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]

2024 年 4 月 29 日 CMB 国际全球市场 | 股票研究 | 公司更新 三一重工 (600031 CH) 2023 年净利润错过 ； 1Q24 仍然疲软 ； 观望 三一重工 （ 三一重工 ） 2023 年的净利润为 45.3 亿元人民币 （ 同比增长 6% ），比我们和 普遍预期低 12% 。此外，由于收入缺乏增长 （ 同比增长 - 1% ），第 1 季度净利润仅同比增 目标价 14.80 元 长 5%，至 15.8 亿元人民币。鉴于海外需求疲软 （ 尤其是欧洲 ），我们仍然担心今年出口进 （ 先前 TP 为 12.30 元人民币 ） 一步放缓。我们维持 2024E 盈利预测，但考虑到中国市场的温和复苏，将 2025E 预期上调 涨 / 跌 （ 7.7% ） 8% 。尽管如此，我们的新估计仍低于共识 24% / 29% 。维护。HOLD新 TP 为 14.8 元人民 现价人民币 16.04 元中国资本货物 币 ， 基于 24 倍 2024E P / E 。 Wayne FUNG, CFA  4Q23 业绩低于预期。收入同比下降 17% ， 至 17.9 亿元人民币。毛利率同比收窄 1.9 (852 ...

Investment Rating - The report maintains a HOLD rating for SANY Heavy with a new target price of RMB14.80, revised from RMB12.30, based on a 24x 2024E P/E ratio [2][3]. Core Insights - SANY Heavy's net profit for 2023 was RMB4.53 billion, a 6% year-over-year increase, but 12% below estimates. The 1Q24 net profit grew only 5% year-over-year to RMB1.58 billion, attributed to a revenue decline of 1% year-over-year [2][3]. - Concerns persist regarding a potential slowdown in exports, particularly in Europe, impacting overall performance [2][3]. - The report anticipates a moderate recovery in the Chinese market, leading to an 8% increase in 2025E earnings estimates, although these remain 24% to 29% below consensus [2][3]. Financial Performance Summary - **2023 Results**: Revenue decreased by 17% year-over-year to RMB17.9 billion, with a gross margin contraction of 1.9 percentage points to 25.6%. Net profit fell by 29% year-over-year to RMB480 million [2][3]. - **1Q24 Results**: Revenue dropped 1% year-over-year, but gross margin improved by 0.5 percentage points to 28.4%. Operating cash flow significantly improved to RMB4.38 billion compared to -RMB1.6 billion in 1Q23 [2][3]. - **Overseas Revenue**: In 2H23, overseas revenue (62% of total) grew 4% year-over-year to RMB20.8 billion, with Europe showing a 15% increase to RMB8.1 billion [2][3][7]. Valuation and Market Outlook - The target price of RMB14.80 reflects a valuation that is 0.5 standard deviations above the average P/E of 20x since 2017, indicating initial signs of stabilization in excavator sales in China [2][3]. - Upside risks include stabilization in property investment in China, while downside risks involve further declines in overseas demand [2][3].

Investment Rating - The report maintains a "Recommended" rating for SANY Heavy Industry [1][2] Core Views - In 2023, SANY Heavy Industry achieved a revenue of 74.019 billion yuan, a year-on-year decrease of 8.44%, while the net profit attributable to shareholders was 4.528 billion yuan, an increase of 5.53% [1] - The company's gross margin improved to 27.71%, up by 3.69 percentage points year-on-year [1] - The report highlights the positive outcomes of the "Three Transformations" strategy, focusing on globalization, low-carbon initiatives, and digitalization [1] Summary by Sections Financial Performance - In Q4 2023, the company reported a revenue of 17.882 billion yuan, down 17.43% year-on-year, with a net profit of 480 million yuan, down 28.98% [1] - For Q1 2024, revenue was 17.830 billion yuan, a slight decrease of 0.95% year-on-year, while net profit rose to 1.580 billion yuan, an increase of 4.21% [1] - The report forecasts net profits for 2024-2026 to be 7.0 billion, 9.9 billion, and 12.7 billion yuan respectively, with corresponding PE ratios of 19x, 14x, and 11x [1][2] Product Performance - In 2023, excavator revenue was 27.636 billion yuan, down 22.71%, while crane revenue increased by 2.60% to 12.999 billion yuan [1] - The report anticipates a bottoming out of excavator sales in 2024 due to ongoing equipment renewal policies [1] Strategic Initiatives - The globalization strategy has led to sales in over 180 countries, with significant growth in Europe (37.97%) and the Americas (6.82%) [1] - The company launched over 130 new low-carbon products in 2023, achieving significant revenue from electric and hydrogen-powered equipment [1] - SANY Heavy Industry has established 33 "lighthouse factories" recognized by the World Economic Forum, showcasing its leadership in digital transformation [1]

