1 2023 Sustainable Development (ESG) Report | 51 | HSE Management System | | --- | --- | | 54 | Environmental Protection | | 58 | Commitment to Green Developme | | 66 6 | Occupational Health and Safaty | 2 3 SANY Heavy Industry Co., Ltd. SANY Heavy Industry Co., Ltd. 2023 Sustainable Development (ESG) Report About This Report This is the 2023 Sustainable Development (ESG) Report (hereinafter referred to as "this report") released by SANY Heavy Industry Co., Ltd. This report is a genuine description of SANY ...

Investment Rating - The report maintains a "Buy" rating for SANY Heavy Industry with a target price of 18.48 CNY, based on a current price of 16.93 CNY [6][7]. Core Views - The report is optimistic about the domestic market's equipment replacement demand and the continuous growth of overseas business [2][4]. - SANY Heavy Industry's revenue for 2023 was 74.019 billion CNY, a decrease of 8.44% year-on-year, while the net profit attributable to shareholders increased by 5.53% to 4.527 billion CNY [2][4]. - The company's overseas business showed significant growth, with international revenue accounting for 60.48% of total revenue, up 14.78 percentage points year-on-year [3][4]. Financial Performance Summary - In 2023, the revenue breakdown by product was as follows: concrete machinery (15.315 billion CNY), excavators (27.636 billion CNY), cranes (12.999 billion CNY), pile machinery (2.085 billion CNY), road machinery (2.485 billion CNY), and others (11.001 billion CNY) [3]. - The company achieved a gross margin of 27.71% and a net margin of 6.29% in 2023, with improvements in gross margin attributed to changes in revenue structure [5][6]. - For Q1 2024, the company reported revenue of 17.662 billion CNY, a slight decline of 0.73% year-on-year, but net profit increased by 4.21% to 1.58 billion CNY [4][6]. Earnings Forecast and Valuation - The report forecasts revenues of 82.124 billion CNY, 93.067 billion CNY, and 104.815 billion CNY for 2024, 2025, and 2026, respectively, with a compound annual growth rate (CAGR) of 25.94% [6][7]. - The expected earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 0.83 CNY, 0.93 CNY, and 1.07 CNY, respectively [6][7].

一、 回购股份的基本情况 证券代码：600031 证券简称：三一重工 公告编号：2024-029 三一重工股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 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法律责任。 重要内容提示： | 回购方案首次披露日 | 2024/2/6 | | --- | --- | | 回购方案实施期限 | 待董事会审议通过后 个月 6 | | 预计回购金额 | 亿元~10 亿元 6 | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 万股 2,066.24 | | 累计已回购股数占总股本比 | 0.24% | | 例 | | | 累计已回购金额 | 2.88 亿元 | | 实际回购价格区间 | 13.82 元/股~14.50 元/股 | 上述回购进展符合相关法律法规及公司回购股份方案的规定。 三、 其他事项 公司将严格按照《上市公司股份回购规则》《上海证券交易所上市公司自律监 管指引第 7 号—— ...

[Table_StockInfo] 买入 2024年 04月 29日 （首次） 证券研究报告•23年年报&24Q1季报点评 当前价： 16.12元 三一重工（600031） 机械设备 目标价： 19.60元（6个月） 24Q1 归母净利润同比+4.2%，盈利能力提升 投资要点 西南证券研究发展中心 [T ab事le件_S：u公mm司a发ry布] 2023年年报和2024Q1业绩，2023年实现营收740.2亿，同 比-8.4 %；归母净利润45.3亿，同比+5.5%。单Q4营收 17.9亿，同比-17.6%，； [分Ta析bl师e_：Au邰th桂or龙] 归母净利润4.8亿，同比-30.7%。2024Q1公司实现营收178.3亿，同比-0.95%， 执业证号：S1250521050002 归母净利润15.8亿，同比+4.2%。公司海外业务稳定增长，盈利能力提升。 电话：021-58351893  国内工程机械下滑周期影响，挖掘机械、路面机械、桩工机械板块承压下滑。 邮箱：tgl@swsc.com.cn 2023年，公司挖掘机械实现营收276.4亿元，同比-22.7%，挖掘机收入下滑明 显，主要系国内工程机 ...

