三一重工：工程机械行业增长，预测全年营业收入1003.59~1082.49亿元

Core Viewpoint - The forecast for SANY Heavy Industry's revenue is between 100.36 billion to 108.25 billion yuan, with a net profit forecast of 10.32 billion to 12.05 billion yuan as of February 10, 2026, indicating potential for exceeding expectations in future financial disclosures [1][6][7]. Revenue and Profit Forecast - The predicted revenue range is 1003.59 to 1082.49 million yuan, with an average forecast of 1037.56 million yuan and a median of 1031.39 million yuan [2][8]. - The forecasted net profit range is 103.22 to 120.45 million yuan, with an average of 110.55 million yuan and a median of 110.62 million yuan [2][8]. Business Segments - The excavator business is highlighted as one of the most elastic segments, with revenue contribution reaching 39%, expected to benefit significantly from the upward cycle in the excavator industry [3][9]. - SANY's international revenue and gross profit account for 60% and 68% of its main business revenue and gross profit, respectively, with a compound annual growth rate of 36% and 44% projected from 2020 to 2024, reflecting the ongoing deepening of its globalization strategy [4][9]. Globalization Strategy - The company is advancing its globalization strategy, with funds raised from its H-share listing aimed at developing global sales and service networks, enhancing R&D capabilities, and expanding overseas manufacturing capacity [4][9].