Investment Rating - The report maintains a "Buy" rating for SANY Heavy Industry (600031) with a target price of 24.63, compared to the last closing price of 20.00 [1]. Core Views - The report expresses optimism about the upward demand in the construction machinery industry, highlighting the company's share repurchase as a sign of confidence in its development [1][8]. - The company plans to repurchase shares worth between 1 billion to 2 billion RMB, using its own or raised funds, to support an employee stock ownership plan, reflecting confidence in its future stability and value [4]. - Domestic demand for excavators has shown significant growth, with sales in January and February reaching 17,045 units, a year-on-year increase of 51.4%, indicating a recovery from last year's low [4]. - The report anticipates a new upward cycle in domestic demand, benefiting the company as an industry leader [4]. - The global demand for excavators is also expected to improve, with the company's overseas revenue exceeding 60% of total revenue in the first half of 2024, driven by a recovery in Southeast Asia and anticipated improvements in the European and American markets [5]. Financial Projections - The projected revenues for SANY Heavy Industry from 2024 to 2026 are 77.67 billion RMB, 87.94 billion RMB, and 101.08 billion RMB, respectively, with net profits expected to be 5.83 billion RMB, 8.35 billion RMB, and 10.68 billion RMB [6]. - The report forecasts a revenue growth rate of 4.9% in 2024, 13.2% in 2025, and 14.9% in 2026, with net profit growth rates of 28.8%, 43.2%, and 27.9% for the same years [6].

| [Table_EPS] 盈利预测与估值 | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 80839 | 74019 | 78963 | 89601 | 102693 | | 同比（%） | (24.36) | (8.44) | 6.68 | 13.47 | 14.61 | | 归母净利润（百万元） | 4290 | 4527 | 6284 | 8494 | 11321 | | 同比（%） | (64.35) | 5.53 | 38.79 | 35.17 | 33.28 | | EPS-最新摊薄（元/股） | 0.51 | 0.53 | 0.74 | 1.00 | 1.34 | | P/E（现价&最新摊薄） | 39.51 | 37.44 | 26.97 | 19.96 | 14.97 | [Table_Tag] [Table_Summary] 投资要点 证券研究报告·公司点评报告·工程机械 三一重工（600031） 拟回购 10-20 亿元公司股份，彰显上行周期 成 ...

证券研究报告·公司点评报告·工程机械 三一重工（600031） 拟回购 10-20 亿元公司股份，彰显上行周期 成长信心 买入（维持） | [Table_EPS] 盈利预测与估值 | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 80839 | 74019 | 78963 | 89601 | 102693 | | 同比（%） | (24.36) | (8.44) | 6.68 | 13.47 | 14.61 | | 归母净利润（百万元） | 4290 | 4527 | 6284 | 8494 | 11321 | | 同比（%） | (64.35) | 5.53 | 38.79 | 35.17 | 33.28 | | EPS-最新摊薄（元/股） | 0.51 | 0.53 | 0.74 | 1.00 | 1.34 | | P/E（现价&最新摊薄） | 39.51 | 37.44 | 26.97 | 19.96 | 14.97 | [Table_Tag] [Table_Sum ...

证券时报记者 叶玲珍 作为工程机械龙头，三一重工主要产品包括混凝土机械、挖掘机械、起重机械、桩工机械、路面机械。 其中，混凝土设备为全球第一品牌，挖掘机、大吨位起重机、旋挖钻机、路面成套设备等主导产品已成 为中国第一品牌，挖掘机已连续第13年蝉联国内市场销量冠军。 2024年以来，工程机械行业整体运行逐步向好，在政策助力、机械替代人工及行业低碳化转型趋势加快 等多个因素拉动下，国内市场需求筑底回暖；伴随着中国企业全球竞争力的提升，海外市场规模亦不断 放大。 2025年，工程机械市场持续升温。行业数据显示，我国2025年1—2月共销售挖掘机31782台，同比增长 27%；其中国内销量17045台，同比增长51%；出口量14737台，同比增长7%。 三一重工(600031)拟启动新一轮回购。 3月19日，三一重工发布公告，公司董事长向文波提议以集中竞价交易方式回购股份，回购金额为10亿 至20亿元，资金来源为自有资金或自筹资金。 据悉，本次回购股份将用于员工持股计划，若未能在回购完成之后36个月内将回购股份用于上述用途， 则回购的股份将依法予以注销。 三一重工表示，本次回购是基于对未来持续稳定发展的信心和对公司价 ...

证券代码：600031 证券简称：三一重工 公告编号：2025-016 三一重工股份有限公司 关于董事长提议回购公司股份的提示性公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担个别及连带责任。 2025 年 3 月 19 日，三一重工股份有限公司（以下简称"公司"）董事会收到 公司董事长向文波先生《关于提议回购公司股份的函》，向文波先生提议公司以集 中竞价交易方式回购公司已发行的部分人民币普通股（A 股）股份，具体内容如 下： 一、提议人的基本情况及提议时间 （一）提议人：公司董事长向文波先生 （二）提议时间：2025 年 3 月 19 日 二、提议回购股份的原因和目的 基于对公司未来持续稳定发展的信心和对公司价值的认可，结合公司经营情 况及财务状况等因素，建议公司以自有资金或自筹资金回购公司股份，推进公司 股价与内在价值相匹配。回购的股份用于员工持股计划。 三、提议内容 （一）回购股份的种类：公司发行的人民币普通股（A 股）。 （二）回购股份的用途：本次回购的股份用于员工持股计划；若公司未能在本 次回购完成之后 36 个月内将回 ...

