SANY(SH:600031) Dongguan Securities·2025-08-25 03:34Investment Rating - The report maintains a "Buy" rating for the company [1][7]. Core Insights - The company achieved a revenue of 447.80 billion yuan in H1 2025, representing a year-on-year growth of 14.64%, with a net profit of 52.16 billion yuan, up 46.00% year-on-year [4]. - The construction machinery industry continues to recover, benefiting from national major engineering projects, with significant growth in domestic demand for core products [4]. - The company's overseas revenue reached 264.91 billion yuan in H1 2025, a year-on-year increase of 11.59%, accounting for 59.16% of total revenue [4]. - The company is transitioning towards electrification, focusing on three major technological routes: pure electric, hybrid, and hydrogen fuel [5]. Summary by Sections Financial Performance - In H1 2025, the company's gross margin was 27.44%, a decrease of 0.80 percentage points year-on-year, while the net margin improved by 2.45 percentage points to 11.87% [4]. - The company’s revenue from excavators was 174.97 billion yuan, up 15.00% year-on-year, maintaining the top position in the domestic market [4]. - The company’s net profit forecast for 2025 is 86.15 billion yuan, with an expected EPS of 1.02 yuan [6][7]. Market Position - The company holds a leading position in various machinery segments, including a 40% market share in large and medium-sized crawler cranes [4]. - The company’s international strategy has led to significant market share increases in overseas regions, particularly in Africa, where revenue grew by 40.48% [4]. Future Outlook - The company is expected to benefit from ongoing national infrastructure projects, which will support long-term domestic demand [4]. - The forecasted EPS for 2026 and 2027 are 1.27 yuan and 1.50 yuan, respectively, with corresponding PE ratios of 17 times and 14 times [7].