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 ...

Investment Rating - The report maintains a "BUY" rating for SANY International with an unchanged target price of HK$8, indicating a potential upside of 24.8% from the current price of HK$6.41 [2][5]. Core Views - SANY International is expected to report a net profit decrease of approximately 15% year-on-year for 1Q24E, primarily due to reduced capital expenditure from miners, increased competition in certain product segments, and losses in the solar power segment. However, a recovery is anticipated in the second half of 2024, driven by improvements in the solar business and strong overseas demand for large mining trucks and telescopic handlers [2][3]. Financial Summary - Revenue for FY24E is projected to reach RMB 26,717 million, reflecting a year-on-year growth of 31.8% [4][19]. - Adjusted net profit for FY24E is estimated at RMB 2,131.3 million, with a growth rate of 10.5% compared to FY23A [4][19]. - The earnings per share (EPS) for FY24E is forecasted to be RMB 0.67, with a price-to-earnings (P/E) ratio of 8.8x [4][19]. Segment Performance - Mining equipment revenue is expected to decline by approximately 15% year-on-year due to decreased sales of coal mining equipment and a slowdown in wide-body truck sales, despite some growth in large-size mining trucks [3][4]. - Logistics equipment revenue is projected to grow by around 25% year-on-year, driven by strong demand for small-size port machinery and a solid backlog of large-size machinery [3][4]. - The solar power segment is anticipated to remain loss-making in 1Q24E, but the completion of certain projects may help mitigate losses in the future [3][4]. Market Context - The report highlights that the coal mining sector in China is experiencing a downturn, which is impacting SANY International's performance. However, the company is expected to benefit from strong overseas demand for its products, particularly in the mining and logistics sectors [2][3].

Financial Performance - Revenue for 2023 reached RMB 20,277,944 thousand, representing a 30.5% increase from RMB 15,536,716 thousand in 2022[23] - Gross profit increased by 50.1% to RMB 5,447,054 thousand, up from RMB 3,628,344 thousand in the previous year[23] - Net profit attributable to shareholders rose by 15.9% to RMB 1,928,992 thousand, compared to RMB 1,664,911 thousand in 2022[23] - Total assets grew by 40.1% to RMB 34,963,011 thousand, up from RMB 24,953,269 thousand in 2022[23] - The company reported a gross margin of 26.9%, an increase of 3.5 percentage points from 23.4% in 2022[23] - Other income and gains amounted to approximately RMB 715.2 million, an increase of about 10.6% from RMB 646.9 million in the previous year, primarily due to increased government subsidies and interest income[42] - The company's cost of sales was approximately RMB 14,830.9 million, up about 24.5% from RMB 11,908.4 million in the previous year, mainly due to a significant increase in product sales revenue[43] - The gross profit margin improved to approximately 26.9%, up about 3.5 percentage points from 23.4% in the previous year, driven by a higher proportion of high-margin product sales and cost reduction measures[44] - The company's pre-tax profit margin decreased to approximately 11.1%, down about 1.3 percentage points from 12.4% in the previous year, primarily due to a significant increase in R&D expenses[52] Cash Flow and Investments - The operating cash flow increased significantly by 132.8% to RMB 2,524,032 thousand from RMB 1,084,438 thousand in 2022[23] - For the year ending December 31, 2023, the group's net operating cash inflow was approximately RMB 2,524.0 million, a significant increase from RMB 1,084.4 million for the year ending December 31, 2022, primarily due to value sales and improved receivables collection[62] - The group's net investing cash outflow for the year ending December 31, 2023, was approximately RMB 4,965.1 million, compared to a cash inflow of RMB 639.2 million for the year ending December 31, 2022, mainly due to cash payments for the acquisition of oil and gas equipment business and asset procurement[62] - The group's net financing cash inflow for the year ending December 31, 2023, was approximately RMB 2,960.6 million, a turnaround from a net cash outflow of RMB 376.8 million for the year ending December 31, 2022, primarily due to increased bank borrowings[62] Strategic Initiatives - The company is focusing on digitalization, low-carbon initiatives, and global expansion to enhance product planning and service quality[22] - The company plans to focus on six strategic battles, including globalization, digitalization, and low-carbon initiatives, to enhance competitiveness and market presence[39][40] - The company is actively involved in ESG initiatives, with several board members appointed to the ESG committee to enhance sustainability practices[90] - The company is focused on expanding its market presence and enhancing its product offerings through strategic investments and partnerships[90] - The company aims to focus on high-quality development principles while implementing globalization, digitalization, and low-carbon strategies[149] Research and Development - Research and development expenses for the year reached approximately RMB 1,681.6 million, a substantial increase of 95.5% year-on-year[38] - The company launched the EBZ200S intelligent tunneling machine, enhancing production efficiency and significantly improving the level of automation in tunneling operations[30] - Significant investment in talent and new product development has led to breakthroughs in intelligent mining equipment, including smart cutting and smart anchoring technologies[151] - The logistics equipment sector is developing four types of intelligent products, including automated cranes and unmanned stackers, to lead the industry[151] - The company is enhancing its supply chain for electric products and increasing the proportion of R&D personnel dedicated to electrification[151] Acquisitions and Partnerships - The company completed the acquisition of Sany Petroleum Technology Hong Kong Limited for RMB 2,980 million, expanding its business into oil and gas equipment[22] - The group completed the acquisition of Sany Petroleum and its subsidiaries for RMB 2,980 million on June 10, 2023, making Sany Petroleum a wholly-owned subsidiary[71] - The company established strategic cooperation with Schlumberger to deepen collaboration in equipment manufacturing, technology development, and digitalization[34] Market and Economic Risks - The company anticipates continued reliance on the Chinese economy for revenue, which poses risks if economic growth declines[153] - Fluctuations in steel and raw material prices are expected, which could adversely affect the company's operational performance[154] Corporate Governance and Leadership - The company has a strong leadership team with members holding advanced degrees, including an EMBA from CEIBS and a bachelor's degree in chemical machinery[82] - The independent non-executive directors bring diverse experience from various sectors, including finance, engineering, and corporate governance, which strengthens the board's oversight capabilities[88] - The leadership team has a combined experience of over 30 years in design and technical management, contributing to the company's innovation and project execution capabilities[81] - The company’s board confirmed compliance with corporate governance codes for the year ended December 31, 2023[191] Shareholder Information - The company reported a final dividend of HKD 0.19 per share, totaling approximately HKD 606 million based on 3,189,660,321 shares as of February 29, 2024[103] - The company aims to balance shareholder expectations with prudent capital management through a sustainable dividend policy, considering macroeconomic conditions and industry competition[102] - The company has issued 479,781,034 convertible preferred shares, which entitle holders to a cumulative preferred distribution of approximately HKD 96,388 for the year 2023[105] - The company’s financial performance and asset, liability, and equity summaries for the past five fiscal years are detailed in the annual report[106] Employee and Director Relations - Employee development is a priority, with training programs and incentives in place to enhance skills and job satisfaction[158] - The remuneration committee regularly reviews the compensation levels of all directors to ensure appropriateness[174] - The company has established indemnity provisions for directors and senior officers, effective for the year ending December 31, 2023[171] Environmental and Social Responsibility - The company is committed to environmental protection and compliance with relevant regulations, aiming to reduce its environmental impact[163][164] - The company has established long-term relationships with suppliers to ensure quality and ethical standards are met[159]