Summary of Sany Heavy Industries Conference Call Company Overview - **Company**: Sany Heavy Industries (600031 CH) - **Sector**: Machinery - **Market Cap**: CNY 170,856 million (USD 23,606 million) [5][14] Key Industry Insights - **Excavator Sales Growth**: Domestic excavator sales increased by 51% year-on-year to 17,045 units in the first two months of 2025, with exports rising by 7% year-on-year [2][18] - **Small Excavators Dominance**: Small excavators accounted for 75% of domestic sales in 2024, driven by replacement demand and rural development projects [3][22] - **Fiscal Support**: Improved fiscal support and funding for infrastructure projects are expected to boost sales during the peak season in March and April [2][10] Financial Performance and Estimates - **Revenue Estimates**: Revenue estimates for 2024, 2025, and 2026 have been raised by 0.5%, 1.2%, and 0.9% respectively [4][22] - **EPS Adjustments**: 2024 EPS estimate decreased by 1.9% while the 2025 estimate increased by 3.3% [4][22] - **Target Price**: Target price raised to RMB 24.00 from RMB 22.00, implying a 19% upside from the current share price of RMB 20.16 [4][29] Financial Ratios and Projections - **EPS Projections**: EPS projected to be CNY 0.73 in 2024, CNY 0.98 in 2025, and CNY 1.21 in 2026 [6][12] - **ROE Estimates**: Expected ROE to improve from 10.6% (2021-24 average) to 12% (2025-26 average) [4][29] - **Valuation Metrics**: Target PB multiple increased to 2.5x, reflecting a more favorable valuation environment [4][29] Risks and Considerations - **Profitability Risks**: Potential margin decline due to raw material price hikes if costs cannot be passed to customers [39] - **Demand Risks**: Risk of slowing demand for excavators if project financing tightens or property construction slows [39] - **Overseas Market Uncertainties**: 62% of revenue from overseas markets introduces economic and legal uncertainties [39] Conclusion - **Investment Recommendation**: Maintain Buy rating due to strong domestic sales outlook and growing overseas exposure [4][10] - **Key Catalysts**: Anticipated stronger domestic sales in March and potential upward guidance revisions by Sany [3][10]

Core Insights - Sinopec Engineering Group's Vice General Manager Wang Guohua visited SANY Group to discuss strategic cooperation in various sectors [1] Group 1: Strategic Cooperation - The meeting focused on collaborative development strategies between Sinopec and SANY Group [1] - Multiple cooperation agreements were reached in the fields of wind power, hoisting, and hydrogen energy [1]

三一重工 摘要 • 中国工程机械内销结束三年下跌，2025 年初显著增长，挖掘机销量出现 拐点，预示行业复苏。 • 工程机械出口占上市公司收入重要比例，受益于"一带一路"国家工业化 和城镇化，需求复制中国 2006-2011 年趋势，市场份额提升空间巨大。 • 徐工、三一重工等龙头企业竞争格局优化，注重盈利和现金流，挖掘机价 格小幅提升，费用控制带来销售净利率回升。 • 三一重工盈利能力有望提升，通过调整产品结构和海外去库存减值，股价 存在翻番空间，市值或达 2000 亿人民币。 • 2025 年 2 月挖掘机内销超预期增长，同比增长 51%，预计全年增速超 20%，海外市场持续增长 7%。 • 俄乌冲突缓和、国内老旧城区改造和基建需求改善将推动工程机械行业增 长，持续看好整个板块。 • 三一重工海外市场占比高，经营性现金流强劲，财务稳健，预计 2024- 2026 年利润复合增速 34%，估值有提升空间。 Q&A 工程机械行业在 2023 年和 2024 年的表现如何？未来的趋势是什么？ 根据我们的预测模型，工程机械行业在 2023 年和 2024 年见底，并将进入一 轮反转行情。这一预测得到了数据验证。自 ...

Investment Rating - The investment rating for SANY Heavy Industry is "Buy" (maintained) [5] Core Views - The report highlights that the overseas and domestic markets for the engineering machinery industry are experiencing upward resonance, positioning SANY Heavy Industry as one of the companies with the greatest earnings elasticity due to its significant share in the excavator market [1][2] - Despite market concerns regarding insufficient real estate demand and infrastructure funding, the report anticipates a recovery in the engineering machinery industry, with SANY benefiting from its high revenue share from excavators [2][5] - The company plans to list on the Hong Kong Stock Exchange, which is seen as a move to enhance its global strategy and improve governance transparency [2][3] Company Summary - SANY Heavy Industry's excavator revenue accounted for 39% of its total revenue in the first half of 2024, making it the second highest among domestic manufacturers [2] - The company reported a significant improvement in profitability, with a net profit of 49 billion yuan in 2024, representing a 20% year-on-year increase [5][10] - The international revenue for SANY reached 235 billion yuan in the first half of 2024, marking a 4.8% increase and accounting for 62% of total revenue [10] Industry Summary - The engineering machinery industry is showing signs of recovery, with a 53% year-on-year increase in excavator sales in February 2025 [3] - Domestic sales of excavators reached 11,640 units in February 2025, a 99% increase year-on-year, indicating a warming market [3] - The report suggests that the anticipated end of the Russia-Ukraine conflict could lead to increased overseas demand for engineering machinery, benefiting leading companies like SANY [3][5]