Investment Rating - The report maintains a "Buy" rating for SANY Heavy Industry [4][7] Core Views - SANY Heavy Industry's 2024 performance exceeded expectations, with a revenue of 78.383 billion yuan, a year-on-year increase of 5.9%, and a net profit of 5.975 billion yuan, up 31.98% year-on-year [1][2][4] - The company is positioned as a leading player in the construction machinery industry, benefiting from both domestic recovery and strong international market performance [4] Financial Performance Summary - **Revenue**: In 2024, the company achieved a revenue of 78.383 billion yuan, with Q4 revenue reaching 20.023 billion yuan, a 12.0% increase year-on-year. International market revenue was particularly strong, contributing 48.513 billion yuan, a 12.15% increase, accounting for 63.98% of total revenue [1] - **Profit**: The net profit attributable to shareholders for 2024 was 5.975 billion yuan, reflecting a 31.98% increase year-on-year, with a net profit margin of 7.8%, up 1.54 percentage points [2] - **Gross Margin**: The overall gross margin improved to 26.63%, with significant improvements in excavators and cranes. The gross margin for excavators was 31.82%, up 0.96 percentage points, and for cranes, it was 27.23%, up 4.23 percentage points [2] - **Cash Flow**: The net operating cash flow reached a historical high of 14.814 billion yuan, a substantial increase of 159.53% year-on-year, surpassing the previous peak in 2020 [3] Cost Management Summary - **Expense Ratios**: The company effectively controlled its expense ratios, with a sales expense ratio of 6.97%, down 1.43 percentage points, and a research and development expense ratio of 6.86%, down 1.06 percentage points [3] - **Inventory and Receivables Management**: The company demonstrated excellent operational capability, with inventory turnover days reduced to 125 days, down 9.3 days year-on-year, and accounts receivable turnover days reduced to 115 days, down 5.9 days [3] Future Outlook - The report projects net profits for 2025, 2026, and 2027 to be 9.485 billion yuan, 13.651 billion yuan, and 18.497 billion yuan, respectively, with growth rates of 58.7%, 43.9%, and 35.5% [4] - The current stock price corresponds to a price-to-earnings ratio (P/E) of 17, 12, and 9 times for the years 2025, 2026, and 2027, indicating potential for further appreciation [4]

证券研究报告 | 年报点评报告 gszqdatemark 2025 04 20 年 月 日 三一重工（600031.SH） 2024 年业绩超预期，净经营性现金流达历史新高 公司发布 2024 年年度报告。 收入：公司 2024 年收入 783.83 亿元，同比增长 5.9%，单 Q4 收入 200.23 亿元，同比增长 12.0%。其中，国际市场表现突出，2024 年实现 海外主营业务收入 485.13 亿元，同比增长 12.15%，占主营业务收入比重 提升至 63.98%。分区域看，亚澳区域收入 205.7 亿元（同比+15.47%）， 非洲区域收入 53.5 亿元（同比+44.02%），增长尤为显著。分产品看，挖 掘机械收入 303.74 亿元，同比增长 9.91%，国内市场连续 14 年蝉联销量 冠军；起重机械收入 131.15 亿元，同比+0.89%；路面机械收入 30.01 亿 元，同比+20.75%，海外增速超 35%；混凝土机械收入 143.68 亿元（同 比-6.18%），桩工机械收入 20.76 亿元（同比-0.44%）。 利润：公司 2024 年归母净利润 59.75 亿元，同比增长 3 ...

公司报告 | 年报点评报告 三一重工（600031） 证券研究报告 业绩表现优异，"三化"战略引领公司高质量发展 公司发布 2024 年年报，业绩表现优异： 分产品来看： 公司产品竞争力持续增强，主要产品市场份额持续提升，挖掘机械、混凝 土机械等主导产品国内市场份额第一。2024 年挖掘机械、混凝土机械、起 重机械、路面机械、桩工机械实现收入 303.74、143.68、131.15、30.01、 20.76 亿元，同比+9.91%、-6.18%、+0.89%、+20.75%、-0.44%。毛利率分 别为 31.82、20.51、27.23、27.5、32.75%，同比+0.96、-1.15、+4.23、-0.91、 +0.12pct。 全球化提质加速： 公司实现 783.83 亿元收入，同比+5.9%；其中国内主营业务收入 273.18 亿 元、同比-3.35%，国际主营业务收入 485.13 亿元、同比+12.15%，国际占 比达到 64%。 由于国内外市场结构与产品结构的改善、降本增效措施的推进，公司实现 归母净利润 59.75 亿元，同比+31.98%，扣非归母净利润 53.34 亿元，同比 +21. ...

