Group 1 - The company will hold an earnings presentation for the fiscal year 2024 and the first quarter of 2025 on May 8, 2025, from 15:00 to 17:00 [2][6] - The presentation will be conducted via the Shanghai Stock Exchange Roadshow Center, featuring video recording and online interaction [3][6] - Investors can submit questions for the presentation from April 28 to May 7, 2025, through the Roadshow Center website or via the company's email [5][6] Group 2 - Key executives participating in the presentation include Chairman Xiang Wenbo, Vice Chairman and President Yu Hongfu, Senior Vice President and CFO Liu Hua, and Board Secretary Qin Zhiyu [4] - After the presentation, investors can access the main content and details of the event through the Shanghai Stock Exchange Roadshow Center [7]

2024 年年度股东会会议议案 三一重工股份有限公司 2025 年 5 月 9 日 | | | | | | 议案一： 三一重工股份有限公司 2024 年度董事会工作报告 各位股东及股东代表： 受董事会委托，我向股东会报告工作，请予以审议。 2024 年,中国经济稳中提质，展现出强大的韧性与增长潜力。国内 工程机械市场周期拐点确立，呈现企稳回升态势，高标准农田建设、水 利工程、城中村改造、矿山投资等新兴需求占比提升。海外市场稳中有 进，东南亚、非洲、拉美等新兴市场整体受益于基建地产开发、工业及 矿山投资加速，保持较高增长。产品结构方面，高端、绿色、智能化产 品占比明显增加，行业迈入"量质双升"阶段。展望未来，工程机械行 业迎来长期的技术上行周期，第四次工业革命和第三次能源革命叠加， 世界正处在一个超级技术窗口期，全球化、数智化、低碳化发展趋势已 成为全行业共识，工程机械行业前景广阔。 报告期内，公司实现营业总收入 783.83 亿元，同比增长 5.9%；归 属于上市公司股东的净利润 59.75 亿元，同比上升 31.98%；经营活动净 现金流 148.14 亿元，同比大幅上升 159.53%。公司实现高质量发展 ...

关于召开 2024 年度暨 2025 年第一季度业绩说明会的 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： 投资者可于 2025 年 4 月 28 日（星期一）至 5 月 7 日 （星期三）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 fanjj2@sany.com.cn 进行提问。公司将在说明会上对投资者普遍关注的问题进 行回答。 证券代码：600031 证券简称：三一重工 公告编号：2025-045 三一重工股份有限公司 四、 投资者参加方式 三一重工股份有限公司（以下简称"公司"）已于 2025 年 4 月 18 日发布公 司《2024 年年度报告》，并将于 2025 年 4 月 30 日发布《2025 年第一季度报告》， 为便于广大投资者更全面深入地了解公司 2024 年度、2025 年第一季度经营成果、 财务状况，公司计划于 2025 年 5 月 8 日下午 15:00-17:00 举行 2024 年度暨 2025 年第一季度业绩说明会，就投资者关心的问题进行交流 ...