Investment Rating - The report maintains a "Buy" rating for the company [6][8]. Core Views - The company has shown a significant increase in overseas revenue, while domestic demand is approaching a turning point. The overseas revenue reached 435.64 billion yuan, a year-on-year increase of 19.12%, while domestic revenue was 296.58 billion yuan, a decline of 28.59% [7]. - The overall gross margin for the company improved to 27.71%, an increase of 3.71 percentage points year-on-year, driven by cost reduction and efficiency improvements, as well as a shift in product mix [7]. - The engineering machinery cycle is expected to bottom out in 2024, with potential policy support leading to a stabilization and recovery in terminal demand [7]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 740.19 billion yuan, a year-on-year decrease of 8.44%, while the net profit attributable to the parent company was 45.27 billion yuan, an increase of 5.53% [6]. - For Q1 2024, the company reported a revenue of 178.30 billion yuan, a slight decline of 0.95%, and a net profit of 15.80 billion yuan, a year-on-year increase of 4.21% [6][9]. Revenue Breakdown - Revenue by product for 2023: Excavators 276.36 billion yuan (-22.77%), Concrete machinery 153.15 billion yuan (+1.55%), Cranes 129.99 billion yuan (+2.60%), Road machinery 24.85 billion yuan (-19.32%), Piling machinery 20.85 billion yuan (-31.97%) [7]. - Revenue by region: Domestic 296.58 billion yuan (-28.59%), Overseas 435.64 billion yuan (+19.12%) [7]. Profitability Metrics - The gross margin for excavators, concrete machinery, cranes, road machinery, and piling machinery were 33.17%, 22.33%, 24.67%, 30.00%, and 34.08% respectively, with notable increases in several categories [7]. - The projected net profits for 2024-2026 are 59.70 billion yuan, 78.10 billion yuan, and 100.13 billion yuan respectively, reflecting a recovery trend [8][9].

Investment Rating - The report assigns a "Buy" rating for SANY Heavy Industry (600031) [6][8] Core Views - The company is steadily advancing its "New Three Transformations" strategy, leading to continuous improvement in profitability [5][6] - In 2023, SANY Heavy Industry maintained strong competitiveness in core products despite a downturn in the domestic construction machinery industry, with excavators leading domestic sales for 13 consecutive years and concrete machinery ranking first globally [4][5] - The company's gross margin and net margin improved to 27.71% and 6.29% respectively in 2023, with further increases in Q1 2024 to 28.15% and 9.19% [4][5] Summary by Sections Financial Performance - In 2023, the company achieved operating revenue of 740.19 billion yuan, a year-on-year decrease of 8.44%, while net profit attributable to shareholders was 45.27 billion yuan, an increase of 5.33% [4][6] - For Q1 2024, operating revenue was 178.30 billion yuan, down 0.95% year-on-year, with a net profit of 15.80 billion yuan, up 4.21% [4][6] Strategic Initiatives - The "New Three Transformations" strategy focuses on globalization, digitalization, and low-carbon initiatives, with overseas revenue reaching 432.58 billion yuan in 2023, a year-on-year increase of 18.28% [5][6] - The company has established 33 lighthouse factories and launched the MySANY customer interaction platform in 129 countries, enhancing service efficiency [5][6] Market Outlook - The company is expected to benefit from a recovery in domestic excavator demand, with projections indicating improved revenue growth in the latter half of 2024 [6][7] - Revenue forecasts for 2024-2026 are 804.96 billion yuan, 933.88 billion yuan, and 1,110.89 billion yuan respectively, with net profits of 62.27 billion yuan, 80.10 billion yuan, and 99.41 billion yuan [6][7]

Investment Rating - The investment rating for SANY Heavy Industry is "Buy" (maintained) [1] Core Views - The company's performance in 2023 met market expectations, with a notable recovery in profitability and a strong international expansion strategy [3][4] - The company achieved a total revenue of 74.02 billion yuan in 2023, a year-on-year decline of 8.44%, while net profit attributable to shareholders increased by 5.53% to 4.53 billion yuan [3] - The international revenue share increased to 60.5% in 2023, with significant growth in overseas markets, particularly in Europe and the Americas [4] - The company is expected to maintain a high level of cash flow and collection rates, with a collection rate of 99.38% in 2023 [5] Summary by Sections Financial Performance - In 2023, SANY Heavy Industry's total revenue was 74.02 billion yuan, down 8.44% year-on-year, while net profit was 4.53 billion yuan, up 5.53% [3] - The first quarter of 2024 saw a revenue of 17.83 billion yuan, a slight decline of 0.95%, with net profit increasing by 4.21% to 1.58 billion yuan [3] - The company's gross profit margin improved to 27.72% in 2023, up 3.7 percentage points year-on-year, and the net profit margin was 6.3%, up 0.8 percentage points [5] International Expansion - In 2023, overseas revenue reached 43.26 billion yuan, a year-on-year increase of 18.28%, with the international revenue share rising to 60.5% [4] - The company has established a presence in over 180 countries and regions, with Europe being the fastest-growing area for overseas sales [4] Profitability and Cash Flow - The company is expected to see continued improvement in profitability due to product mix optimization and the high margins from international sales [5] - Operating cash flow for 2023 was 5.71 billion yuan, with a significant increase in cash flow in the first quarter of 2024 [5] Employee Stock Ownership Plan - The company announced a new employee stock ownership plan, aiming to enhance long-term growth confidence, involving a total of 5.92 billion yuan and covering approximately 6,972 employees [9]

