Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [2][5]. Core Views - The company is increasing its R&D investment, with a R&D expense ratio of 7.6% in the first half of 2024, up from 6.9% in the same period last year, indicating a significant increase in investment in emerging industries and new product development [2][4]. - The company has divested its robotics business, focusing on its core operations, completing the sale of its stake in SANY Robotics for a total consideration of RMB 46 million, resulting in a net gain of RMB 23 million [2][4]. - Despite pressure on traditional businesses like mining equipment, the company is strategically positioning itself in emerging sectors, forecasting revenue growth of 10.46% in 2024, 13.88% in 2025, and 12% in 2026 [2][5]. Summary by Sections Financial Performance - In the first half of 2024, the company reported revenue of RMB 10.756 billion, a decrease of 0.77% year-on-year, and a net profit attributable to shareholders of RMB 1.033 billion, down 14.08% year-on-year [3][4]. - The gross margin for the first half of 2024 was 24.4%, a decline of 1.7 percentage points compared to the previous year [3][4]. Business Segments - Revenue from mining equipment fell by 17.7% to RMB 5.938 billion, while logistics equipment revenue grew by 7.1% to RMB 3.282 billion. Oil and gas equipment revenue surged by 151.5% to RMB 846 million, and emerging business revenue skyrocketed by 209.1% to RMB 690 million [4]. - The company’s overseas sales increased by 17.6% to RMB 3.814 billion, with overseas revenue accounting for 35.5% of total sales, up 5.5 percentage points year-on-year [4]. Future Projections - The company forecasts revenues of RMB 22.4 billion, RMB 25.51 billion, and RMB 28.54 billion for 2024, 2025, and 2026, respectively, with corresponding growth rates of 10%, 14%, and 12% [6][5]. - The projected net profit for 2024 is RMB 1.934 billion, with a growth rate of 0%, followed by RMB 2.259 billion in 2025 and RMB 2.647 billion in 2026, both with growth rates of 17% [6].

