Summary of SANY Heavy Industry Conference Call Company Overview - **Company**: SANY Heavy Industry - **Industry**: Construction Machinery Key Points Financial Performance - **Q2 Revenue Growth**: Expected to be between 10% and 15%, slightly lower than Q1, but within normal fluctuations [2][3] - **Cash Flow Improvement**: Significant improvement due to optimized revenue collection and payment processes, with inventory turnover rates increasing [2][17] Market Trends - **Domestic Excavator Market**: Price stability with intense competition in small excavators; company is shifting focus to medium and large excavators to enhance market share [2][11][30] - **Overseas Market Performance**: Stable growth in Southeast Asia and Africa, with high equipment utilization; however, the Russian market is facing a decline due to rising terminal rates [2][6] Strategic Initiatives - **Direct Sales Increase**: Plans to increase direct sales proportion, especially in Europe and the US, currently over 50% [2][7][9] - **Market Expansion**: Exploring opportunities in Russia, Brazil, and Africa, with potential capacity deployment in these regions [2][14] Product and Technology - **Electric Products Growth**: Increasing revenue share from electric products, with significant growth expected in concrete pumps and loaders [4][22] - **Focus on Large Excavators**: Shift in product strategy towards medium and large excavators to adapt to market competition [11][30] Regional Insights - **Southeast Asia**: Highest equipment utilization, particularly in Indonesia, with expected double-digit growth [6] - **North America**: Current inventory levels are approximately five months, with a gross margin around 20% despite high tariffs [12][13] Capital Expenditure - **Future Capital Expenditure**: Expected to be around 20-30 billion yuan, focusing on optimizing existing capacity rather than acquiring new land [15][16] Competitive Landscape - **Market Share Stability**: Anticipated slight fluctuations in market share, with medium and large excavators expected to maintain around 30% market share [4][31] Challenges and Risks - **Domestic Industry Adjustment**: Domestic market adjustments have a significant impact on capital market sentiment, but the company's performance remains stable due to strong overseas contributions [34] Corporate Governance - **Board Transition**: No specific timeline for board transition; the leadership team is relatively young, averaging in their forties [32][33] Investor Relations - **Shareholder Communication**: Company has a strong track record in shareholder communication, with a current price-to-book ratio of approximately two [35] Additional Notes - **Dealer Profitability**: Over 60% of excavator dealers reported profitability in the first half of the year, indicating a positive trend [25] - **Cost Optimization Measures**: Various cost control measures implemented, including supply chain improvements and management expense reductions [26][27] This summary encapsulates the key insights and strategic directions discussed during the conference call, providing a comprehensive overview of SANY Heavy Industry's current position and future outlook in the construction machinery industry.

湘江北去，通江达海；中流击水，扬帆奋楫。 地处中部地区崛起和长江经济带发展两个重大国家战略交汇点，湖南近年来呈现出"稳中有升、向新向 好"的发展态势。2024年，全省地区生产总值突破5.3万亿元。今年一季度，全省地区生产总值达12702.4 亿元，同比增长5.4%，取得"开门红"。 习近平总书记在今年全国两会上强调，圆满实现"十四五"发展目标，经济大省要挑大梁。 洞庭波涌连天雪，芙蓉国里尽朝晖。深入贯彻落实习近平总书记重要指示精神和对湖南"在打造国家重 要先进制造业高地、具有核心竞争力的科技创新高地、内陆地区改革开放高地上持续用力"的指示要 求，湖南以脚踏实地、敢为人先的奋斗姿态推动高质量发展，努力在中国式现代化的宏伟进程中展 现"湖湘担当"。 守牢实体经济根基 湖南长沙，科技感十足的中联重科智慧产业城内，400吨矿用挖掘机如同"巨无霸"，混凝土泵车70多米 高的臂架直冲云霄。今年以来，这里多款设备产销两旺，有的设备产能较年初提升了3倍。 走进"中国工程机械之都"的工厂车间，人们感受到市场行情回升的丝丝暖意。 中联重科联席总裁王永祥告诉记者，尽管传统工程机械在国内市场面临不小压力，但矿山机械、高空作 业平台、 ...

