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三一重工:看好工程机械行业需求向上,公司回购股份彰显发展信心-20250320
Tai Ping Yang· 2025-03-20 03:08
Investment Rating - The report maintains a "Buy" rating for SANY Heavy Industry (600031) with a target price of 24.63, compared to the last closing price of 20.00 [1]. Core Views - The report expresses optimism about the upward demand in the construction machinery industry, highlighting the company's share repurchase as a sign of confidence in its development [1][8]. - The company plans to repurchase shares worth between 1 billion to 2 billion RMB, using its own or raised funds, to support an employee stock ownership plan, reflecting confidence in its future stability and value [4]. - Domestic demand for excavators has shown significant growth, with sales in January and February reaching 17,045 units, a year-on-year increase of 51.4%, indicating a recovery from last year's low [4]. - The report anticipates a new upward cycle in domestic demand, benefiting the company as an industry leader [4]. - The global demand for excavators is also expected to improve, with the company's overseas revenue exceeding 60% of total revenue in the first half of 2024, driven by a recovery in Southeast Asia and anticipated improvements in the European and American markets [5]. Financial Projections - The projected revenues for SANY Heavy Industry from 2024 to 2026 are 77.67 billion RMB, 87.94 billion RMB, and 101.08 billion RMB, respectively, with net profits expected to be 5.83 billion RMB, 8.35 billion RMB, and 10.68 billion RMB [6]. - The report forecasts a revenue growth rate of 4.9% in 2024, 13.2% in 2025, and 14.9% in 2026, with net profit growth rates of 28.8%, 43.2%, and 27.9% for the same years [6].