Investment Rating - The report maintains a "Buy" rating for the company [2][10] Core Views - The company continues to exceed expectations with a Q1 2025 revenue of 21.05 billion yuan, up 19.2% year-on-year, and a net profit of 2.47 billion yuan, up 56.4% year-on-year, driven by strong domestic and international demand [2] - The company benefits from a high demand for excavators, with domestic sales increasing by 38% in Q1 2025, and a recovery in non-excavator machinery [2][4] - The company has demonstrated excellent cost control, with a significant reduction in expense ratios, and is expected to further decrease costs as the upcycle continues [3] Financial Performance - The company forecasts total revenue of 89.6 billion yuan for 2025, with a year-on-year growth of 14.31% [1] - The projected net profit for 2025 is 8.5 billion yuan, reflecting a year-on-year increase of 42.23% [1] - The latest diluted EPS is expected to be 1.00 yuan per share for 2025, with a P/E ratio of 19.14 [1][10] Market Position and Strategy - The company is positioned as a leader in the excavator market, with a strong domestic presence and ongoing global expansion efforts [4] - The company has made significant strides in electrification, achieving 4.03 billion yuan in revenue from new energy products in 2024, a 23% increase year-on-year [4] - The company’s competitive advantages are expected to strengthen as it continues to execute its globalization and electrification strategies [4]

Revenue and Profitability - The company's operating revenue for Q1 2025 reached CNY 21,049,036 thousand, representing a year-on-year increase of 19.18% compared to CNY 17,662,094 thousand in the same period last year[5] - Net profit attributable to shareholders of the listed company was CNY 2,471,239 thousand, a significant increase of 56.40% from CNY 1,580,101 thousand in the previous year[5] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 2,403,303 thousand, reflecting a year-on-year growth of 78.54%[5] - Total revenue for Q1 2025 reached RMB 21,176,768 thousand, an increase of 18.5% compared to RMB 17,830,224 thousand in Q1 2024[20] - Operating profit for Q1 2025 was RMB 2,890,341 thousand, up 56.0% from RMB 1,851,942 thousand in Q1 2024[20] - Net profit for Q1 2025 amounted to RMB 2,502,299 thousand, representing a growth of 54.1% compared to RMB 1,623,295 thousand in Q1 2024[20] - The total comprehensive income for Q1 2025 reached 2,824,478 thousand RMB, up 93.2% from 1,464,560 thousand RMB in Q1 2024[21] Earnings Per Share - The basic earnings per share (EPS) increased to CNY 0.2921, up 56.45% from CNY 0.1867 in the same period last year[6] - The diluted EPS also stood at CNY 0.2921, marking a 56.45% increase year-on-year[6] - Basic and diluted earnings per share for Q1 2025 were both 0.2921 RMB, compared to 0.1867 RMB in Q1 2024, reflecting a 56.5% increase[21] Cash Flow and Financial Management - The net cash flow from operating activities was CNY 4,412,691 thousand, showing a slight increase of 0.81% compared to CNY 4,377,294 thousand in the previous year[6] - Operating cash flow for Q1 2025 was 4,412,691 thousand RMB, slightly up from 4,377,294 thousand RMB in Q1 2024[23] - Cash received from sales of goods and services in Q1 2025 was 20,591,901 thousand RMB, a 20.5% increase from 17,124,005 thousand RMB in Q1 2024[22] - The company reported a net cash outflow from investing activities of -4,499,591 thousand RMB in Q1 2025, compared to -2,656,698 thousand RMB in Q1 2024[23] - The company reported a net cash outflow from operating activities of CNY -3,515,888 thousand in Q1 2025, compared to CNY -2,794,739 thousand in Q1 2024, indicating worsening cash flow[33] Assets and Liabilities - Total assets at the end of the reporting period amounted to CNY 153,838,157 thousand, an increase of 1.11% from CNY 152,145,076 thousand at the end of the previous year[6] - Total assets as of March 31, 2025, were RMB 153,838,157 thousand, a slight increase from RMB 152,145,076 thousand as of December 31, 2024[16] - Current assets totaled RMB 103,120,671 thousand, up from RMB 101,505,319 thousand at the end of 2024, reflecting a growth of 1.6%[16] - Total liabilities decreased to RMB 77,894,782 thousand from RMB 79,143,477 thousand, indicating a reduction of 1.6%[17] - The total liabilities decreased from CNY 24,654,527 thousand as of December 31, 2024, to CNY 18,373,099 thousand as of March 31, 2025, a reduction of approximately 25.5%[27] - The company’s total liabilities decreased to 13,121,794 thousand RMB as of March 31, 2025, from 19,294,986 thousand RMB at the end of 2024[26] Shareholders' Equity - The equity attributable to shareholders of the listed company was CNY 74,871,996 thousand, reflecting a year-on-year increase of 4.06%[6] - Shareholders' equity rose to RMB 75,943,375 thousand from RMB 73,001,599 thousand, marking an increase of 4.0%[17] - The total equity increased slightly from CNY 22,708,356 thousand as of December 31, 2024, to CNY 22,807,008 thousand as of March 31, 2025, an increase of 0.4%[27] Research and Development - Research and development expenses for Q1 2025 were RMB 1,057,971 thousand, down from RMB 1,293,539 thousand in Q1 2024, a decrease of 18.2%[20] - Research and development expenses for Q1 2025 were CNY 63,212 thousand, down 24.8% from CNY 83,882 thousand in Q1 2024[30] Financial Costs - The company reported a financial cost of RMB -369,846 thousand in Q1 2025, compared to RMB 155,429 thousand in Q1 2024, indicating a significant improvement in financial management[20] - The financial expenses for Q1 2025 were CNY -52,025 thousand, a significant improvement compared to CNY 10,495 thousand in Q1 2024, indicating a reduction in financial costs[30] Investment Income - The company achieved investment income of CNY 89,432 thousand in Q1 2025, a decrease of 75.2% compared to CNY 359,417 thousand in Q1 2024[30] - The company reported a significant increase in cash inflow from investment activities, totaling CNY 4,638,692 thousand in Q1 2025, compared to CNY 3,191,393 thousand in Q1 2024, an increase of 45.4%[33] Non-Recurring Gains and Losses - Non-recurring gains and losses for the period totaled CNY 67,936 thousand, with significant contributions from government subsidies and other income[10]