Core Viewpoint - The engineering machinery industry shows signs of recovery, with improvements in working hours and operating rates, although some metrics indicate a decline compared to previous periods [5][7]. Group 1: Monthly Working Hours - In April 2025, the average working hours for major engineering machinery products was 90.1 hours, representing a year-on-year increase of 3.20% but a slight month-on-month decrease of 0.05% [1]. - Specific working hours for various machinery in April 2025 included: excavators at 85 hours, loaders at 98.3 hours, and non-road mining dump trucks at 170 hours [1]. Group 2: Monthly Operating Rates - The operating rate for engineering machinery in April 2025 was 62%, which is a year-on-year decrease of 4.29 percentage points but an increase of 1.17 percentage points from the previous month [2]. - Operating rates for specific machinery in April 2025 included: excavators at 66.3%, loaders at 62.4%, and concrete pump trucks at 43% [2]. Group 3: Historical Data Review - The average working hours for major engineering machinery products in December 2024 was 93.9 hours, showing a month-on-month decline of 2.91% [5]. - In March 2025, the average working hours increased to 90.1 hours, with a year-on-year growth of 6.53% [6]. Group 4: Market Dynamics - The engineering machinery industry is experiencing a potential recovery, with improved expectations following a significant increase in exports, which rose over 70% despite a 13-month decline in domestic sales [7][9]. - February 2025 saw an improvement in operating rates, contributing to a more optimistic outlook for the engineering machinery sector [9].

据中国工程机械工业协会统计数据显示， 2025年3月 工程机械主要产品开工情况如下： 月 平均工作时长为90.1小时，同比增长6.53%，环比增长94.3%。 其中：挖掘机平均工作时长86.9小时；装载机 平均工作时长 107小时；汽车起重机 平均工作时长 112小 时；履带起重机 平均工作时长 97.4小时；塔式起重机 平均工作时长 52小时；压路机 平均工作时长 30.3小时； 摊铺机 平均工作时长 23.7小时；旋挖钻机 平均工作时长 81.1小时；非公路矿用自卸车 平均工作时长 164小 时；混凝土泵车 平均工作时长 45.4小时；搅拌车 平均工作时长 63.5小时；叉车 平均工作时长 83.3小时。 月开工率为60.8%，同比下降3.38个百分点，环比增加16.3个百分点。 其中：挖掘机 开工率 66.2%；装载机 开工率 61.6%；汽车起重机 开工率 75.4%；履带起重机 开工率 60.3%；塔式起重机 开工率 40.7%；压路机 开工率 41.8%；摊铺机 开工率 41.3%；旋挖钻机 开工率 47%；非 公路矿用自卸车 开工率 47.4%；混凝土泵车 开工率 37.5%；搅拌车 开工率 3 ...

2025年第1期 第56卷 总 第615 期 智能化 基于机器视觉的车辆外廓尺寸与位置测量方法研究* 王欣凯 1 ，张 鹏 2 ，胡晓旭 1 ，郑明刚 1 1.山东建筑大学机电工程学院；2.山东时风（集团）有限责任公司 摘 要|为提高现有的运输车车厢内机械手自动取样的工作安全性和取样精度，需要提高车厢尺寸测量精度。 针对传统的运输车车厢尺寸测量技术存在的局限性和精度不高的问题，提出采用激光雷达检测运输车车厢尺寸 的方法。通过外形扫描、点云处理、点云聚类对运输车点云做出车头、车厢分割，对分割后得到的特定点云进 行实时计算输出所需尺寸参数，并在实车上验证了系统的精度和可靠度。研究结果表明利用激光雷达可以有效 改进对运输车车厢尺寸的测量精度，对机械手进行车厢内货物自动取样等工作有着积极意义。 关键词：运输车；激光雷达；车辆外廓尺寸测量 基于Vision Master与S7 1200的无人挖掘机识别与定位控制系统设计与实现* 孙小肖，李钢，刘金鑫，覃卓卓，吴嘉鹏 南京工程学院机械工程学院 摘 要｜为实现挖掘机对目标物体的识别、定位以及挖掘作业，设计挖掘机目标识别与定位控制系统，并对挖 掘机进行运动学建模，在Visio ...