[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 ...

公 司 上 市 机械设备 2024 年04月 30 日 三一重工 (600031) 公 司 研 究 ——海外占比提升，内需拐点临近 公 司 点 报告原因：有业绩公布需要点评 评 买入 事件： （维持）  公司发布 23年年报及 24年一季报，23年实现营收 740.19 亿元，同比下降 8.44%；归 母净利润45.27亿元，同比提升5.53%，扣非后归母净利润43.88亿元，同比增长40.35%； 证 24年一季度实现营收178.30亿元，同比下滑0.95%，归母净利润15.80亿元，同比增长 市场数据： 2024年04月30日 券 4.21%，扣非后归母净利润13.46亿元，同比下滑6.41%。业绩表现符合我们预期。 收盘价（元） 16.31 研 一年内最高/最低（元） 18.03/12.6 究 市净率 2.0 投资要点： 报 息率（分红/股价） -  海外表现亮眼，国内加速触底。根据公告，1）分产品：挖掘机械、混凝土机械、起重机 告 流通A股市值（百万元） 138051 上证指数/深证成指 3104.83/9587.13 械、路面机械、桩工机械营收分别为276.36、153.15、129.99、24 ...

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]

公司报告 | 年报点评报告 三一重工（600031） 证券研究报告 2024年04月 30日 投资评级 业绩表现符合预期，看好龙头高质量发展！ 行业 机械设备/工程机械 6个月评级 买入（维持评级） 当前价格 16.31元 公司发布2023年年报&2024年一季报，整体符合预期！ 目标价格 元 2023年：1）公司实现营收740.19亿，同比-8.44%；归母净利润45.27亿， 同比+5.53%；扣非归母净利润43.88亿元，同比+40.35%。2）毛利率27.71%， 基本数据 同比+3.69pct；净润率 6.29%，同比+0.79pct；扣非净利率 5.93%，同比 A股总股本(百万股) 8,485.74 +2.06pct。3）期间费用率19.28%，同比+0.02pct，销售/管理/研发/财务费 用率分别为8.4%/3.58%/7.92%/-0.63%，同比分别+0.6/+0.32/-0.64/-0.26pct。 流通A股股本(百万股) 8,464.22 A股总市值(百万元) 138,402.42 2024Q1：1）公司实现营收 178.3 亿，同比-0.95%；归母净利润 15.8 亿， 流通A股 ...

[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 ...

M N 29 Apr 2024 CMB International Global Markets | Equity Research | Company Update SANY Heavy (600031 CH) 2023 net profit a miss; 1Q24 still weak; Stay on the sidelines Target Price RMB14.80 SANY Heavy (SANY)’s net profit in 2023 came in at RMB4.53bn (+6% YoY), (Previous TP RMB12.30) which is 12% below both our and consensus estimates. In addition, net profit in Up/Downside (7.7%) 1Q24 only grew 5% YoY to RMB1.58bn due to a lack of revenue growth (-1% Current Price RMB16.04 YoY). We are still concerned abo ...

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]