Group 1 - The company will hold an earnings presentation for the fiscal year 2024 and the first quarter of 2025 on May 8, 2025, from 15:00 to 17:00 [2][6] - The presentation will be conducted via the Shanghai Stock Exchange Roadshow Center, featuring video recording and online interaction [3][6] - Investors can submit questions for the presentation from April 28 to May 7, 2025, through the Roadshow Center website or via the company's email [5][6] Group 2 - Key executives participating in the presentation include Chairman Xiang Wenbo, Vice Chairman and President Yu Hongfu, Senior Vice President and CFO Liu Hua, and Board Secretary Qin Zhiyu [4] - After the presentation, investors can access the main content and details of the event through the Shanghai Stock Exchange Roadshow Center [7]

2024 年年度股东会会议议案 三一重工股份有限公司 2025 年 5 月 9 日 | | | | | | 议案一： 三一重工股份有限公司 2024 年度董事会工作报告 各位股东及股东代表： 受董事会委托，我向股东会报告工作，请予以审议。 2024 年,中国经济稳中提质，展现出强大的韧性与增长潜力。国内 工程机械市场周期拐点确立，呈现企稳回升态势，高标准农田建设、水 利工程、城中村改造、矿山投资等新兴需求占比提升。海外市场稳中有 进，东南亚、非洲、拉美等新兴市场整体受益于基建地产开发、工业及 矿山投资加速，保持较高增长。产品结构方面，高端、绿色、智能化产 品占比明显增加，行业迈入"量质双升"阶段。展望未来，工程机械行 业迎来长期的技术上行周期，第四次工业革命和第三次能源革命叠加， 世界正处在一个超级技术窗口期，全球化、数智化、低碳化发展趋势已 成为全行业共识，工程机械行业前景广阔。 报告期内，公司实现营业总收入 783.83 亿元，同比增长 5.9%；归 属于上市公司股东的净利润 59.75 亿元，同比上升 31.98%；经营活动净 现金流 148.14 亿元，同比大幅上升 159.53%。公司实现高质量发展 ...

