SANY(SH:600031) Chang Jiang Shang Bao·2025-05-26 01:11Core Viewpoint - Sany Heavy Industry is advancing its plan to list H-shares on the Hong Kong Stock Exchange, aiming to enhance its global strategy and governance transparency while raising funds for international expansion and R&D [2][3]. Group 1: Company Overview - Sany Heavy Industry is the largest engineering machinery company in China and the third largest globally, with a strong market position in excavators, concrete machinery, and cranes [3][5]. - The company has been actively pursuing a globalization strategy, with products sold in over 150 countries and regions, and expects overseas market revenue to reach 48.86 billion yuan in 2024, accounting for 62.3% of total revenue [2][5]. Group 2: Financial Performance - In 2024, Sany Heavy Industry reported a revenue of 77.773 billion yuan, a year-on-year increase of 6.22%, and a net profit of 5.975 billion yuan, up 31.98% [6]. - For Q1 2025, the company achieved a revenue of 21.049 billion yuan, a 19.18% increase year-on-year, and a net profit of approximately 2.471 billion yuan, reflecting a significant growth of 56.4% [6]. Group 3: R&D and Innovation - Sany Heavy Industry invests heavily in R&D, with over 50 billion yuan spent annually since 2021, totaling 24.678 billion yuan from 2021 to 2024, and a Q1 2025 R&D expenditure of 1.058 billion yuan [7]. - The company has established 21 R&D centers globally, employing 5,867 R&D staff, which constitutes 23.1% of its total workforce, with a high percentage holding advanced degrees [7]. Group 4: Shareholder Returns - For the fiscal year 2024, Sany Heavy Industry plans to distribute a cash dividend of 3.60 yuan per share, totaling 3.034 billion yuan, which represents 50.78% of the net profit [7].