Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected increase of over 15% relative to the CSI 300 index within the next six months [28]. Core Views - The domestic demand for construction machinery is expected to recover due to equipment upgrades, while overseas business continues to grow [6][13]. - The company achieved a revenue of 74.02 billion yuan in 2023, a decrease of 8.44% year-on-year, but the net profit attributable to shareholders increased by 5.33% to 4.53 billion yuan [6][7]. - The company's international sales revenue reached 43.26 billion yuan, a year-on-year increase of 18.28%, accounting for 60.48% of total revenue [10][11]. Summary by Sections Financial Performance - In 2023, the company reported a revenue of 740.19 billion yuan, with a net profit of 45.27 billion yuan, and a non-recurring net profit of 43.88 billion yuan, showing a significant growth of 40.35% [6][7]. - For Q1 2024, the company generated a revenue of 178.30 billion yuan, a slight decline of 0.95% year-on-year, while the net profit increased by 4.21% to 15.80 billion yuan [12]. Business Segments - The excavator segment saw a revenue of 276.36 billion yuan, down 22.71%, but maintained its position as the market leader for 13 consecutive years [7]. - Concrete machinery revenue was 153.15 billion yuan, up 1.55%, with electric mixer truck sales increasing by 47% [7]. - The crane segment generated 130 billion yuan, with overseas growth exceeding 50% [7]. Strategic Initiatives - The company is actively promoting its "New Three Transformations" strategy, achieving significant results in globalization, digitalization, and low-carbon initiatives [8]. - The international market has shown strong growth, with sales covering over 180 countries and regions, particularly in Europe and the Americas [10]. Profitability and Margins - The company's gross margin improved to 27.71%, an increase of 3.69 percentage points year-on-year, driven by higher margins in international business [11]. - The net profit margin also increased to 6.29%, reflecting improved profitability across various business segments [11]. Future Outlook - The construction machinery industry is expected to reach a turning point, driven by large-scale equipment upgrades and supportive government policies [13]. - The company is well-positioned to benefit from the recovery in domestic demand and continued international expansion [15].

Investment Rating - The investment rating for SANY Heavy Industry is "Buy - A" with a target price of 20.17 CNY for the next six months [4]. Core Views - SANY Heavy Industry's revenue for 2023 was 74.02 billion CNY, a decrease of 8.44% year-on-year, while the net profit attributable to shareholders was 4.53 billion CNY, an increase of 5.53% year-on-year [1]. - The company has maintained a strong market position in the domestic market, holding the largest market share in 13 key product categories, including large excavators, and has seen continuous growth in international markets [1][2]. - The company's gross margin improved to 27.72% in 2023, up 3.7 percentage points year-on-year, indicating enhanced profitability driven by product and market structure optimization [3]. Summary by Sections Financial Performance - In Q1 2024, SANY Heavy Industry achieved a revenue of 17.83 billion CNY, a slight decrease of 0.95% year-on-year, with a net profit of 1.58 billion CNY, up 4.21% year-on-year [1]. - The overall gross margin for 2023 was 27.72%, with a net margin of 6.3%, reflecting a stable operational quality [3]. - The company reported a significant increase in operating cash flow, reaching 5.7 billion CNY in 2023, a 39% increase year-on-year [3]. Product Performance - Excavators generated approximately 27.6 billion CNY in revenue in 2023, down 23% year-on-year, while Q1 2024 revenue was about 7.05 billion CNY, up 2.8% year-on-year [2]. - Concrete machinery revenue was around 15.3 billion CNY in 2023, up 2% year-on-year, maintaining the global market leader position [2]. - Crane revenue reached approximately 13 billion CNY in 2023, with a year-on-year increase of 3%, and Q1 2024 revenue was about 3.24 billion CNY, also up 2% year-on-year [2]. Market Outlook - The report anticipates that SANY Heavy Industry will achieve revenues of 80.98 billion CNY, 91.31 billion CNY, and 106.06 billion CNY for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 9.4%, 12.8%, and 16.1% [7]. - The net profit for the same years is projected to be 5.83 billion CNY, 7.58 billion CNY, and 10.37 billion CNY, with growth rates of 28.7%, 30.0%, and 36.9% [7]. - The company is expected to benefit from a recovery in the domestic market and continued growth in international markets, enhancing its long-term growth potential [7].

证券研究报告：机械设备|公司点评报告 2024年5月8日 股票投资评级 三一重工(600031) 增持|首次覆盖 高质量发展卓有成效，国际化推进顺利 个股表现 ⚫ 事件描述 公司发布 2023 年年度报告，全年实现营收 740.19 亿元，同减 三一重工 机械设备 10% 8.44%；实现归母净利润45.27亿元，同增5.53%；实现扣非归母净利 6% 2% 润43.88亿元，同增40.35%。 -2% 公司发布2024年一季报，实现营收178.30亿元，同减0.95%； -6% -10% 实现归母净利润15.80亿元，同增4.21%；实现扣非归母净利润13.46 -14% 亿元，同减6.41%。 -18% -22% ⚫ 事件点评 -26% 2023-05 2023-07 2023-10 2023-12 2024-02 2024-05 营收基本保持稳定，业绩稳中有增。分产品来看，公司 2023 年 混凝土机械、挖掘机械、起重机械、桩工机械、路面机械、其他分别 资料来源：聚源，中邮证券研究所 实现收入153.15、276.36、129.99、20.85、24.85、110.01亿元，同 比增速分别为1.55%、 ...

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]