: - Road headers: RMB 2.495 billion - Combined coal mining units (CCMU): RMB 3.983 billion - Small port machinery: RMB 5.952 billion - Large port machinery: RMB 1.620 billion - Mining trucks: RMB 4.768 billion [5][10]. Profitability Metrics - The report indicates a projected net profit margin of 10.1% for Q1 2024, down from 12.0% in Q1 2023, reflecting the impact of increased costs and lower sales [4][10]. - The overall gross profit margin for FY 2024 is expected to be around 25.6% [5][10].

Investment Rating - The report maintains a BUY rating for SANY International with a new target price of HK$7.90, reflecting a potential upside of 13.0% from the current price of HK$6.99 [2][5]. Core Insights - SANY International's 1Q24 net profit declined by 21% year-over-year (YoY) to RMB516 million, which was worse than the expected decline of 15% YoY. This decline was primarily due to weak performance in mining equipment and emerging industries, despite growth in logistics equipment [2]. - The report anticipates an improving trend for SANY International, driven by the reduction of losses following the disposal of its robot business, strong overseas demand for wide-body trucks and large mining trucks, and potential acceleration in port equipment orders in the second half of 2024 due to government policies [2]. - Adjustments to earnings forecasts for 2024E and 2025E have been made, with a decrease of 5% and 2% respectively [2]. Financial Performance Summary - 1Q24 revenue decreased by 6% YoY to RMB5.1 billion, with mining equipment revenue falling by 26% YoY to RMB2.8 billion, while logistics equipment revenue increased by 23% YoY to RMB1.8 billion [2][8]. - The gross profit margin for 1Q24 was reported at 24.9%, slightly up from 24.5% in 1Q23, indicating improved efficiency despite lower revenue [8]. - For the full year, SANY International targets to deliver 3-4GW of solar modules and complete 800MW of EPC projects, although losses in the solar power segment are expected to continue due to declining supply chain pricing [2]. Market Outlook - The domestic logistics equipment sector is expected to benefit from an equipment upgrade policy, with major ports in China planning to replace small diesel port machinery with electric models [2]. - SANY International has seen promising overseas growth, particularly in wide-body trucks, with a target of 1,800 units for the full year, translating to approximately RMB2.6 billion in sales [2]. - The company remains optimistic about the domestic mining equipment market, projecting a growth range of 0-5% for 2024E, despite overall industry challenges [2].

持续创造企业价值来回报各位投资者跟股东现在我代表公司管理层简单向各位投资者回顾一下三亿国际一季度的一级情况然后后面我们可能留一个时间给就是 我们可能后面留一个时间给公司领导然后跟大家做一个简单的交流跟问答三亿国际第一季度的收入是51.3亿人大概是同比下降是5.7%但是我们环比上其实是有增长的我们环比大概跟去年第四季度相比2.2% 15.5% 净利润水平是4.87亿元从比下降是24.7%环比我们大概是有300%多一点的增长然后规模净利润大概是5.16亿元从比下降是20.7%这个整体业绩表现其实之前跟各位投资者汇报过这个是略低于公司年初的 业绩预期吧我们总结起来可能主要有几个其他总结起来主要有一下几个原因一个是受这个煤炭行业整个景气租这个影响就是矿产装备分布整体的这个收入其实是没有达到我们预期的这个水平我们其实整个QE只实现了大概28亿左右的一个收入同比下降的就是矿产装备同比下降的大概是26% 但是矿产装备这个板块的整体毛利率是有比较大的提升我们大概板块毛利率我们大概板块毛利率大概是有4%的一个提升然后这里边其实主要是宽地车的贡献是非常大的尤其是海外宽地车那是有比较大的提升随着这个矿产装备的板块的持续的降本功效 ...