Group 1 - Midea Group's humanoid robot will officially enter its washing machine factory in Jingzhou, Hubei in May, for machine operation, equipment inspection, and transportation [1][10] - The humanoid robot is part of Midea's "Dual Intelligence" strategy, which integrates smart home and smart manufacturing, aiming to transform manufacturing capabilities into strategic advantages [2] - Midea's approach represents a shift from scale advantages to intelligent advantages in manufacturing, addressing challenges through digitalization, human-machine collaboration, and product premiumization [2][3] Group 2 - Shanghai Pharmaceuticals' subsidiary received FDA approval for its abbreviated new drug application for Valganciclovir tablets, which treat CMV retinitis in AIDS patients and prevent CMV infection in organ transplant patients [4] - This approval signifies a major step in Shanghai Pharmaceuticals' international strategy, enhancing its competitiveness in the global market [4] Group 3 - Meituan's self-developed fourth-generation drone received the first nationwide low-altitude logistics operation certificate, allowing for regular commercial operations across China [5] - This certification marks a new phase in the commercialization of low-altitude logistics in China, expected to significantly improve last-mile delivery efficiency [5] Group 4 - JD.com announced that its food delivery service surpassed 10 million orders on April 22, demonstrating strong supply chain and logistics efficiency [6] - The rapid increase in order volume reflects consumer recognition of the JD brand and its competitive advantage in delivery speed and service quality [6] Group 5 - Baidu launched several AI products, including the Wenxin 4.5 Turbo and X1 Turbo models, which offer enhanced performance at reduced costs, aiming to capture the enterprise AI market [8] - The new models feature an 80% price reduction for Wenxin 4.5 Turbo and a 50% price reduction for X1 Turbo, positioning Baidu against competitors like Alibaba Cloud and Huawei [8] Group 6 - CATL introduced the "Xiao Yao Dual-Core Battery," featuring a dual-core architecture and self-generating negative electrode technology, enhancing safety and energy density [9] - This innovation aligns with industry trends towards lightweight and high-voltage solutions, potentially becoming a new growth driver for CATL [9] Group 7 - Gree Electric's board re-elected Dong Mingzhu as chairperson with a 124% approval rate, while Zhang Wei was appointed as president, indicating strong leadership continuity [11] - The leadership combination aims to navigate challenges in the white goods market and drive diversification and internationalization efforts [11] Group 8 - Sany Heavy Industry elected Xiang Wenbo as the new chairman of its board, which is expected to enhance strategic decision-making and operational synergy amid competitive pressures in the construction machinery sector [12] Group 9 - CATL and GAC Group signed a comprehensive strategic cooperation agreement to introduce battery-swapping models across several vehicle lines, promoting the battery-swapping model in the new energy vehicle sector [13] - This partnership aims to accelerate the adoption of battery-swapping technology and expand business scenarios for both companies, with CATL's network already established in 16 cities [13]

Investment Rating - The report maintains an "Accumulate" rating for the company [1][7]. Core Insights - The company achieved a revenue of 78.383 billion yuan in 2024, representing a year-on-year increase of 6.22%. The net profit attributable to shareholders reached 5.975 billion yuan, up 31.98% year-on-year [4][5]. - The company's international revenue accounted for over 60% of total revenue, with significant growth in overseas markets, achieving 48.513 billion yuan, a 12.15% increase year-on-year [5][6]. - The gross profit margin improved to 26.63%, an increase of 0.47 percentage points year-on-year, while the operating cash flow saw a substantial increase of 159.53% to 14.814 billion yuan [6][7]. Financial Performance Summary - Revenue for 2024 was 78.383 billion yuan, with a growth rate of 5.90%. Forecasted revenues for 2025, 2026, and 2027 are 89.159 billion yuan, 101.175 billion yuan, and 113.566 billion yuan, with growth rates of 13.75%, 13.48%, and 12.25% respectively [10][11]. - The net profit attributable to shareholders for 2024 was 5.975 billion yuan, with projected profits of 8.579 billion yuan, 10.645 billion yuan, and 13.037 billion yuan for the following years, reflecting growth rates of 43.57%, 24.08%, and 22.47% [10][11]. - The company’s price-to-earnings (P/E) ratio is projected to decrease from 27.08 in 2024 to 12.41 by 2027, indicating an improving valuation over time [10][11].

