SANY(600031) 华夏时报·2025-05-12 01:16Core Viewpoint - Sany Heavy Industry Co., Ltd. reported a revenue of 77.773 billion yuan in 2024, a year-on-year increase of 6.22%, with net profit attributable to shareholders reaching 5.975 billion yuan, up 31.98%, primarily driven by international business [2][5]. Group 1: Financial Performance - In 2024, the international main business revenue was 48.513 billion yuan, accounting for 63.98% of total revenue, with a year-on-year growth of 12.15% [5]. - The gross profit margin for international business was 29.72%, an increase of 0.26 percentage points [5]. - For Q1 2025, the company achieved a revenue of 21.049 billion yuan, a year-on-year increase of 19.18%, and a net profit of 2.471 billion yuan, up 56.40% [8]. Group 2: Research and Development - In 2024, the company invested 5.381 billion yuan in R&D, focusing on global R&D layout, digital technology, and low-carbon products, despite a decrease of 484 million yuan from the previous year [6]. - The number of R&D personnel decreased significantly from 8,057 in 2023 to 5,867 in 2024, particularly among those aged 30-40 [6][7]. Group 3: Market Outlook - The domestic engineering machinery market is expected to improve in 2025, driven by infrastructure investment and new urbanization [9]. - The company anticipates that the demand for new energy products will further boost industry growth [10]. - The company is planning to issue H-shares and list on the Hong Kong Stock Exchange, with the shareholder meeting approving the proposal on April 21, 2025 [10]. Group 4: Business Segments - In 2024, concrete machinery sales revenue was 14.368 billion yuan, excavator sales revenue was 30.374 billion yuan, and crane machinery revenue was 13.115 billion yuan [4]. - The company has expanded its international sales to over 150 countries and regions, with the Asia-Pacific region generating the highest sales of 20.57 billion yuan, a year-on-year increase of 15.47% [5]. Group 5: Asset and Liability Status - As of the end of 2024, the company had non-current liabilities due within one year amounting to 3.956 billion yuan, an increase of 117.21% from the previous year [7]. - The total liabilities were 79.143 billion yuan, a decrease of 35.36%, with an asset-liability ratio of 52% [7].