SANY(SH:600031) Zhongyuan Securities·2025-04-18 11:10Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected increase of over 15% relative to the CSI 300 index in the next six months [32]. Core Insights - The company achieved a total revenue of 77.77 billion yuan in 2024, representing a year-on-year growth of 6.22%, and a net profit attributable to shareholders of 5.98 billion yuan, up 31.98% year-on-year [7][8]. - The company's strategic focus on "globalization, digitalization, and low-carbonization" has yielded significant results, with international business revenue reaching 48.51 billion yuan, a 12.15% increase, and accounting for 63.98% of total revenue [10][15]. - The company plans to distribute a cash dividend of 3.6 yuan per 10 shares to all shareholders [7]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 78.38 billion yuan, a 5.9% increase year-on-year, and a net profit of 5.98 billion yuan, which is a 31.98% increase [8][17]. - The operating cash flow significantly improved, reaching 14.81 billion yuan, a 159.53% increase year-on-year [8]. Business Segments - Excavation machinery sales reached 30.37 billion yuan, up 9.91% year-on-year, maintaining the top sales position in the domestic market for 14 consecutive years [11]. - Concrete machinery sales were 14.37 billion yuan, down 6.18% year-on-year, but the electric mixer truck maintained the highest market share domestically [11]. - Lifting machinery sales were 13.12 billion yuan, up 0.89% year-on-year, with a significant increase in global market share [11]. - Road machinery sales increased by 20.75% to 3.00 billion yuan, with overseas growth exceeding 35% [11]. Strategic Initiatives - The company has made substantial progress in its "globalization, digitalization, and low-carbonization" strategy, with significant advancements in smart manufacturing and leading positions in various new energy products [10][12]. - The company has established a robust international market presence, with over 400 overseas subsidiaries and a sales network covering more than 150 countries [15]. Future Outlook - The company is expected to benefit from the recovery of the domestic construction machinery market, driven by infrastructure investment and urbanization, with projected revenues of 90.83 billion yuan, 104.62 billion yuan, and 119.62 billion yuan for 2025, 2026, and 2027 respectively [16][17].