Summary of SANY Heavy Industry Conference Call Company Overview - **Company**: SANY Heavy Industry - **Industry**: Engineering Machinery Key Points and Arguments Performance Expectations - SANY Heavy Industry expects significant growth in 2025, with overseas market contribution reaching two-thirds and higher profit margins. The company has been reducing inventory and impairment over the past three years, which has suppressed profitability. As inventory is consumed, profitability is anticipated to improve [3][4] - The company’s operating cash flow is strong, exceeding 12 billion RMB in the first three quarters of 2024, the highest among engineering machinery companies. The estimated P/E ratio for 2025 is around 18 times, indicating a reasonable valuation with potential for enhanced profitability through electrification, globalization, and automation [3][6] - Current market capitalization is approximately 140 billion RMB, with expectations to approach 300 billion RMB in the future. Revenue is about 17% of Caterpillar's, and net profit is around 9%, suggesting potential for faster growth than Caterpillar, thereby narrowing the market cap gap [3][7] Industry Trends - The engineering machinery industry is showing positive trends, with many leading companies reporting over 10% revenue growth in January 2025, and some achieving net profit growth of 20%-30%. Companies like XCMG are revitalized through mixed reforms and equity incentives, positively impacting industry growth [3][8] - In January 2025, excavator sales increased by 1.1% year-on-year, with domestic sales slightly down by 0.3%. Exports maintained positive growth at 2.19%. Overall, the excavator market data is improving [3][11] Competitive Advantages - Compared to competitors like XCMG and Shantui, SANY Heavy Industry exhibits more stable profit margins and cycles. Over 70% of its net profit comes from overseas markets, particularly in Europe and North America, where growth is expected to exceed 20% in 2025 despite industry downturns [5][18] Governance and Management - SANY Heavy Industry has improved its governance structure, with the actual controller's son now overseeing overseas operations, which is expected to yield positive results in the next three years. The company is advised to increase allocation in the engineering machinery sector, anticipating 20%-30% growth for major leading companies [3][9] Profitability Drivers - The improvement in SANY Heavy Industry's profitability is attributed to a 5% price increase, recovery in demand, optimization of product range by eliminating low-margin products, and an increased share of overseas business, which has a higher overall gross margin [3][12] Future Outlook - For Q1 2025, SANY Heavy Industry anticipates double-digit revenue growth of around 10% and a net profit margin increase, projecting a 20% growth in performance. The concrete machinery segment shows signs of stabilization, leading to an optimistic outlook for the entire year [3][14] Global Market Position - Domestic engineering machinery companies have a strong global market presence, with concrete machinery accounting for 90% of the global market share due to significant mergers. The market share for cranes and construction machinery from Chinese companies is close to 50%, while excavators hold about 35% [15][16] Strategic Development - SANY Heavy Industry's future strategy focuses on internationalization, low-carbon initiatives, and smart manufacturing. The company is making significant investments in electrification and automation technologies, aiming to enhance production capacity and efficiency [19][20] Conclusion - SANY Heavy Industry is well-positioned to leverage industry recovery, supported by strong governance, competitive advantages in overseas markets, and a robust growth strategy. The engineering machinery sector is expected to continue its upward trajectory, providing ample investment opportunities.

Meta 入局人形机器人，工程机械需求持续复苏 [Table_Industry] 机械行业 | | | ——机械行业周报 | [Table_Invest] 评级： | | 增持 | | --- | --- | --- | | | 上次评级: | 增持 | | [table_Authors] 肖群稀(分析师) | 徐乔威(分析师) | 刘麒硕(研究助理) | | | --- | --- | --- | --- | | 0755-23976830 | 021-38676779 | 0755-23976666 | | | xiaoqunxi027589@gtjas.com | xuqiaowei023970@gtjas.com | liuqishuo028693@gtjas.com | [Table_Report] 相关报告 | | 登记编号S0880522120001 | S0880521020003 | S0880123070153 | 机械行业《新时达发布定增预案，海尔集团或入 | 本报告导读： 上周（2025/2/10-2025/2/14）机械设备指数涨跌幅为+0.23%。关注人形机器人等 领域科技创新，工 ...

挖掘机是基础设施建设的"标配"，是反映、观察固定资产投资等经济变化的风向标。 央视财经与三 一重工、树根互联联合打造的"央视财经挖掘机指数" 发布了最新相关数据。2024年，全国工程机械数据 总体平稳，各项基础设施建设有序推进，展现出较强的韧性和活力。 "最强战队"霸榜三年！2024年TOP10名单来了！ 2024年全年有23个省份全年综合开工率超过50%。综合开工率排名前十的省份分别是：安徽、浙 江、江西、海南、湖北、四川、福建、重庆、广东、河南。 其中，均位于长江经济带的安徽、浙江、江西、湖北4省份开工率连续三年霸榜全国Top5。 72.91%！劳模出炉：吊装设备霸屏2024年 2024年在大类设备中，吊装设备开工率为72.91%，位居榜首。挖掘设备开工率为58.87%，位居第 二；工程设备开工率为54.21%，位居第三。 其中，吊装设备表现突出，全年有11个月开工率在60%以上，3到6月份更是超过70%。春夏两季其 开工率持续高位，进一步说明这两个季节全国范围内处于工程建设的高峰期。 内陆成外贸前沿！西部陆海新通道沿线省份集体发力 2024年，贵州、河南、宁夏、陕西、四川、重庆、广西、黑龙江、浙江、新疆 ...

