SANY(SH:600031) Guohai Securities·2024-09-09 03:07Investment Rating - The investment rating for SANY Heavy Industry is maintained as "Buy" [1][5] Core Views - The company's profitability is steadily improving, with significant achievements in overseas expansion [1][5] - In H1 2024, SANY Heavy Industry reported operating revenue of 39.06 billion yuan, a year-on-year decrease of 2.16%, while net profit attributable to shareholders reached 3.573 billion yuan, an increase of 4.80% [2][3] - The company continues to strengthen its core competitiveness, maintaining a leading position in various machinery segments [3] Summary by Sections Profitability and Revenue - In H1 2024, the company achieved a gross margin of 28.24% and a net margin of 9.42%, reflecting a year-on-year increase of 0.03 percentage points and 0.57 percentage points respectively [3] - The company’s main business saw overseas sales revenue of 23.542 billion yuan, a year-on-year increase of 4.79%, accounting for 62.23% of total revenue [3] Product Performance - Revenue growth varied by product: excavators +0.43%, concrete machinery -5.22%, cranes -10.10%, pile machinery -7.09%, and road machinery +15.74% [3] - The company has maintained its competitive edge, with excavators leading domestic sales for 13 consecutive years and concrete machinery holding the top global position [3] Global Expansion - The company is accelerating its globalization efforts, with significant growth in overseas profitability [3] - In H1 2024, the overseas gross margin reached 31.57%, up 0.56 percentage points year-on-year, supported by steady growth in major markets [3] Financial Forecast - The revenue forecast for 2024-2026 is adjusted to 77.9 billion yuan, 89.3 billion yuan, and 105 billion yuan, with year-on-year growth rates of 5%, 15%, and 18% respectively [3][6] - The net profit forecast for the same period is 6.1 billion yuan, 7.8 billion yuan, and 10.1 billion yuan, with growth rates of 35%, 27%, and 29% respectively [3][6]