关于召开 2024 年度暨 2025 年第一季度业绩说明会的 公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 投资者可于 2025 年 4 月 28 日（星期一）至 5 月 7 日 （星期三）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 fanjj2@sany.com.cn 进行提问。公司将在说明会上对投资者普遍关注的问题进 行回答。 证券代码：600031 证券简称：三一重工 公告编号：2025-045 三一重工股份有限公司 四、 投资者参加方式 三一重工股份有限公司（以下简称"公司"）已于 2025 年 4 月 18 日发布公 司《2024 年年度报告》，并将于 2025 年 4 月 30 日发布《2025 年第一季度报告》， 为便于广大投资者更全面深入地了解公司 2024 年度、2025 年第一季度经营成果、 财务状况，公司计划于 2025 年 5 月 8 日下午 15:00-17:00 举行 2024 年度暨 2025 年第一季度业绩说明会，就投资者关心的问题进行交流 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1][7]. Core Insights - The company achieved a revenue of 78.383 billion yuan in 2024, representing a year-on-year increase of 6.22%. The net profit attributable to shareholders reached 5.975 billion yuan, up 31.98% year-on-year [4][5]. - The company's international revenue accounted for over 60% of total revenue, with significant growth in overseas markets, achieving 48.513 billion yuan, a 12.15% increase year-on-year [5][6]. - The gross profit margin improved to 26.63%, an increase of 0.47 percentage points year-on-year, while the operating cash flow saw a substantial increase of 159.53% to 14.814 billion yuan [6][7]. Financial Performance Summary - Revenue for 2024 was 78.383 billion yuan, with a growth rate of 5.90%. Forecasted revenues for 2025, 2026, and 2027 are 89.159 billion yuan, 101.175 billion yuan, and 113.566 billion yuan, with growth rates of 13.75%, 13.48%, and 12.25% respectively [10][11]. - The net profit attributable to shareholders for 2024 was 5.975 billion yuan, with projected profits of 8.579 billion yuan, 10.645 billion yuan, and 13.037 billion yuan for the following years, reflecting growth rates of 43.57%, 24.08%, and 22.47% [10][11]. - The company’s price-to-earnings (P/E) ratio is projected to decrease from 27.08 in 2024 to 12.41 by 2027, indicating an improving valuation over time [10][11].

Core Insights - The company reported a revenue of 78.383 billion yuan for 2024, representing a year-on-year increase of 6.22% [1] - The net profit attributable to shareholders reached 5.975 billion yuan, up 31.98% year-on-year [1] - The net profit excluding non-recurring items was 5.334 billion yuan, reflecting a year-on-year growth of 21.55% [1] Revenue Breakdown - Revenue growth was driven by excavators and road machinery, with international revenue exceeding 60% of total revenue [2] - By product, revenue from concrete machinery, excavators, cranes, pile machinery, road machinery, and others was 14.368 billion, 30.374 billion, 13.115 billion, 2.076 billion, 3.001 billion, and 12.897 billion yuan respectively, with year-on-year growth rates of -6.18%, 9.91%, 0.89%, -0.44%, 20.75%, and 17.23% [2] - Domestic revenue was 27.318 billion yuan, down 3.35% year-on-year, while international revenue was 48.513 billion yuan, up 12.15% year-on-year [2] Profitability and Cost Management - The gross margin improved to 26.63%, an increase of 0.47 percentage points year-on-year, with domestic gross margin at 21.12% and international gross margin at 29.72% [2] - The total expense ratio increased by 0.14 percentage points to 17.92%, with sales expense ratio rising by 0.08 percentage points to 6.97%, management expense ratio increasing by 0.24 percentage points to 3.82%, R&D expense ratio decreasing by 1.06 percentage points to 6.86%, and financial expense ratio increasing by 0.88 percentage points to 0.26% [2] Strategic Initiatives - The company achieved positive results from its "globalization, digitalization, and low-carbon" strategy, with international market growth leading to overseas main business revenue of 48.513 billion yuan, up 12.15% [3] - The second phase of the Indonesian lighthouse factory was completed, enhancing smart manufacturing capabilities through digital twin and process simulation systems [3] - Revenue from new energy products reached 4.025 billion yuan in 2024, indicating a leading market position [3] Cash Flow and Quality - Operating cash flow significantly improved, with net cash flow from operating activities at 14.814 billion yuan, a year-on-year increase of 159.53%, reflecting high-quality development and strong risk control [3] Earnings Forecast and Valuation - Revenue projections for 2025-2027 are 89.159 billion, 101.175 billion, and 113.566 billion yuan, with year-on-year growth rates of 13.75%, 13.48%, and 12.25% respectively [4] - Net profit attributable to shareholders is forecasted to be 8.579 billion, 10.645 billion, and 13.037 billion yuan for the same period, with growth rates of 43.57%, 24.08%, and 22.47% respectively [4] - The corresponding PE valuations for 2025-2027 are 18.86, 15.20, and 12.41, maintaining a "buy" rating [4]

