三一重工：2024 earnings inline; Emerging markets remain the key focus-20250418

CMB International Global Markets | Equity Research | Company Update 18 Apr 2025 Target Price RMB22.00 (Previous TP RMB21.00) Up/Downside 15.4% Current Price RMB19.06 China Capital Goods SANY Heavy (600031 CH) 2024 earnings inline; Emerging markets remain the key focus SANY Heavy (SANY) net profit in 2024 came in at RMB5.97bn (+32% YoY), which is 0%/-2% versus our/Bloomberg consensus estimates. The proposed dividend implies a 51% pay-out ratio (up from 41% in 2023), which is the highest since 2017. During th ...