三一重工股份有限公司 2023 年度独立董事述职报告 独立董事 席卿 本人作为三一重工股份有限公司（以下简称"公司"）独立董事， 2023年度按照《公司法》《上市公司治理准则》《上市公司独立董事管 理办法》《上海证券交易所上市公司自律监管指引第 1 号——规范运 作》等法律法规以及《公司章程》等有关规定履行职责，充分发表独 立意见，依法进行表决，有效促进了公司的规范运作。现将本人履行 独立董事职责的情况报告如下： 一、基本情况 席卿，女，蒙古族，1983 年出生，党员，新华社主任记者，哲 学与管理学双硕士。现任新华网客户端执行总裁、中国企业改革与发 展研究会高级研究员。席卿在新华社先后从事新闻采编、移动媒体管 理的工作十余年，期间专访国家领导人、诺奖科学家、两院院士、商 业领袖等百余人，并策划制作了财经类专题片突破 700 期。2012 年 获评为卓越新闻工作者；2018 年获评新华网年度个人特别贡献奖； 2020 年获评新华社年度个人突出贡献奖；2021 年 3 月全面负责了中 国发展高层论坛近百个单元的内容审校和分发工作；2023 年 1 月， 教育部全国校外教育培训监管专家委员。 - 1 - 本人符合《 ...

第一条 为进一步建立健全公司董事（非独立董事）及高级管理 人员的考核和薪酬管理制度，完善公司治理结构，根据《中华人民共 和国公司法》、《上市公司治理准则》、《上海证券交易所股票上市规 则》、《公司章程》及其它有关法律、法规和规范性文件，制定本工作 细则。 第二条 薪酬与考核委员会是董事会按照董事会决议设立的专 门工作机构，主要负责制定公司董事及高级管理人员的考核标准并进 行考核；负责制定、审查公司董事及高级管理人员的薪酬政策与方案。 第三条 本工作细则所称董事是指在本公司支取薪酬的董事长、 董事，高级管理人员是指董事会聘任的总裁、副总裁、董事会秘书及 由总裁提请董事会认定的其他高级管理人员。 三一重工股份有限公司 董事会薪酬与考核委员会工作细则 第一章 总 则 第二章 人员组成 第四条 薪酬与考核委员会成员由 5 名董事组成，其中半数以上 为独立董事。 第五条 薪酬与考核委员会委员由董事长、二分之一以上独立董 事或者全体董事的三分之一提名，并由董事会选举产生。 第六条 薪酬与考核委员会设主任委员 1 名，由独立董事委员担 任，负责召集和主持委员会工作；主任委员在委员内选举，并报请董 事会批准产生。 - 1 - ...

三一重工股份有限公司 章 程 （尚需股东大会审议） 二○二 四 年 四 月 | 第一章 | 总则 1 | | --- | --- | | 第二章 | 经营宗旨和范围 3 | | 第三章 | 股份 3 | | 第一节 | 股份发行 3 | | 第二节 | 股份增减和回购 4 | | 第三节 | 股份转让 5 | | 第四章 | 股东和股东大会 6 | | 第一节 | 股东 6 | | 第二节 | 股东大会的一般规定 9 | | 第三节 | 股东大会的召集 12 | | 第四节 | 股东大会的提案与通知 13 | | 第五节 | 股东大会的召开 15 | | 第六节 | 股东大会的表决和决议 17 | | 第五章 | 董事会 21 | | 第一节 | 董事 22 | | 第二节 | 董事会 24 | | 第六章 | 总裁及其他高级管理人员 28 | | 第七章 | 监事会 30 | | 第一节 | 监事 30 | | 第二节 | 监事会 31 | | 第八章 | 财务会计制度、利润分配和审计 32 | | 第一节 | 财务会计制度 32 | | 第二节 | 内部审计 33 | | 第三节 | 会计师事务所的聘任 ...

（一）会计师事务所基本情况 名称：安永华明会计师事务所（特殊普通合伙） 成立日期：2012 年 8 月 1 日 组织形式：特殊普通合伙企业 三一重工股份有限公司董事会审计委员会 对会计师事务所 2023 年度履职情况评估及履行监督 职责情况的报告 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市 公司治理准则》《上海证券交易所上市公司自律监管指引第 1 号—— 规范运作》和三一重工股份有限公司（以下简称"公司"）的《公司章 程》《董事会审计委员会工作细则》等规定和要求，现将公司董事会 审计委员会对会计师事务所 2023 年度履职评估及履行监督职责的情 况汇报如下： 一、2023 年年审会计师事务所基本情况 （二）聘任会计师事务所履行的程序 公司于 2023 年 3 月 30 日，公司召开第八届董事会第十一次会 议，审议通过《关于续聘 2023 年度会计师事务所的议案》，聘请毕安 永华明担任本公司 2023 年度财务报告审计机构和 2023 年度内部控 制审计机构。公司独立董事对上述议案发表了事前认可意见及同意的 独立意见。 2023 年 5 月 21 日，公司召开 2022 年年度股东大会，审议通过 ...