Investment Rating - The report maintains an "Accumulate" rating for the company [1][7]. Core Insights - The company achieved a revenue of 78.383 billion yuan in 2024, representing a year-on-year increase of 6.22%. The net profit attributable to shareholders reached 5.975 billion yuan, up 31.98% year-on-year [4][5]. - The company's international revenue exceeded 60% of total revenue, with international income growing by 12.15% to 48.513 billion yuan, while domestic revenue decreased by 3.35% to 27.318 billion yuan [5][6]. - The gross profit margin improved to 26.63%, an increase of 0.47 percentage points year-on-year, with international gross margin at 29.72% [5][6]. Financial Performance - The company forecasts revenues of 89.159 billion yuan, 101.175 billion yuan, and 113.566 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 13.75%, 13.48%, and 12.25% [7][9]. - The net profit attributable to shareholders is projected to be 8.579 billion yuan, 10.645 billion yuan, and 13.037 billion yuan for the same years, with growth rates of 43.57%, 24.08%, and 22.47% [7][9]. - The company's price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are estimated at 18.86, 15.20, and 12.41, respectively [7][9].

Investment Rating - The investment rating for the company is "Outperform" with a target price of RMB 22.68, compared to the current price of RMB 19.40 [1][20]. Core Views - The report indicates that the domestic engineering machinery sector is at the beginning of a cyclical improvement, with overseas markets expected to see structural enhancements. The company's strong product capabilities and global presence are anticipated to lead to valuation growth through demand resilience and global competitiveness [20][7]. - The report raises the company's EPS forecasts for 2025 and 2026 to RMB 0.99 and RMB 1.21, respectively, and introduces a new EPS estimate of RMB 1.38 for 2027 [20][7]. Financial Summary - The company's revenue for 2024 is projected at RMB 78.38 billion, representing a year-over-year increase of 5.90%. The net profit attributable to shareholders is expected to be RMB 5.98 billion, a year-over-year increase of 31.98% [3][20]. - In Q4 2024, the company is expected to achieve revenue of RMB 20.02 billion, with a year-over-year growth of 12.12%, and a net profit of RMB 1.11 billion, reflecting a year-over-year increase of 141.15% [20][3]. - The gross profit margin for 2024 is projected at 26.43%, while the net profit margin is expected to be 7.83%, an increase of 1.54 percentage points year-over-year [20][3]. - The operating cash flow for 2024 is expected to reach RMB 14.81 billion, a significant year-over-year increase of 159.53%, marking a historical high for the company [20][19]. Expense Management - The report highlights effective expense control, with the sales, management, financial, and R&D expense ratios for 2024 being 6.97%, 3.82%, 0.26%, and 6.86%, respectively. The year-over-year changes for these ratios are -1.43 percentage points, +0.27 percentage points, +0.89 percentage points, and -1.06 percentage points [20][3]. - The decline in the sales expense ratio is attributed to warranty costs being included in costs, amounting to RMB 1.08 billion, which is approximately 1.4% of revenue [20][3]. Market Position and Strategy - The company is noted for its strong product competitiveness, maintaining leading market shares in key products such as excavators and concrete machinery. The globalization, digitalization, and low-carbon strategy is yielding positive results, with international revenue reaching RMB 48.51 billion, a year-over-year increase of 12.15% [20][19]. - The report emphasizes the company's commitment to high-quality development, maintaining high levels of risk control and operational quality, while continuously improving its internationalization, intelligence, and low-carbon initiatives [20][19].

Core Points - The China A-shares market showed mixed performance with the CN Industrial Comprehensive Index closing at 2306.63 points, reflecting a decline of 7.42% over the past month, 1.74% over the past three months, and 3.58% year-to-date [1] Group 1: Index Overview - The CN Industrial Comprehensive Index is designed to reflect the overall performance of different industry securities from mainland Chinese enterprises, classified according to the China Securities Index industry classification standard [1] - The index is based on a starting point of 1000.0 points as of December 31, 2004 [1] Group 2: Index Holdings - The top ten weighted stocks in the CN Industrial Comprehensive Index include CATL (6.13%), Beijing-Shanghai High-Speed Railway (1.72%), and others such as Huichuan Technology (1.38%) and Sany Heavy Industry (1.14%) [1] - The index's market segment distribution shows that the Shenzhen Stock Exchange accounts for 47.03%, while the Shanghai Stock Exchange accounts for 45.33% [2] Group 3: Industry Composition - The industry composition of the CN Industrial Comprehensive Index indicates that machinery manufacturing constitutes 29.03%, followed by electric power equipment at 28.24% and transportation at 14.11% [2] - Other notable sectors include construction decoration (9.83%), aerospace and defense (8.17%), and environmental protection (3.82%) [2] Group 4: Sample Adjustment - The index samples are adjusted biannually, specifically on the second Friday of June and December, with provisions for temporary adjustments under special circumstances [3] - Adjustments occur when there are changes in the industry classification of sample companies or when companies are delisted [3]