中国银河：给予三一重工买入评级

Core Viewpoint - Sany Heavy Industry reported strong revenue and profit growth in the first half of 2025, driven by both domestic and international markets, leading to a "buy" rating from analysts [1][2]. Financial Performance - In H1 2025, the company achieved operating revenue of 44.53 billion yuan, a year-on-year increase of 14.96%, and a net profit attributable to shareholders of 5.22 billion yuan, up 46% year-on-year [2]. - The gross margin for the engineering machinery industry was 27.57%, an increase of 0.81 percentage points year-on-year, benefiting from product price increases and cost reductions [2]. - The net profit margin for H1 2025 was 11.65%, up 2.5 percentage points year-on-year [2]. Domestic and International Revenue - Domestic revenue reached 17.35 billion yuan, a year-on-year increase of 21.4%, while international revenue was 26.30 billion yuan, up 11.7%, with international revenue accounting for approximately 60.3% of total revenue [2]. - The gross margins for domestic and international markets were 22.1% and 31.2%, respectively, with year-on-year increases of 0.90 and 1.04 percentage points [2]. Product Performance - Revenue from excavators was 17.5 billion yuan, a year-on-year increase of 15%, while concrete machinery, cranes, pile machinery, and road machinery reported revenues of 7.44 billion yuan, 7.80 billion yuan, 1.34 billion yuan, and 2.16 billion yuan, respectively [3]. - The company launched over 30 new energy products in H1 2025, achieving full coverage and continuing research and testing of unmanned products [3]. Cost Management and Cash Flow - The company demonstrated effective cost management with sales, management, R&D, and financial expense ratios of 6.54%, 2.81%, 4.83%, and -1.91%, respectively [3]. - Operating cash flow for H1 2025 was 10.134 billion yuan, a year-on-year increase of 20.11%, with a debt-to-asset ratio of 51.4%, down 3.72 percentage points year-on-year [3]. Future Outlook - The company is expected to benefit from a recovery in the domestic industry and strong overseas demand, with projected net profits of 8.745 billion yuan, 11.015 billion yuan, and 13.518 billion yuan for 2025, 2026, and 2027, respectively [4]. - The company maintains a strong market position in excavators and continues to deepen its strategies in globalization, digitalization, and low-carbon initiatives [4].