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 ...

Financial Performance - The company achieved revenue of approximately RMB 20,277.9 million for the year ended December 31, 2023, representing an increase of about 30.5% compared to RMB 15,536.7 million for the year ended December 31, 2022[4]. - The net profit attributable to the owners of the parent company was approximately RMB 1,929.0 million, an increase of about 15.9% from RMB 1,664.9 million in the previous year[6]. - The gross profit margin improved to approximately 26.9%, up about 3.5 percentage points from 23.4% in the previous year[6]. - The company reported a total comprehensive income of RMB 1,870.5 million for the year, compared to RMB 1,662.7 million in the previous year[9]. - Total revenue for the year ended December 31, 2023, reached RMB 20,277,944,000, a significant increase from RMB 15,536,716,000 in 2022, representing a growth of approximately 30%[33][36]. - The adjusted profit before tax for the group was RMB 2,260,450,000, with a net profit of RMB 1,838,754,000 after tax expenses of RMB 421,696,000[29]. - The total tax expense for the year 2023 amounted to RMB 421,696,000, an increase of 67.3% compared to RMB 251,859,000 in 2022[53]. - The effective tax rate for 2023 was 18.6%, compared to 13.1% in 2022, reflecting a significant increase in tax liabilities[53]. Research and Development - Research and development expenses increased to approximately RMB 1,681.6 million, a rise of about 95.5% from RMB 860.0 million in the previous year, accounting for about 8.3% of revenue[6]. - The company's research and development expenses exceeded RMB 208,069,000, accounting for 9.2% of the pre-tax profit, compared to 6.7% in 2022[53]. - Research and development expenses for the year ended December 31, 2023, were approximately RMB 1,681.6 million, a rise of about 95.5% from RMB 860.0 million for the year ended December 31, 2022, with R&D expenses accounting for about 8.3% of revenue, up 2.8 percentage points from 5.5%[97]. Assets and Liabilities - The total assets less current liabilities amounted to RMB 18,790.4 million, an increase from RMB 14,117.5 million in the previous year[13]. - The company’s total liabilities increased to RMB 23,424.6 million, up from RMB 14,849.5 million in the previous year[13]. - The group's total current assets as of December 31, 2023, were approximately RMB 20,778.3 million, compared to RMB 17,190.7 million as of December 31, 2022[104]. - The group's total liabilities as of December 31, 2023, were approximately RMB 23,424.6 million, an increase from RMB 14,849.5 million as of December 31, 2022, resulting in a debt-to-asset ratio of approximately 60.2%[104]. Cash Flow and Financing - The company’s cash and cash equivalents increased to RMB 3,241.1 million from RMB 2,689.8 million in the previous year[11]. - The company’s cash-generating units for goodwill impairment testing include logistics equipment, oil and gas equipment, and lithium battery equipment, with respective recoverable amounts based on cash flow forecasts[61][63][64]. - The group's cash and cash equivalents as of December 31, 2023, totaled approximately RMB 3,241.1 million, with net operating cash inflow of approximately RMB 2,524.0 million for the year ended December 31, 2023, compared to RMB 1,084.4 million for the year ended December 31, 2022[109]. - The company’s total financing costs for 2023 amounted to RMB 158,411 thousand, an increase from RMB 131,967 thousand in 2022, representing a rise of about 20%[51]. Market Expansion and Sales - The company expanded its international market presence significantly, resulting in substantial growth in international sales revenue[4]. - Revenue from external customers in mainland China was RMB 13,916,244,000, accounting for a substantial portion of total revenue[33]. - International sales revenue grew significantly, with a year-on-year increase of 50.7%, contributing to a 4.2 percentage point rise in the overall revenue share from international markets[89]. - The mining equipment segment generated revenue of RMB 12,501,388,000, while the logistics equipment segment contributed RMB 5,783,233,000, oil and gas equipment segment RMB 1,502,419,000, and emerging industry equipment segment RMB 490,904,000[29]. Corporate Governance and Compliance - The company has complied with the corporate governance code as per the Hong Kong Stock Exchange rules for the year ending December 31, 2023[131]. - The board proposed amendments to the existing articles of association to align with the latest listing rules effective from December 31, 2023[143]. Employee and Operational Growth - The group employed 9,324 full-time employees as of December 31, 2023, up from 6,441 in 2022, primarily due to acquisitions in the oil and gas equipment and emerging industry equipment segments[114]. - The company has ongoing commitments totaling RMB 1,562.4 million for contracts as of December 31, 2023, compared to RMB 688.6 million in 2022, indicating growth in contractual obligations[87]. Dividend and Shareholder Information - The proposed final dividend for ordinary shares is HKD 0.19 per share, totaling HKD 606,036,000, slightly up from HKD 602,850,000 in 2022[55]. - The board has proposed a final dividend of HKD 0.19 per share, totaling approximately HKD 606.04 million, subject to shareholder approval[128].

