SANY(SH:600031) 光大证券研究·2025-08-24 23:05Core Viewpoint - The company has demonstrated robust growth in H1 2025, with significant increases in revenue and profit margins, positioning itself favorably within the engineering machinery industry [3]. Group 1: Financial Performance - In H1 2025, the company achieved operating revenue of 44.53 billion yuan, a year-on-year increase of 15.0% (adjusted) [3]. - The net profit attributable to shareholders reached 5.22 billion yuan, reflecting a year-on-year growth of 46.0% (adjusted) [3]. - The company's gross margin stood at 27.4%, up 0.7 percentage points year-on-year (adjusted), while the net profit margin was 11.9%, an increase of 2.4 percentage points year-on-year (adjusted) [3]. - The company plans to distribute a dividend of 0.31 yuan per share [3]. Group 2: Industry Position and Market Trends - The company maintains a leading position in the industry, with excavator revenue of 17.5 billion yuan, a year-on-year increase of 15.0%, securing the top market share domestically and steadily increasing its global market share [4]. - Concrete machinery revenue was 7.44 billion yuan, a year-on-year decline of 6.5%, yet the company remains the global leader in this segment [4]. - Crane machinery revenue reached 7.8 billion yuan, with a year-on-year increase of 17.9%, and the company holds over 40% market share in the domestic crawler crane market [4]. - The company is expected to benefit from the ongoing demand for engineering machinery driven by equipment upgrades and the commencement of major hydropower projects [4]. Group 3: International Strategy - In H1 2025, the company achieved overseas revenue of 26.3 billion yuan, a year-on-year increase of 11.7% [6]. - Revenue from the Asia-Pacific region was 11.46 billion yuan, up 16.3% year-on-year; Europe generated 6.15 billion yuan, a 0.7% increase; the Americas contributed 5.07 billion yuan, a 1.4% increase; and Africa saw revenue of 3.63 billion yuan, a significant growth of 40.5% [6]. - The company is committed to its internationalization strategy, having established a network of over 400 overseas subsidiaries, joint ventures, and agents, with a localization rate of nearly 70% among overseas personnel [6].