Investment Rating - The report assigns a "Buy-A" rating for the company, indicating a positive outlook for its stock performance in the upcoming months [5][13]. Core Insights - The company reported a revenue of 78.38 billion yuan for 2024, reflecting a year-on-year increase of 5.90%. The net profit attributable to shareholders was 5.98 billion yuan, up 31.98% year-on-year [6][15]. - The company has shown significant improvement in cash flow, with net cash flow from operating activities reaching 14.81 billion yuan, a substantial increase of 159.53% year-on-year [9]. - The company is focusing on high-quality development and has proposed a cash dividend of 3.6 yuan per 10 shares, totaling 3 billion yuan, with a dividend payout ratio of 50.78% [9]. Financial Performance - The company achieved a basic earnings per share (EPS) of 0.71 yuan for 2024, with a projected EPS of 1.01 yuan for 2025 [4][15]. - The return on equity (ROE) for 2024 was 8.35%, with expectations to rise to 10.7% by 2025 [4][15]. - The gross profit margin for 2024 was reported at 27.0%, with projections for slight improvements in the following years [15][19]. Market Position and Growth - The company has maintained its position as the domestic sales champion for excavators for 14 consecutive years, contributing 40% to its revenue [7]. - The international business segment generated 48.5 billion yuan in revenue, accounting for 64% of the main business, with a year-on-year growth of 12.15% [8]. - The company is leading in low-carbon and intelligent development, with revenue from new energy products reaching 4.03 billion yuan, a year-on-year increase of 23% [8]. Future Projections - Revenue is expected to grow to 88.74 billion yuan in 2025, with a projected net profit of 8.54 billion yuan, reflecting a year-on-year growth of 42.9% [15][19]. - The company anticipates a steady increase in its market share and profitability, with a projected PE ratio decreasing from 27.3 in 2024 to 19.1 in 2025 [15][19].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a revenue of 78.383 billion yuan for 2024, a year-on-year increase of 5.90%, and a net profit attributable to shareholders of 5.975 billion yuan, up 31.98% year-on-year [4] - The fourth quarter revenue reached 20.023 billion yuan, reflecting a 12.12% year-on-year growth, with a net profit of 1.107 billion yuan, marking a significant increase of 141.15% year-on-year [4] - The company has shown strong performance in overseas markets, particularly in Africa and Asia-Pacific, with overseas sales revenue of 48.862 billion yuan, a year-on-year increase of 12.16% [7] - The company has improved its profitability, with a net profit margin of 7.83%, up 1.54 percentage points year-on-year, and a gross margin of 26.63%, an increase of 0.47 percentage points [7] - The company plans to distribute a cash dividend of 3.034 billion yuan, raising the dividend payout ratio to 50.78% [7] - The profit forecasts for 2025-2027 have been raised, with expected net profits of 8.039 billion yuan, 10.148 billion yuan, and 12.685 billion yuan respectively [7] Financial Data and Profit Forecast - Total revenue projections for 2023 to 2027 are as follows: 74.019 billion yuan (2023), 78.383 billion yuan (2024), 89.072 billion yuan (2025E), 102.355 billion yuan (2026E), and 117.824 billion yuan (2027E) [6] - The expected net profit for 2023 to 2027 is projected to be: 4.527 billion yuan (2023), 5.975 billion yuan (2024), 8.039 billion yuan (2025E), 10.148 billion yuan (2026E), and 12.685 billion yuan (2027E) [6] - The company’s earnings per share are forecasted to be: 0.53 yuan (2023), 0.71 yuan (2024), 0.95 yuan (2025E), 1.20 yuan (2026E), and 1.50 yuan (2027E) [6]

三一重工股份有限公司 章 程 二 ○ 二五年四 月 二 十 一 日 | 第一章 | 总 | 则 1 | | --- | --- | --- | | 第二章 | | 经营宗旨和范围 2 | | 第三章 | | 股份 2 | | 第一节 | | 股份发行 3 | | 第二节 | | 股份增减和回购 3 | | 第三节 | | 股份转让 5 | | 第四章 | | 股东和股东会 5 | | 第一节 | | 股东 5 | | 第二节 | | 控股股东和实际控制人 8 | | 第三节 | | 股东会的一般规定 9 | | 第四节 | | 股东会的召集 12 | | 第五节 | | 股东会的提案与通知 13 | | 第六节 | | 股东会的召开 15 | | 第七节 | | 股东会的表决和决议 18 | | 第五章 | | 董事会 22 | | 第一节 | | 董 事 22 | | 第二节 | | 董事会 25 | | 第三节 | | 独立董事 29 | | 第四节 | | 董事会专门委员会 31 | | 第六章 | | 总裁及其他高级管理人员 33 | | 第七章 | | 监事会 35 | | 第一节 | | 监 事 ...

