SANY(SH:600031) Huachuang Securities·2024-08-31 14:39Investment Rating - The report maintains a "Strong Buy" rating for SANY Heavy Industry (600031) [1][4] Core Views - The company reported a revenue of 39.06 billion yuan for the first half of 2024, a year-on-year decrease of 2.16%, while the net profit attributable to shareholders increased by 4.80% to 3.573 billion yuan [1] - The international revenue reached 23.542 billion yuan, growing by 4.79%, with overseas sales accounting for 62.23% of total revenue [2] - The company is focusing on low-carbon transformation and has launched over 80 new energy products [2] - The gross profit margin and net profit margin for the first half of 2024 were 28.24% and 9.42%, respectively, showing slight improvements year-on-year [2] - The company expects growth in the second half of 2024, driven by a decrease in the export base for excavators [2] Financial Summary - For the first half of 2024, the company achieved a revenue of 39.06 billion yuan, with a net profit of 3.573 billion yuan [1] - The projected revenues for 2024, 2025, and 2026 are 83.289 billion yuan, 95.587 billion yuan, and 110.716 billion yuan, respectively, with year-on-year growth rates of 12.5%, 14.8%, and 15.8% [8] - The projected net profits for the same years are 6.068 billion yuan, 7.928 billion yuan, and 10.022 billion yuan, with growth rates of 34.0%, 30.7%, and 26.4% [8] - The earnings per share (EPS) are expected to be 0.72 yuan, 0.94 yuan, and 1.18 yuan for 2024, 2025, and 2026, respectively [8]