点击注册小程序 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 2024年，公司实现营业收入777.73亿元，同比+6.22%；实现归母净利润59.75亿元，同比+31.98%；实现扣 非归母净利润53.34亿元，同比+21.55%。 收入实现稳定增长，盈利能力提升，经营现金流显著改善 24年，公司国内、海外业务营收分别为273.18、485.13亿元，同比-3.35%、+12.15%。公司经营现金流显 著改善，经营活动现金净流入148.14亿元，同比大增159.53%。伴随国内外市场结构及产品结构改善、降 本增效措施推进，公司盈利能力实现提升，销售毛利率、净利率分别为26.43%、7.83%，同比-1.28pcts、 +1.54pcts。此外，公司拟向全体股东每10股派发现金红利3.6元（含税 ...

证券研究报告·公司点评报告·工程机械 三一重工（600031） 2024 年报点评：业绩超预期，现金流表现优 异 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 74,019 | 78,383 | 89,601 | 102,089 | 113,623 | | 同比（%） | (8.44) | 5.90 | 14.31 | 13.94 | 11.30 | | 归母净利润（百万元） | 4,527 | 5,975 | 8,499 | 11,143 | 12,717 | | 同比（%） | 5.53 | 31.98 | 42.23 | 31.12 | 14.12 | | EPS-最新摊薄（元/股） | 0.53 | 0.71 | 1.00 | 1.31 | 1.50 | | P/E（现价&最新摊薄） | 35.92 | 27.22 | 19.14 | 14.59 | 12.79 | [Table_Tag] [投Tabl ...

证券研究报告|公司点评报告 [Table_Date] 2025 年 04 月 18 日 [Table_Title] 业绩符合预期，国际化成果进一步彰显 [Table_Title2] 三一重工(600031) | [Table_DataInfo] 评级： | 买入 | 股票代码： | 600031 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价： | 20.76/14.84 | | 目标价格： | | 总市值(亿) | 1626 | | 最新收盘价： | 19.19 | 自由流通市值(亿) | 1624 | | | | 自由流通股数(百万) | 8,464.22 | [Table_Summary] 事件概述 公司发布 2024 年年报。 ►业绩符合预期，盈利能力稳步提升。 根据公司年报，2024 年公司实现营业总收入 783.8 亿元，同比增长 5.9%；实现归母净利润 59.8 亿元，同比增 长 32.0%。24Q4 公司实现营业总收入 200.2 亿元，同比增长 12.1%；实现归母净利润 11.1 亿元，同比增长 141.2%。根据公司年报，公 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected increase of over 15% relative to the CSI 300 index in the next six months [32]. Core Insights - The company achieved a total revenue of 77.77 billion yuan in 2024, representing a year-on-year growth of 6.22%, and a net profit attributable to shareholders of 5.98 billion yuan, up 31.98% year-on-year [7][8]. - The company's strategic focus on "globalization, digitalization, and low-carbonization" has yielded significant results, with international business revenue reaching 48.51 billion yuan, a 12.15% increase, and accounting for 63.98% of total revenue [10][15]. - The company plans to distribute a cash dividend of 3.6 yuan per 10 shares to all shareholders [7]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 78.38 billion yuan, a 5.9% increase year-on-year, and a net profit of 5.98 billion yuan, which is a 31.98% increase [8][17]. - The operating cash flow significantly improved, reaching 14.81 billion yuan, a 159.53% increase year-on-year [8]. Business Segments - Excavation machinery sales reached 30.37 billion yuan, up 9.91% year-on-year, maintaining the top sales position in the domestic market for 14 consecutive years [11]. - Concrete machinery sales were 14.37 billion yuan, down 6.18% year-on-year, but the electric mixer truck maintained the highest market share domestically [11]. - Lifting machinery sales were 13.12 billion yuan, up 0.89% year-on-year, with a significant increase in global market share [11]. - Road machinery sales increased by 20.75% to 3.00 billion yuan, with overseas growth exceeding 35% [11]. Strategic Initiatives - The company has made substantial progress in its "globalization, digitalization, and low-carbonization" strategy, with significant advancements in smart manufacturing and leading positions in various new energy products [10][12]. - The company has established a robust international market presence, with over 400 overseas subsidiaries and a sales network covering more than 150 countries [15]. Future Outlook - The company is expected to benefit from the recovery of the domestic construction machinery market, driven by infrastructure investment and urbanization, with projected revenues of 90.83 billion yuan, 104.62 billion yuan, and 119.62 billion yuan for 2025, 2026, and 2027 respectively [16][17].