湖南启元律师事务所 关于三一重工股份有限公司 2025 年第二次临时股东大会的 法律意见书 2025 年 4 月 致：三一重工股份有限公司 湖南启元律师事务所（以下简称"本所"）接受三一重工股份有限公司（以下 简称"公司"）委托，指派律师出席公司 2025 年第二次临时股东大会（以下简称"本 次股东大会"）。根据《中华人民共和国公司法》（以下简称"《公司法》"）《上 市公司股东会规则》（以下简称"《股东会规则》"）等中国现行法律、法规、规 章和规范性文件以及《三一重工股份有限公司章程》（以下简称"《公司章程》"） 的相关规定，就公司本次股东大会的召集、召开程序、出席会议的人员资格、召 集人资格、表决程序及表决结果等事宜出具本法律意见书。 为出具本法律意见书，本所律师出席了本次股东大会，并核查和验证了公司 提供的与本次股东大会有关的文件、资料，同时听取了公司就有关事实的陈述和 说明。 本所出具本法律意见书是基于公司向本所保证；公司已向本所提供了为出具 本法律意见书所必需的资料和信息，一切足以影响本法律意见书的事实和资料均 已向本所披露；公司向本所提供的所有资料和信息均真实、准确、完整，不存在 任何虚假记载、误导 ...

证券代码：600031 证券简称：三一重工 公告编号：2025-041 三一重工股份有限公司 2025 年第二次临时股东大会决议公告 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 3,207 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 3,304,878,370 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 38.9957 | | 份总数的比例（%） | | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由董事会召集，采用现场投票与网络投票相结合的方式进行表决，符合 (一) 股东大会召开的时间：2025 年 4 月 21 日 (二) 股东大会召开的地点：湖南省长沙市长沙县三一产业园行政中心一号会 议室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 《公司法》和《公司章程》的有关规定；本次会议由 ...

2025 年 04 月 21 日 三一重工(600031.SH) 业绩弹性如期释放，挖机龙头再出发 事件：三一重工发布 2024 年年报，公司全年实现营业总收入 783.83 亿元，同比+5.9%，归母净利润 59.75 亿元，同比+31.98%； 单 Q4，公司实现营业总收入 200.23 亿元，同比+12.12%，归母净 利润 11.07 亿元，同比+141.15%。 β筑底复苏，挖机龙头再出发。根据工程机械工业协会，2024 年，挖机内销 10.05 万台，同比+11.74%；出口 10.06 万台，同比 -4.24%。周期复苏、挖机先行，公司作为行业龙头有望优先受益， 同时持续开拓国际化市场，收入表现企稳回升。 1）从产品结构上看：①挖掘机械：收入 303.74 亿元，同比+9.91%， 连续 14 年蝉联国内销量冠军；②混凝土机械：收入 143.68 亿元， 同比-6.18%，连续 14 年蝉联全球第一品牌；其中电动搅拌车连续 4 年国内市占率第一,收入首次超过燃油搅拌车。③起重机械：收 入 131.15 亿元，同比+0.89%，全球市占率大幅上升。④路面机械： 收入 30.01 亿元，同比+20. ...

