SANY(SH:600031) 光大证券研究·2025-11-02 23:06Core Viewpoint - The company has demonstrated robust growth in performance and profitability, supported by the recovery in the engineering machinery sector and successful global expansion efforts [4][5][6]. Financial Performance - For Q1-Q3 2025, the company achieved revenue of 65.74 billion yuan, a year-on-year increase of 13.6%; net profit attributable to shareholders was 7.14 billion yuan, up 46.6%; and net profit excluding non-recurring items was 7.11 billion yuan, reflecting a growth of 53.6% [4]. - In Q3 2025, the company reported revenue of 21.21 billion yuan, a 10.7% increase year-on-year; net profit attributable to shareholders was 1.92 billion yuan, up 48.2%; and net profit excluding non-recurring items was 1.70 billion yuan, growing by 13.0% [4]. Industry Outlook - The sales volume of excavators (including exports) in China reached 174,039 units in Q1-Q3 2025, marking an 18.1% year-on-year increase; domestic sales were 89,877 units, up 21.5%; and export sales were 84,162 units, increasing by 14.6% [5]. - The ongoing recovery in the engineering machinery sector is expected to support the company's annual performance, with a positive outlook for sales driven by equipment upgrades and the commencement of hydropower projects [5]. Global Expansion - On October 28, the company successfully listed on the Hong Kong Stock Exchange, issuing approximately 632 million H-shares at an IPO price of 21.30 HKD per share; the offering attracted 21 cornerstone investors who collectively subscribed for 759 million USD of shares, indicating strong recognition from international capital markets [6]. - The funds raised will primarily be used to develop a global sales network, enhance R&D capabilities, and expand overseas production capacity, reflecting the company's commitment to globalization and digital transformation [6].