Financial Performance - For the six months ended June 30, 2024, the company reported revenue of approximately RMB 10,756.1 million, a decrease of about RMB 83.1 million or 0.8% compared to RMB 10,839.2 million for the same period in 2023[3]. - The profit attributable to equity holders of the parent company for the same period was approximately RMB 1,032.7 million, down approximately 14.1% from RMB 1,201.9 million in the previous year[3]. - The gross profit margin for the six months ended June 30, 2024, was approximately 24.4%, a decline of about 1.7 percentage points from 26.1% in the prior year[5]. - The company recorded a net profit of RMB 986.9 million for the six months ended June 30, 2024, compared to RMB 1,183.3 million in the same period of 2023[8]. - The company’s basic earnings per share for the six months ended June 30, 2024, was RMB 0.31, down from RMB 0.38 in the previous year[7]. - The company’s operating income for the six months ended June 30, 2024, was RMB 11,123,042,000, reflecting a slight decrease from the previous year[24]. - The company reported a pre-tax profit of RMB 1,440,602,000 for the six months ended June 30, 2024, compared to RMB 1,183,305,000 for the same period in 2023, reflecting an increase of approximately 21.8%[24]. - The company’s revenue from sales to subsidiaries was approximately RMB 1,269,487,000 for the six months ended June 30, 2024, down from RMB 2,112,763,000 for the same period in 2023[25]. Research and Development - Research and development expenses amounted to approximately RMB 813.1 million, an increase of about 8.6% from RMB 748.4 million in the same period last year, representing 7.6% of revenue, up from 6.9%[5]. - The company plans to continue investing in emerging industries and new product development, reflecting a strategic focus on innovation and market expansion[5]. - The company has made significant investments in technology research and development, achieving multiple breakthroughs in smart, clean, and efficient technologies[102]. - The self-developed "key technology development and application of intelligent mining robots for coal mines" was selected as one of the 25 technologies in the 2023 "Innovation China" leading technology list[102]. Assets and Liabilities - Total assets as of June 30, 2024, were RMB 20,407.4 million, an increase from RMB 18,790.4 million as of December 31, 2023[10]. - The total liabilities as of June 30, 2024, were RMB 8,406.4 million, compared to RMB 7,252.0 million at the end of 2023[11]. - Total assets as of June 30, 2024, amounted to RMB 38,190,330,000, with total liabilities of RMB 26,189,304,000[21]. - The company’s total liabilities increased by approximately 5.5% compared to the previous reporting period[21]. - The total liabilities as of June 30, 2024, were approximately RMB 26,189.3 million, compared to RMB 23,424.6 million as of December 31, 2023, resulting in a debt-to-asset ratio of approximately 61.0%[84]. - Trade receivables increased to RMB 11,890,840,000 as of June 30, 2024, up from RMB 10,016,434,000 as of December 31, 2023, with a net value of RMB 11,213,010,000 after impairment[48]. - The impairment loss provision for trade receivables was RMB 677,830,000 as of June 30, 2024, an increase from RMB 632,554,000 as of December 31, 2023[50]. Cash Flow and Financing - The company’s cash and cash equivalents increased to RMB 4,471.9 million from RMB 3,241.1 million at the end of the previous year[10]. - The net cash outflow from operating activities for the six months ended June 30, 2024, was approximately RMB 152.9 million, a significant decrease from a net inflow of RMB 985.1 million for the same period in 2023[89]. - The company’s financing costs increased by approximately 53.3% to RMB 113.3 million for the six months ended June 30, 2024, compared to RMB 73.9 million for the same period in 2023[79]. - Total bank loans and other borrowings amounted to RMB 9,975,677,000 as of June 30, 2024, an increase from RMB 7,901,377,000 as of December 31, 2023[60]. Market and Sales - The mining equipment segment generated revenue of RMB 6,104,379,000, accounting for approximately 55.3% of total revenue[21]. - The logistics equipment segment contributed RMB 3,645,909,000, representing about 33.0% of total revenue[21]. - The company’s international sales revenue grew by 17.6% year-on-year, with the international sales revenue proportion increasing by 5.5 percentage points[69]. - The company’s sales in mainland China amounted to RMB 7,594,666 thousand, which is the largest regional market contribution[30]. Corporate Governance and Compliance - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange's listing rules, ensuring compliance and transparency in its operations[105]. - The audit committee, consisting of three independent non-executive directors, has reviewed the interim financial statements for the six months ending June 30, 2024[107]. - The board of directors decided not to declare an interim dividend for the six months ending June 30, 2024, consistent with the previous period[109]. Employee and Operational Changes - The number of full-time employees decreased to 8,642 as of June 30, 2024, down from 9,324 as of December 31, 2023, mainly due to the sale of SANY Robot[94].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 8.12 HKD, representing a potential upside of 58.3% from the current price of 5.13 HKD [2][5]. Core Insights - The company achieved record high performance in 2023 with total revenue of 20.28 billion RMB, a year-on-year increase of 30.5%, and a net profit of 1.93 billion RMB, up 15.9% [1]. - The first quarter of 2024 showed a decline in revenue to 5.13 billion RMB, down 5.7% year-on-year, primarily due to the coal industry's downturn affecting the mining equipment segment [1]. - The company continues to enhance its core product competitiveness and market share, particularly in the mining equipment and logistics equipment sectors [1]. Financial Performance Summary - In 2023, the mining equipment segment generated revenue of 11.8 billion RMB, a 19% increase, with significant growth in mining truck sales, which reached 4 billion RMB, up 38% [1]. - The logistics equipment segment reported revenue of 5.8 billion RMB, a 26% increase, with strong performance in overseas sales, which surged by 69% to 3.55 billion RMB [1]. - The report projects revenue for 2024 to be 26.85 billion RMB, with net profit expected to reach 2.19 billion RMB, reflecting continued growth [2][3]. Market Position and Strategy - The company has become the largest mining truck supplier in China, with a robust order backlog, including significant contracts with major port operators [1]. - The strategic focus on smart, international, and electric products is expected to drive long-term growth, supported by a stable port market [2].

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 ...

Financial Performance - The unaudited consolidated revenue for the three months ended March 31, 2024, was approximately RMB 5,129,582,000, a decrease of about 5.7% compared to RMB 5,438,236,000 for the same period in 2023[2] - The unaudited consolidated gross profit for the same period was approximately RMB 1,277,520,000, down approximately 4.0% from RMB 1,330,265,000 in 2023[2] - The unaudited consolidated net profit for the period was approximately RMB 486,735,000, representing a decrease of about 24.7% compared to RMB 646,782,000 in the same period last year[2] - The profit attributable to equity holders of the parent company was approximately RMB 515,673,000, down about 20.7% from RMB 650,256,000 in 2023[3] - The decline in revenue and net profit was primarily due to the impact of the coal industry’s market conditions on the mining equipment segment[4] Business Segments - The emerging business segment is still in the investment phase, focusing on the development of new products and technologies, leading to a significant increase in R&D expenses[5] - The logistics equipment segment continued to experience high growth, with steady growth in international markets and progress in new product and market development as planned[5] Strategic Initiatives - The company is committed to cost reduction and efficiency improvement measures, with a stable increase in overall product gross profit margin[5] - The company aims to integrate operational resources and optimize business structure to enhance corporate value and focus on shareholder returns[5] Audit and Reporting - The information provided is based on preliminary assessments of the unaudited management accounts and has not been reviewed by the company's auditors[5]

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 ...