SANY(SH:600031) Changjiang Securities·2025-04-07 10:43Investment Rating - The investment rating for SANY Heavy Industry is "Buy" and is maintained [8] Core Views - The company announced a share repurchase plan of 1-2 billion yuan, with a maximum repurchase price of 29.10 yuan per share, aimed at an employee stock ownership plan without performance assessment targets, involving up to 5,552 participants [2][12] - The repurchase and employee stock ownership plan demonstrate the company's confidence in its long-term development and recognition of its value [2][12] - In Q1, domestic sales showed significant improvement, with expectations for continued growth in internal sales throughout the year, while overseas markets are expected to benefit from emerging market conditions and high-end market breakthroughs [2][12] Summary by Sections Share Repurchase and Employee Stock Ownership Plan - The company plans to repurchase shares worth 1-2 billion yuan, with a maximum price of 29.10 yuan per share, potentially acquiring between 3.44 million to 6.87 million shares, representing 0.41%-0.81% of total shares [12] - The repurchased shares will be used for an employee stock ownership plan, covering a wide range of employees, including senior management and key personnel [12] Sales Performance - In Q1, the domestic excavator market saw a year-on-year increase of 51%, driven by the need to update existing equipment and structural demand in sectors like mining and infrastructure [12] - The overall industry trend is upward, with expectations for improved performance in both domestic and export markets, particularly in emerging markets and high-end segments [12] Financial Projections - The company is expected to achieve net profits of 5.768 billion yuan and 9.038 billion yuan in 2024 and 2025, respectively, with corresponding price-to-earnings ratios of 28 times and 18 times [12]