分析师：刘智 登记编码：S0730520110001 liuzhi@ccnew.com021-50586775 "全球化、数智化、低碳化"战略持续发 力，行业复苏龙头盈利修复 ——三一重工(600031)2024 年报点评 证券研究报告-年报点评 买入(维持) 市场数据(2025-04-17) | 收盘价(元) | 19.06 | | --- | --- | | 一年内最高/最低(元) | 20.54/14.95 | | 沪深 300 指数 | 3,772.22 | | 市净率(倍) | 2.24 | | 流通市值(亿元) | 1,613.28 | 基础数据(2024-12-31) 工程机械Ⅱ | 每股净资产(元) | 8.49 | | --- | --- | | 每股经营现金流(元) | 1.75 | | 毛利率(%) | 26.43 | | 净资产收益率_摊薄(%) | 8.30 | | 资产负债率(%) | 52.02 | | 总股本/流通股(万股) | 847,497.80/846,421.5 | | | 8 | B 股/H 股(万股) 0.00/0.00 个股相对沪深 300 指数表现 资料来源：中 ...

业绩简评 公司2025 年4 月17 日发布24 年年报，24 年公司实现总营业收入783.83 亿元，yoy+5.9%；实现归母净利 润59.75 亿元，yoy+31.98%；单Q4 实现收入200.13 亿元，yoy+12.12%、归母净利11.07 亿元， yoy+141.15%，超出我们预期。 经营分析 内外共振，收入持续保持增长。根据公告，24Q1-Q4 公司实现收入分别为178.3/212.3/193.0/200.2 亿 元，同比-0.95%/-3.16%/+18.87%/+12.12%。国内工程机械复苏趋势明确，25Q1 挖机继续保持增长，随 着海外持续复苏，内外共振之下，公司收入端有望保持增长。 国际化驱动业绩增长，海外收入市场多点开花。公司实现国际业务收入485.13 亿元，同比增长 12.15%，占总收入比重达到61.89%，同比提升3.03pcts。分地区来看，亚澳、欧洲、美洲、非洲区域分 别实现主营业务收入205.7 亿元（同比+15.47%）、123.2 亿元（同比+1.86%）、102.8 亿元（同比 +6.64%）、53.5 亿元（同比+44.02%）。 其中非洲区域实现大幅增长 ...

Investment Rating - The report maintains a "BUY" rating for SANY Heavy, with a target price revised to RMB22 from RMB21, indicating a potential upside of 15.4% from the current price of RMB19.06 [1][3]. Core Insights - SANY Heavy's net profit for 2024 is projected at RMB5.97 billion, reflecting a 32% year-over-year increase, which aligns closely with estimates [1]. - The company is focusing on emerging markets such as Asia Pacific, Africa, the Middle East, and South America, while remaining cautious about the US and European markets due to geopolitical concerns [1]. - The management highlighted the growth potential in large-size and mining excavators, positioning SANY as a key player in the excavator upcycle [1]. Financial Performance - Revenue for FY24 is expected to reach RMB78.38 billion, a 5.9% increase from FY23, with further growth projected to RMB88.84 billion in FY25 and RMB97.80 billion in FY26 [2]. - Adjusted net profit is forecasted to grow to RMB7.72 billion in FY25 and RMB8.88 billion in FY26, with corresponding EPS increasing to RMB0.91 and RMB1.05 respectively [2]. - The proposed dividend for FY24 indicates a 51% payout ratio, up from 41% in FY23, marking the highest payout since 2017 [1]. Regional Revenue Breakdown - In 2024, overseas revenue is expected to grow by 12% year-over-year, contributing 64% of total revenue, with Africa showing a significant 44% increase [6][8]. - The revenue breakdown for overseas markets in 2024 includes Asia Pacific (42%), Europe (25%), America (21%), and Africa (11%) [8]. Earnings Forecast Adjustments - The earnings forecasts for 2025 and 2026 have been slightly revised upwards by 5% and 7% respectively, reflecting the anticipated earnings upcycle [1][13]. - The target price adjustment to RMB22 is based on an unchanged target P/E of 24x, which is 0.5 standard deviations above the average of 20x since 2017 [1][3]. Share Performance - The market capitalization of SANY Heavy is approximately RMB161.74 billion, with an average turnover of RMB1.51 billion over the past three months [3]. - The stock has experienced a 1-month decline of 6.7% but a 3-month increase of 23.6% [5].