Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company experienced a revenue decline of 5.7% year-on-year in Q1 2024, with total revenue reaching 5.1296 billion yuan. The decline is attributed mainly to a significant drop in mining equipment revenue, particularly in tunneling machines, wide-body trucks, and mining trucks. However, the company anticipates a growth phase for its mining truck business in the second half of 2024 due to the launch of a 240-ton product and the resumption of deliveries for a 150-ton product [1][2] - The company has acquired the oil equipment business in 2023, but this segment underperformed in Q1 2024, resulting in losses. The solar energy business is also expected to face challenges due to significant price declines across the industry, impacting equipment and component sales [1] - The company announced the acquisition of a 65% stake in SANY Robotics for 45.5 million yuan, which is expected to reduce losses from new business ventures [1] Financial Summary - For 2024 and 2025, the company is projected to achieve revenues of 27.987 billion yuan and 34.007 billion yuan, representing year-on-year growth rates of 38.02% and 21.51%, respectively. The net profit attributable to shareholders is expected to be 2.254 billion yuan and 2.564 billion yuan, with growth rates of 16.85% and 13.75% [2][4] - The company's net profit margin is projected to decline from 9.07% in 2023 to 8.05% in 2024 and further to 7.54% in 2025 [5] - The total assets of the company are expected to grow from 34.963 billion yuan in 2023 to 41.243 billion yuan in 2024 and 51.905 billion yuan in 2025 [4][5]
三一国际：矿山装备依然承压，新业务发展有待观察