投资建议：公司作为工程机械行业龙头企业，国际化、电动化等布局领先，产品、渠道、服务端优势明 显，拳头产品挖机地位稳固竞争力强，后续随国内行业需求筑底回升、行业更新周期逐渐来临，海外市 场继续保持结构化增长，公司收入端、业绩端表现有望加速上行。预计公司2025-2027 年分别实现归母 净利润85、103、118 亿元，对应pe 分别为19/16/14 倍，维持"推荐"评级。 风险提示：贸易摩擦加剧风险、汇率波动风险、海外市场需求不及预期风险、原材料价格波动等。 挖机龙头地位稳固，充分受益于土方机械的相对优势。报告期内，公司挖机市场份额持续提升。拆分收 入看，24 全年公司挖机、混凝土机械、起重机械、路面机械、桩工机械分别实现收入303.74、143.68、 131.15、30.01、20.76 亿元，分别同比+9.9%、-6.2%、+0.9%、+20.7%、-0.4%。挖机国内市场第14 年 蝉联国内销量冠军，混凝土机械连续 14 年蝉联全球第一品牌。公司挖机龙头地位稳固，有望充分受益 于本轮国内工程机械周期上行。 事件：公司发布2024 年年报，全年实现营收784 亿，同比+5.9%；归母净利润59.75 ...

长江商报消息 ●长江商报记者 黄聪 三一重工业绩迎来上涨，特别是国际业务持续大幅增长。 4月18日，三一重工（600031.SH）发布的年报显示，公司2024年实现营业收入783.83亿元，同比增长5.90%；净利 润59.75亿元，同比增长31.98%。 其中，三一重工2024年混凝土机械销售收入143.68亿元，14年蝉联全球第一品牌。 三一重工还介绍，公司2024年实现新能源产品收入40.25亿元，同比增长23%。 需要关注的是，三一重工业绩增长，得益于公司持续开拓海外市场。2024年，公司实现国际主营业务收入485.13 亿元，同比增长12.15%；国际主营业务收入占比63.98%，同比上升3.49个百分点。 受益于海外销售规模增大、产品结构改善，三一重工海外主营业务毛利率稳步提升。2024年，公司国际业务毛利 率29.72%，上升0.26个百分点。 2024年净利增31.98% 三一重工是装备制造业龙头企业，公司产品包括混凝土机械、挖掘机械、起重机械、桩工机械、路面机械。其 中，三一重工混凝土设备为全球第一品牌，挖掘机、大吨位起重机、旋挖钻机、路面成套设备等主导产品已成为 中国第一品牌。 4月18日 ...

Investment Rating - The investment rating for SANY Heavy Industry is "Buy" [7] Core Views - The company reported a 32% year-on-year increase in net profit attributable to shareholders for 2024, indicating improved profitability [1] - Total revenue for 2024 reached 78.4 billion, a 6% increase year-on-year, with operating cash flow net amounting to 14.8 billion, up 160% [1] - The company has a strong overseas revenue contribution, accounting for 64% of total revenue, with significant growth in various regions [4] Summary by Sections Financial Performance - In 2024, SANY Heavy Industry achieved total revenue of 78.4 billion, a 6% increase year-on-year, and a net profit of 5.98 billion, up 32% [1] - The operating cash flow for 2024 was 14.8 billion, reflecting a 160% increase [1] - The gross margin for 2024 was 26.4%, a decrease of 1.3 percentage points, while the net profit margin improved to 7.8%, an increase of 1.5 percentage points [1] Revenue Breakdown - Excavation machinery revenue grew by 10% year-on-year, reaching 30.4 billion, maintaining the top sales position in the domestic market for 14 consecutive years [2] - Concrete machinery revenue decreased by 6% to 14.4 billion, but it remains the global leader in the sector [2] - The company’s overseas revenue for 2024 was 48.5 billion, a 12% increase, with a gross margin of 30% [4] Market Outlook - The engineering machinery industry is showing signs of recovery, with domestic market acceleration expected to benefit leading companies like SANY [5] - The company’s excavator revenue constitutes 39% of total revenue, positioning it well to capitalize on the industry's upward cycle [6] - SANY Heavy Industry participated in the Bauma exhibition, receiving nearly 3 billion in intended orders on the first day [6] Earnings Forecast - Revenue projections for 2025-2027 are 90.2 billion, 108.2 billion, and 128.5 billion, representing year-on-year growth rates of 15%, 20%, and 19% respectively [7] - Net profit forecasts for the same period are 8.5 billion, 11 billion, and 13.7 billion, with growth rates of 42%, 30%, and 24% respectively [7] - The projected P/E ratios for 2025-2027 are 19, 15, and 12 [7]

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]