Core Insights - The company reported a revenue of 78.383 billion yuan for 2024, representing a year-on-year increase of 6.22% [1] - The net profit attributable to shareholders reached 5.975 billion yuan, up 31.98% year-on-year [1] - The net profit excluding non-recurring items was 5.334 billion yuan, reflecting a year-on-year growth of 21.55% [1] Revenue Breakdown - Revenue growth was driven by excavators and road machinery, with international revenue exceeding 60% of total revenue [2] - By product, revenue from concrete machinery, excavators, cranes, pile machinery, road machinery, and others was 14.368 billion, 30.374 billion, 13.115 billion, 2.076 billion, 3.001 billion, and 12.897 billion yuan respectively, with year-on-year growth rates of -6.18%, 9.91%, 0.89%, -0.44%, 20.75%, and 17.23% [2] - Domestic revenue was 27.318 billion yuan, down 3.35% year-on-year, while international revenue was 48.513 billion yuan, up 12.15% year-on-year [2] Profitability and Cost Management - The gross margin improved to 26.63%, an increase of 0.47 percentage points year-on-year, with domestic gross margin at 21.12% and international gross margin at 29.72% [2] - The total expense ratio increased by 0.14 percentage points to 17.92%, with sales expense ratio rising by 0.08 percentage points to 6.97%, management expense ratio increasing by 0.24 percentage points to 3.82%, R&D expense ratio decreasing by 1.06 percentage points to 6.86%, and financial expense ratio increasing by 0.88 percentage points to 0.26% [2] Strategic Initiatives - The company achieved positive results from its "globalization, digitalization, and low-carbon" strategy, with international market growth leading to overseas main business revenue of 48.513 billion yuan, up 12.15% [3] - The second phase of the Indonesian lighthouse factory was completed, enhancing smart manufacturing capabilities through digital twin and process simulation systems [3] - Revenue from new energy products reached 4.025 billion yuan in 2024, indicating a leading market position [3] Cash Flow and Quality - Operating cash flow significantly improved, with net cash flow from operating activities at 14.814 billion yuan, a year-on-year increase of 159.53%, reflecting high-quality development and strong risk control [3] Earnings Forecast and Valuation - Revenue projections for 2025-2027 are 89.159 billion, 101.175 billion, and 113.566 billion yuan, with year-on-year growth rates of 13.75%, 13.48%, and 12.25% respectively [4] - Net profit attributable to shareholders is forecasted to be 8.579 billion, 10.645 billion, and 13.037 billion yuan for the same period, with growth rates of 43.57%, 24.08%, and 22.47% respectively [4] - The corresponding PE valuations for 2025-2027 are 18.86, 15.20, and 12.41, maintaining a "buy" rating [4]

Investment Rating - The report maintains an "Accumulate" rating for the company [1][7]. Core Insights - The company achieved a revenue of 78.383 billion yuan in 2024, representing a year-on-year increase of 6.22%. The net profit attributable to shareholders reached 5.975 billion yuan, up 31.98% year-on-year [4][5]. - The company's international revenue exceeded 60% of total revenue, with international income growing by 12.15% to 48.513 billion yuan, while domestic revenue decreased by 3.35% to 27.318 billion yuan [5][6]. - The gross profit margin improved to 26.63%, an increase of 0.47 percentage points year-on-year, with international gross margin at 29.72% [5][6]. Financial Performance - The company forecasts revenues of 89.159 billion yuan, 101.175 billion yuan, and 113.566 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 13.75%, 13.48%, and 12.25% [7][9]. - The net profit attributable to shareholders is projected to be 8.579 billion yuan, 10.645 billion yuan, and 13.037 billion yuan for the same years, with growth rates of 43.57%, 24.08%, and 22.47% [7][9]. - The company's price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are estimated at 18.86, 15.20, and 12.41, respectively [7][9].