湖南启元律师事务所 HUNAN QIYUAN LAW FIRM 410007 湖南省长沙市 芙蓉区建湘路 393 号世茂环球金融中心 63 层 Tel：86-731-82953777 Fax：86-731-82953779 http://www.qiyuan.com 湖南启元律师事务所 关于三一重工股份有限公司 2025 年第一次临时股东大会的 法律意见书 致：三一重工股份有限公司 湖南启元律师事务所（以下简称"本所"）受三一重工股份有限公司（以下简 称"公司"）委托，对公司 2025 年第一次临时股东大会（以下简称"本次股东大会"） 进行现场见证，并根据《中华人民共和国公司法》（以下简称"《公司法》"）、 《上市公司股东大会规则》（以下简称"《股东大会规则》"）等中国现行法律、 法规、规章和规范性文件以及《三一重工股份有限公司章程》（以下简称"《公 司章程》"）的相关规定，出具本法律意见书。 为出具本法律意见书，本所指派律师列席了本次股东大会，按照律师行业公 认的业务标准、道德规范和勤勉尽责精神，对本次股东大会进行了现场见证，并 核查和验证了公司提供的与本次股东大会有关的文件、资料和事实。 本所出具本法律意 ...

证券代码：600031 证券简称：三一重工 公告编号：2025-014 三一重工股份有限公司 2025 年第一次临时股东大会决议公告 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 6,205 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 3,452,469,431 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 40.7372 | | 份总数的比例（%） | | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由董事会召集，采用现场投票与网络投票相结合的方式进行表决， (一) 股东大会召开的时间：2025 年 1 月 21 日 (二) 股东大会召开的地点：湖南省长沙市长沙县三一产业园行政中心一号会 议室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 符合《公司法》和《公司章程》的有关规定；本次会议由 ...

Summary of SANY Heavy Industry Conference Call Company and Industry Overview - The conference call focused on SANY Heavy Industry, a leading player in the Chinese construction machinery industry, and its comparison with Caterpillar, a global leader in the same sector [3][4]. Key Points and Arguments 1. **Global Comparison Significance**: The comparison between Caterpillar and Chinese construction machinery companies is significant due to the GDP of China and the US accounting for nearly 45% to 50% of the global total, with China potentially surpassing the US in purchasing power [3]. 2. **Market Valuation Discrepancy**: Caterpillar's market capitalization exceeds 1.3 trillion RMB, while SANY, XCMG, and Zoomlion combined are valued at over 300 billion RMB, indicating that Chinese companies are undervalued despite comparable sales revenues [3][4]. 3. **Financial Metrics Disparity**: SANY's Return on Equity (ROE) is about one-third of Caterpillar's, and its Price-to-Book (PB) ratio is below 2, compared to Caterpillar's nearly 8, primarily due to differences in net profit margins and leverage [5][6]. 4. **Lessons from Caterpillar**: Caterpillar's history offers valuable lessons for Chinese companies, including international expansion, product diversification, and improving sales margins and turnover rates [6][8]. 5. **Future Industry Outlook**: The Chinese construction machinery industry has a promising future, moving towards global supply after completing import substitution, with the Belt and Road Initiative expected to create new market growth opportunities [7][30]. 6. **Caterpillar's Historical Performance**: Over the past 37 years, Caterpillar achieved an average annual revenue growth of 8% and a profit growth of 16.57%, with significant implications for Chinese companies aiming for similar growth [8][17]. 7. **Product Gaps**: While Chinese companies are competitive in excavators, they still lag in high-end mining machinery, necessitating improvements in brand influence, local service quality, and product quality [10][12]. 8. **Electrification Trends**: The trend towards electrification is crucial for achieving low carbon goals, with significant progress in electric forklifts and potential breakthroughs in electric excavators [12][28]. 9. **Globalization Strategy**: SANY should strengthen its market share in Belt and Road countries while exploring high-end markets in Europe and North America, focusing on brand building and product quality [13][14]. 10. **Diversification Importance**: Diversification enhances risk resilience and allows for rapid acquisition of technology and market share, as seen in Caterpillar's strategy [15]. 11. **Current Market Valuation**: SANY's current market value is approximately 130 billion RMB, with potential growth to over 300 billion RMB in the next three years based on profit projections and market conditions [16][30]. 12. **Competitive Landscape**: In emerging markets, SANY competes primarily on cost against Japanese and Korean brands, while also facing strong competition from Caterpillar [22][23]. Additional Important Insights - **Impact of COVID-19**: The pandemic accelerated the expansion of Chinese construction machinery companies into overseas markets, with SANY's overseas excavator sales increasing from 2% to 10% since 2020 [11]. - **Digitalization and Automation**: The industry is undergoing significant digital transformation, with advancements in smart solutions and AI technology expected to enhance operational efficiency [29]. - **Long-term Industry Trends**: The construction machinery industry is expected to see a recovery in domestic demand, with increasing market share for Chinese brands overseas, particularly in Southeast Asia [30].