Investment Rating - The report maintains a "Buy" rating for the company with a target price not specified [5] Core Views - The company's performance in 2023 met expectations, with a revenue of 74.02 billion, a year-on-year decrease of 8.44%, and a net profit attributable to shareholders of 4.53 billion, an increase of 5.53% year-on-year [1][2] - The company is expected to benefit from the recovery of the engineering machinery industry in 2024, driven by favorable factors such as increased infrastructure and mining investments overseas [2][3] - The report projects net profits for 2024-2026 to be 6.04 billion, 7.23 billion, and 9.02 billion respectively, with corresponding P/E ratios of 22.9, 19.1, and 15.4 [2][3] Financial Performance Summary - In 2023, the company achieved a gross margin of 27.71%, up 3.69 percentage points year-on-year, and a net profit margin of 6.29%, up 0.79 percentage points year-on-year [1] - For Q1 2024, the company reported a revenue of 17.83 billion, a slight decrease of 0.95% year-on-year, with a net profit of 1.58 billion, an increase of 4.21% year-on-year [1] - The company’s cash collection rate was 99.38% in 2023, indicating effective control over operational risks [2] Product and Regional Performance - In 2023, the company’s revenue from concrete machinery, excavators, and other machinery segments showed mixed results, with concrete machinery revenue increasing by 1.55% to 15.31 billion, while excavator revenue decreased by 22.71% to 27.64 billion [1][2] - Domestic revenue in 2023 was 28.26 billion, down 31.97% year-on-year, while international revenue was 43.26 billion, up 18.28% year-on-year, with international sales accounting for over 60% of total revenue [2]

[Table_Page] 年报点评|工程机械 证券研究报告 [三Table_一Title] 重工（600031.SH） [公Tab司le_I评nves级t] 买入 当前价格 16.12元 业绩符合预期，国际化及高质量发展并行 合理价值 19.32元 前次评级 买入 [ 核Tabl 心e_Su 观mm 点ary] ： 报告日期 2024-04-30  业绩符合预期，利润率持续修复。公司发布2023年年报及2024年一 相[Ta对ble市_Pi场cQu表ote现] 季报。23年公司实现收入740.2亿元，同比下降8.4%；实现归母净利 润45.3亿元，同比增长5.5%。24Q1实现收入178.3亿元，同比下降 10% 1%；实现净利润15.8亿元，同比增长4.2%，整体符合预期。24Q1毛 4% 利率 28.15%，同比提升 0.55pct，24Q1 净利率 9.2%，创造近 10 个 -3%05/23 07/23 09/23 11/23 01/24 03/24 季度以来的单季新高。 -9%  国际化成果显著，引领工程机械出海。据公司23年报，三一重工海外 -15% 收入达433亿元，同比增长18.3%；23 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][7][9] Core Views - The company reported a revenue of 74.02 billion and a net profit of 4.53 billion for 2023, showing a year-on-year decrease in revenue of 8.44% but an increase in net profit of 5.53% [1] - In Q1 2024, the company achieved a revenue of 17.83 billion and a net profit of 1.58 billion, with revenue decreasing by 0.95% year-on-year but net profit increasing by 4.21%, aligning with market expectations [1] - The overseas revenue accounted for nearly 60% of total revenue, reaching 43.26 billion in 2023, which is an increase of 18.28% year-on-year, indicating successful progress in the globalization strategy [1] - The company is expected to benefit from a new round of replacement cycles in the domestic excavator market, as signs of market stabilization are evident [1] Summary by Sections Performance Overview - The company’s revenue for 2023 was 74.02 billion, with a net profit of 4.53 billion, reflecting a revenue decline of 8.44% and a net profit increase of 5.53% [1][4] - For Q1 2024, revenue was 17.83 billion and net profit was 1.58 billion, showing a revenue decrease of 0.95% and a net profit increase of 4.21% [1] Operational Analysis - The overseas revenue reached 43.26 billion in 2023, accounting for 58.4% of total revenue, with a year-on-year growth of 18.28% [1] - The gross margin for overseas markets was 30.94%, which is 7.98 percentage points higher than the domestic market [1] - The company maintained a high R&D expense ratio of 7.25% in Q1 2024, indicating a strong focus on innovation [1] Profit Forecast and Valuation - The revenue forecast for 2024-2026 is projected at 78.70 billion, 88.00 billion, and 100.88 billion respectively, with net profits expected to be 5.94 billion, 7.78 billion, and 9.59 billion [1][4] - The corresponding price-to-earnings ratios are estimated at 23, 17, and 14 for the years 2024, 2025, and 2026 respectively [1]