Investment Rating - The investment rating for the company is "Outperform" with a target price of RMB 22.68, compared to the current price of RMB 19.40 [1][20]. Core Views - The report indicates that the domestic engineering machinery sector is at the beginning of a cyclical improvement, with overseas markets expected to see structural enhancements. The company's strong product capabilities and global presence are anticipated to lead to valuation growth through demand resilience and global competitiveness [20][7]. - The report raises the company's EPS forecasts for 2025 and 2026 to RMB 0.99 and RMB 1.21, respectively, and introduces a new EPS estimate of RMB 1.38 for 2027 [20][7]. Financial Summary - The company's revenue for 2024 is projected at RMB 78.38 billion, representing a year-over-year increase of 5.90%. The net profit attributable to shareholders is expected to be RMB 5.98 billion, a year-over-year increase of 31.98% [3][20]. - In Q4 2024, the company is expected to achieve revenue of RMB 20.02 billion, with a year-over-year growth of 12.12%, and a net profit of RMB 1.11 billion, reflecting a year-over-year increase of 141.15% [20][3]. - The gross profit margin for 2024 is projected at 26.43%, while the net profit margin is expected to be 7.83%, an increase of 1.54 percentage points year-over-year [20][3]. - The operating cash flow for 2024 is expected to reach RMB 14.81 billion, a significant year-over-year increase of 159.53%, marking a historical high for the company [20][19]. Expense Management - The report highlights effective expense control, with the sales, management, financial, and R&D expense ratios for 2024 being 6.97%, 3.82%, 0.26%, and 6.86%, respectively. The year-over-year changes for these ratios are -1.43 percentage points, +0.27 percentage points, +0.89 percentage points, and -1.06 percentage points [20][3]. - The decline in the sales expense ratio is attributed to warranty costs being included in costs, amounting to RMB 1.08 billion, which is approximately 1.4% of revenue [20][3]. Market Position and Strategy - The company is noted for its strong product competitiveness, maintaining leading market shares in key products such as excavators and concrete machinery. The globalization, digitalization, and low-carbon strategy is yielding positive results, with international revenue reaching RMB 48.51 billion, a year-over-year increase of 12.15% [20][19]. - The report emphasizes the company's commitment to high-quality development, maintaining high levels of risk control and operational quality, while continuously improving its internationalization, intelligence, and low-carbon initiatives [20][19].

Core Points - The China A-shares market showed mixed performance with the CN Industrial Comprehensive Index closing at 2306.63 points, reflecting a decline of 7.42% over the past month, 1.74% over the past three months, and 3.58% year-to-date [1] Group 1: Index Overview - The CN Industrial Comprehensive Index is designed to reflect the overall performance of different industry securities from mainland Chinese enterprises, classified according to the China Securities Index industry classification standard [1] - The index is based on a starting point of 1000.0 points as of December 31, 2004 [1] Group 2: Index Holdings - The top ten weighted stocks in the CN Industrial Comprehensive Index include CATL (6.13%), Beijing-Shanghai High-Speed Railway (1.72%), and others such as Huichuan Technology (1.38%) and Sany Heavy Industry (1.14%) [1] - The index's market segment distribution shows that the Shenzhen Stock Exchange accounts for 47.03%, while the Shanghai Stock Exchange accounts for 45.33% [2] Group 3: Industry Composition - The industry composition of the CN Industrial Comprehensive Index indicates that machinery manufacturing constitutes 29.03%, followed by electric power equipment at 28.24% and transportation at 14.11% [2] - Other notable sectors include construction decoration (9.83%), aerospace and defense (8.17%), and environmental protection (3.82%) [2] Group 4: Sample Adjustment - The index samples are adjusted biannually, specifically on the second Friday of June and December, with provisions for temporary adjustments under special circumstances [3] - Adjustments occur when there are changes in the industry classification of sample companies or when companies are delisted [3]

Group 1 - The A-share market's three major indices closed mixed, with the CSI 300 Capital Goods Index at 3459.62 points, reflecting a decline of 7.36% over the past month, 4.91% over the past three months, and 8.16% year-to-date [1] - The CSI 300 Capital Goods Index is composed of listed companies in the capital goods sector selected from the CSI 300 Index, aiming to represent the overall performance of these companies [1] - The index's top ten weightings include CATL (22.21%), Huichuan Technology (4.91%), China State Construction (4.08%), Sany Heavy Industry (4.01%), and others, indicating a concentration in a few key players [1] Group 2 - The CSI 300 Capital Goods Index has a market composition of 50.57% from the Shenzhen Stock Exchange and 49.43% from the Shanghai Stock Exchange, showing a balanced representation between the two exchanges [1] - In terms of industry composition, the index is heavily weighted towards power equipment (49.09%), followed by machinery manufacturing (28.23%), construction decoration (15.52%), and aerospace and defense (7.16%) [1] - The index sample is adjusted biannually, with changes implemented on the next trading day after the second Friday of June and December, ensuring that the index remains reflective of the current market conditions [2]