SANY(SH:600031) SINOLINK SECURITIES·2025-04-18 08:23Investment Rating - The report maintains a "Buy" rating for the company, expecting significant growth in the upcoming years [5]. Core Views - The company achieved a total revenue of 78.383 billion RMB in 2024, representing a year-over-year increase of 5.9%, and a net profit attributable to shareholders of 5.975 billion RMB, up 31.98% year-over-year [2]. - The company's international business revenue reached 48.513 billion RMB, growing by 12.15% year-over-year, accounting for 61.89% of total revenue, indicating a successful global strategy [3]. - The operating cash flow for the year reached a historical high of 14.814 billion RMB, reflecting improved asset quality and operational efficiency [4]. Summary by Sections Performance Review - In Q4 2024, the company reported revenue of 20.013 billion RMB, a year-over-year increase of 12.12%, and a net profit of 1.107 billion RMB, up 141.15% year-over-year, exceeding expectations [2]. Operational Analysis - The company experienced a clear recovery in domestic engineering machinery, with Q1 to Q4 revenues showing fluctuations but an overall positive trend, particularly in Q4 with an 18.87% increase [3]. - The company’s international revenue growth was driven by multiple regions, with Africa showing a remarkable increase of 44.02% year-over-year [3]. Financial Metrics - The company’s cash flow from operations increased by 159.53% year-over-year, and inventory turnover days and accounts receivable turnover days improved, indicating enhanced operational efficiency [4]. - The report forecasts revenue growth for 2025-2027, estimating revenues of 89.673 billion RMB, 105.349 billion RMB, and 124.072 billion RMB, respectively, with net profits projected at 8.612 billion RMB, 12.023 billion RMB, and 15.304 billion RMB [5].