Investment Rating - Outperform the market [1] Core Views - The company is driven by both coal mining machinery and logistics equipment, with accelerated expansion into emerging industries such as robotics, lithium battery equipment, and oil fracturing equipment [4] - The company's coal mining machinery business is leading in electrification and intelligentization, with significant growth in revenue and market share [4] - The logistics equipment business is a top supplier in China, with a strong focus on electrification and international market expansion [4] - Emerging businesses, including robotics, lithium battery, and oil equipment, show promising growth potential [4] Company Overview - The company is a leading manufacturer of coal mining and logistics equipment in China, with a strong focus on intelligent and electrified products [11] - The company has a dual-driven business model, combining coal mining machinery and logistics equipment, while actively expanding into new industries [12] - The logistics equipment business is one of the most advanced in China, offering a wide range of products for port operations [13] - The company has been acquiring core assets from its parent group to expand into robotics, lithium battery, and oil equipment industries [14] - The company is controlled by Liang Wengen, who holds a significant stake in the parent group, Sany Group [15] - The company has experienced rapid revenue growth, with a CAGR of 44.3% in revenue and 48.6% in net profit from 2017 to 2022 [16] - The company's overseas sales have surged, with international revenue accounting for 27.2% of total revenue in 2022 [20] Coal Mining Machinery - The coal mining machinery industry remains highly active due to sustained coal demand and the push for intelligent transformation [21] - The company's coal mining machinery revenue grew by 73.1% in 2022, driven by intelligent and electrified products [29] - The company is a leader in intelligent coal mining equipment, with a market share of over 80% in intelligent tunneling machines [30] - The company is accelerating the launch of new energy and large-tonnage mining vehicles, with significant growth in overseas sales [32] Logistics Equipment - The logistics equipment business is benefiting from the trend of smart ports, with steady growth in revenue [35] - The company is a leader in electrified logistics equipment, with a 265% increase in electric product sales in 2022 [38] - The company has secured significant overseas orders, including a large-scale project with PSA in Singapore [40] Emerging Businesses - The robotics business has developed a comprehensive product system and successfully entered overseas markets [42] - The lithium battery equipment business was strengthened through the acquisition of Sany Technology Equipment, marking the company's entry into the lithium battery equipment market [47] - The oil equipment business was expanded through the acquisition of Sany Petroleum Technology, with a focus on the oil fracturing market [49] - The company has entered the photovoltaic and hydrogen energy equipment sectors, with significant potential for future growth [53] Financial Projections - The company is expected to achieve a net profit of 2.27 billion, 2.93 billion, and 3.42 billion yuan in 2023, 2024, and 2025, respectively [55] - The company's EPS is projected to be 0.71, 0.92, and 1.07 yuan for 2023, 2024, and 2025, respectively [55] - The company's valuation is based on a PE multiple of 8-10x for 2024, with a target price range of 8.11-10.14 HKD [55]