SANY(SH:600031) Guolian Securities·2024-11-03 04:02Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The report maintains a positive outlook on domestic equipment upgrades and overseas market demand, anticipating continued growth in the company's road machinery products and improved operational efficiency following the implementation of smart manufacturing factories. Revenue projections for 2024-2026 are estimated at 77.29 billion, 86.15 billion, and 98.88 billion yuan, with net profits of 5.68 billion, 6.54 billion, and 8.16 billion yuan respectively, reflecting a CAGR of 21.68% [3][7] Financial Performance - For the first three quarters of 2024, the company achieved revenue of 57.89 billion yuan, a year-on-year increase of 4.22%, and a net profit of 4.87 billion yuan, up 19.66%. In Q3 alone, revenue reached 19.15 billion yuan, growing by 19.4%, with net profit soaring by 96.49% to 1.30 billion yuan [7] - The company's gross margin and net margin for Q1-3 2024 were 28.28% and 8.6%, respectively, showing a slight decrease in gross margin but an increase in net margin compared to the previous year [7] - The company’s domestic and international revenues for H1 2024 were 14.29 billion and 23.54 billion yuan, respectively, with overseas revenue accounting for 62.23% of total revenue [7] Future Projections - The company is expected to benefit from a gradual recovery in the domestic engineering machinery industry and diversified products that may drive new growth in overseas markets. The projected earnings per share (EPS) for 2024-2026 are 0.67, 0.77, and 0.96 yuan per share [3][7]