2025 年第一次临时股东大会会议议案 三一重工股份有限公司 2025 年 1 月 21 日 三一重工股份有限公司 目录 | 1、关于制定《对外财务资助管理制度》的议案 1 | | --- | | 2、关于预计 2025 年为子公司提供财务资助的议案 2 | | 3、关于预计 2025 年开展按揭与融资租赁业务额度的议案 7 | | 4、关于与关联银行开展存贷款及设备融资业务的议案 8 | | 5、关于为子公司提供担保的议案 11 | | 6、关于预计子公司三一融资担保有限公司 2025 年度对外担保额度的议案 | | 15 | ―1― 议案一： 关于制定《对外财务资助管理制度》的议案 各位股东及股东代表： 为规范三一重工股份有限公司（以下简称"公司"）对外提供财 务资助行为，防范财务风险，进一步提升公司治理与内控管理水平， 维护公司及全体股东特别是中小股东的合法权益，根据《中华人民共 和国公司法》《中华人民共和国证券法》《上海证券交易所股票上市规 则》《上海证券交易所上市公司自律监管指引》及《三一重工股份有 限公司章程》等有关规定，结合公司的实际情况，特制定公司对外财 务资助管理制度，具体内容请见公司于 2 ...

证券代码：600031 证券简称：三一重工 公告编号：2025-013 三一重工股份有限公司股东集中竞价 减持计划时间届满暨未减持股份的结果公告 本公司董事会、全体董事及相关股东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。 - 1 - 股东持股的基本情况：本次减持计划披露前，刘华、刘道君、席卿分 别持有公司股份 1,686,590 股、794,750 股、400,000 股，分别占公 司总股本的 0.020%、0.009%、0.0047%。 集中竞价减持计划的实施结果情况：截止本公告日，本次减持计划时 间届满，刘华、刘道君、席卿未实施减持。 二、集中竞价减持计划的实施结果 (一)股东因以下事项披露集中竞价减持计划实施结果： | | 减持 | | | | 减持价 | 减持 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东 | 数量 | 减持 | 减持期间 | 减持 | 格区间 | 总金 | 减持完成 | 当前持股数量 | 当前持 | | 名称 | （ ...

三一重工股份有限公司 对外提供财务资助管理制度 第一章 总则 第一条 为规范三一重工股份有限公司（以下简称"公司"）对 外提供财务资助行为，防范财务风险，进一步提升公司治理与内控管 理水平，维护公司及全体股东的合法权益，根据《中华人民共和国公 司法》《中华人民共和国证券法》《上海证券交易所股票上市规则》 （以下简称"《上市规则》"）《上海证券交易所上市公司自律监管 指引第 1 号——规范运作》及《三一重工股份有限公司章程》(以下 简称"《公司章程》")等有关规定，结合公司的实际情况，特制定 本制度。 第二条 本制度所称"对外提供财务资助"，是指公司及其控股 子公司有偿或者无偿对外提供资金、委托贷款等行为，但下列情况除 外： （一）公司是以对外提供借款、贷款等融资业务为其主营业务的 持有金融牌照的主体； （二）资助对象为公司合并报表范围内，且该控股子公司其他股 东中不包含公司的控股股东、实际控制人及其关联人； （三）中国证监会或者上海证券交易所认定的其他情形。 公司及子公司向与关联人共同投资形成的控股子公司提供财务资 助，参照本制度执行。 第三条 公司应当充分保护全体股东特别是中小股东的合法权 - 1 - 益， ...

证券代码：600031 证券简称：三一重工 公告编号：2025-002 三一重工股份有限公司 第八届监事会第二十三次会议决议公告 本公司监事会及全体监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。 三一重工股份有限公司（以下简称"公司"）第八届监事会第二十三次会议 于 2025 年 1 月 3 日以通讯表决方式召开。会议应参加表决的监事 3 人，实际参 加表决的监事 3 人。会议符合《公司法》和《公司章程》的有关规定，审议通过 了以下议案： 一、审议通过《关于预计 2025 年为子公司提供财务资助的议案》 监事会认为：按揭、融资租赁业务是工程机械行业普遍采用的销售模式，公 司开展按揭与融资租赁业务，是公司正常的生产经营行为，有利于促进公司产品 的销售，加快资金回笼，不存在损害公司和中小股东利益的行为。 监事会认为：本次财务资助是为了满足控股子公司生产经营的资金需要，支 持其业务发展；被资助对象均为公司合并范围内控股子公司，完全具备履约能力， 公司能够对其实施有效的业务、资金管理和风险控制，确保公司资金安全，不影 响公司的独立性，也不存在损 ...