欢迎进入三一国际二零二四年一季度业绩交流会您已成功加入会议感谢大家参加本次会议会议即将开始请稍后 感谢大家参加本次会议会议即将开始请稍后 感谢大家参加本次会议会议即将开始请稍后 感谢大家参加本次会议会议即将开始请稍后感谢大家参加本次会议会议即将开始请稍后 感谢大家参加本次会议会议即将开始请稍后 感谢大家参加本次会议会议即将开始请稍后大家好欢迎参加三一国际2024年一季度业绩交流会 目前所有参会者均处于静音状态下面开始播报声明本次会议仅服务于邀请参会的广大投资者会议音频及文字记录的内容仅供参会者内部使用不得公开发布三一国际未授权任何媒体转发此次会议相关内容未经允许和授权的转载转发均属侵权三一国际将保留追究其法律责任的权利 三一国际不承担因转载转发而产生的任何损失和责任市场有风险投资需谨慎提示广大投资者谨慎做出投资决策在会议开始前我们提醒各位投资者在独讲嘉宾发言结束后将留有提问时间参加本次会议的领导为三一国际财务总监唐子威三一重装国内营销总经理孙浩三一重装海外营销总经理邓文旭 三一港基国内营销总经理张勇三一港基财务总监洪明德三一石油研究院院长谢学志三一石油营销管理部部长罗灿三一石油财务总监吴婷三一归能财务总监陈克 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何 部份內容而產生或因依賴該等內容而引致之任何損失承擔任何責任。 SANY HEAVY EQUIPMENT INTERNATIONAL HOLDINGS COMPANY LIMITED 三 一 重 裝 國 際 控 股 有 限 公 司 （於開曼群島註冊成立之有限公司） 631 （股份代號： ） 內幕消息 截至2024年3月31日止三個月的未經審核財務數據 摘要 本公告乃由三一重裝國際控股有限公司根據上市規則第13.09(2)條及香港法例第 571章證券及期貨條例第XIVA部項下內幕消息條文（定義見上市規則）作出。 — 期間未經審核綜合收入約為人民幣5,129,582,000元，較2023年同期的約人民 幣5,438,236,000元下降約5.7%。 — 期間未經審核綜合毛利約為人民幣1,277,520,000元，較2023年同期的約人民 幣1,330,265,000元下降約4.0%。 — 期間未經審核綜合溢利淨額約為人民幣486,735,000元，較2023年同期的約人 ...

2024 年 5 月 14 日 CMB 国际全球市场 | 股票研究 | 公司更新 三一国际 （ 631 香港 ） 预计第 1 季度 24E 将有一系列令人兴奋的结果 ， 2H24E 有可能恢复 三一将于 5 月 16 日 (本周四) 公布 1Q24E 财务数据。我们预测三一的净利润将从高基数同比 目标价 8.00 港元 下降约 15%，原因是 (1) 由于国内煤炭产量在第 1 季度下降，矿商受到严格的资本支出 ； (2) （ 前 TP 8.00 港元 ） 液压支架和宽体卡车等某些产品的激烈竞争 ； (3) 亏损的太阳能部门。尽管近期逆风，但由于 涨 / 跌 24.8% 太阳能业务的改善和采矿设备部门的低基数效应，我们预计下半年可能会出现复苏。我们还预 CurrentPrice 6.41 港元 计，海外对大型矿用卡车和伸缩式装卸机的强劲需求将有助于应对煤矿机械的潜在下行周期。 中国资本货物 维护。购买TP 不变 ， 为 8 港元 （ 仍基于 11 倍 2024E 市盈率 ） 。 Wayne FUNG, CFA 1Q24E 结果预览 ： (852) 3900 0826  对采矿设备的压力。我们预测矿业部门收入将 ...

M N 14 May 2024 CMB International Global Markets | Equity Research | Company Update SANY International (631 HK) Expect an unexciting set of results in 1Q24E, potential recovery in 2H24E SANYI is set to report 1Q24E financial data on 16 May (this Thu). We forecast Target Price HK$8.00 SANYI to deliver a ~15% YoY decrease in net profit from a high base, due to (1) (Previous TP HK$8.00) miners’ disciplined capex as a result of the decline in domestic coal production Up/Downside 24.8% in 1Q24; (2) keen competit ...

SANYI 一重裝國際控股有限公司 （於開曼群島註冊成立的有限公司） 股份代號：631 SP武汉 COSCO PING t the SANY TITL VLC2500M CI 008 leo - 17777 2023 年 報 目錄 公司概況2 財務摘要3 2023年重要里程碑4 董事長報告書6 管理層討論與分析9 董事及高級管理層 15 董事會報告書 22 企業管治報告 62 公司資料 77 獨立核數師報告 78 綜合損益表 83 綜合全面收益表 84 綜合財務狀況表 85 綜合權益變動表 87 綜合現金流量表 89 財務報表附註 91 五年財務概要 212 三一重裝國際控股有限公司 • 年報 2023 2 公司概況 三一重裝國際控股有限公司（以下簡稱「三一國際」或「本公司」）於2009年7月23日在開曼群 島成立。2009年11月25日，三一國際在香港聯合交易所有限公司（以下簡稱「聯交所」）主板 正式掛牌上市。2018年9月10日，三一國際正式獲調入深港通下的港股通股票名單。本公司 及其附屬公司（以下簡稱「本集團」）核心業務包括礦山裝備、物流裝備、油氣裝備及新興產 業（涵蓋鋰電池裝備、太陽能組件及製氫裝備） ...

M N 29 Mar 2024 CMB International Global Markets | Equity Research | Company Update SANY International (631 HK) Solar power business remains major investor concern during site visit Target Price HK$8.00 We attended SANYI’s 2023 post-results meeting together with >70 investors and analysts in the Company’s production base in Zhuhai on 28 Mar. During the (Previous TP HK$15.40) meeting, most of the questions were related to the solar power business. Given Up/Downside 59.0% SANYI’s determination to invest in so ...