证券代码：600031 证券简称：三一重工 公告编号：2025-016 三一重工股份有限公司 关于董事长提议回购公司股份的提示性公告 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 担个别及连带责任。 2025 年 3 月 19 日，三一重工股份有限公司（以下简称"公司"）董事会收到 公司董事长向文波先生《关于提议回购公司股份的函》，向文波先生提议公司以集 中竞价交易方式回购公司已发行的部分人民币普通股（A 股）股份，具体内容如 下： 一、提议人的基本情况及提议时间 （一）提议人：公司董事长向文波先生 （二）提议时间：2025 年 3 月 19 日 二、提议回购股份的原因和目的 基于对公司未来持续稳定发展的信心和对公司价值的认可，结合公司经营情 况及财务状况等因素，建议公司以自有资金或自筹资金回购公司股份，推进公司 股价与内在价值相匹配。回购的股份用于员工持股计划。 三、提议内容 （一）回购股份的种类：公司发行的人民币普通股（A 股）。 （二）回购股份的用途：本次回购的股份用于员工持股计划；若公司未能在本 次回购完成之后 36 个月内将回 ...

14 March 2025 Equity Research Report Sany Heavy Industries (600031 CH) Buy: Positive on domestic sales outlook 2M25 excavator industry sales beat expectation. According to China Construction Machinery Association (CCMA), domestic excavator sales increased 51% y-o-y to 17,045 units in 2M25, while export increased 7% y-o-y. We attribute the strong sales volume to small excavator replacement and better demand from rural development, water engineering and infrastructure projects with improved funding support (E ...

三一重工 摘要 • 中国工程机械内销结束三年下跌，2025 年初显著增长，挖掘机销量出现 拐点，预示行业复苏。 • 工程机械出口占上市公司收入重要比例，受益于"一带一路"国家工业化 和城镇化，需求复制中国 2006-2011 年趋势，市场份额提升空间巨大。 • 徐工、三一重工等龙头企业竞争格局优化，注重盈利和现金流，挖掘机价 格小幅提升，费用控制带来销售净利率回升。 • 三一重工盈利能力有望提升，通过调整产品结构和海外去库存减值，股价 存在翻番空间，市值或达 2000 亿人民币。 • 2025 年 2 月挖掘机内销超预期增长，同比增长 51%，预计全年增速超 20%，海外市场持续增长 7%。 • 俄乌冲突缓和、国内老旧城区改造和基建需求改善将推动工程机械行业增 长，持续看好整个板块。 • 三一重工海外市场占比高，经营性现金流强劲，财务稳健，预计 2024- 2026 年利润复合增速 34%，估值有提升空间。 Q&A 工程机械行业在 2023 年和 2024 年的表现如何？未来的趋势是什么？ 根据我们的预测模型，工程机械行业在 2023 年和 2024 年见底，并将进入一 轮反转行情。这一预测得到了数据验证。自 ...

Investment Rating - The investment rating for SANY Heavy Industry is "Buy" (maintained) [5] Core Views - The report highlights that the overseas and domestic markets for the engineering machinery industry are experiencing upward resonance, positioning SANY Heavy Industry as one of the companies with the greatest earnings elasticity due to its significant share in the excavator market [1][2] - Despite market concerns regarding insufficient real estate demand and infrastructure funding, the report anticipates a recovery in the engineering machinery industry, with SANY benefiting from its high revenue share from excavators [2][5] - The company plans to list on the Hong Kong Stock Exchange, which is seen as a move to enhance its global strategy and improve governance transparency [2][3] Company Summary - SANY Heavy Industry's excavator revenue accounted for 39% of its total revenue in the first half of 2024, making it the second highest among domestic manufacturers [2] - The company reported a significant improvement in profitability, with a net profit of 49 billion yuan in 2024, representing a 20% year-on-year increase [5][10] - The international revenue for SANY reached 235 billion yuan in the first half of 2024, marking a 4.8% increase and accounting for 62% of total revenue [10] Industry Summary - The engineering machinery industry is showing signs of recovery, with a 53% year-on-year increase in excavator sales in February 2025 [3] - Domestic sales of excavators reached 11,640 units in February 2025, a 99% increase year-on-year, indicating a warming market [3] - The report suggests that the anticipated end of the Russia-Ukraine conflict could lead to increased overseas demand for engineering machinery, benefiting leading companies like SANY [3][5]

Summary of SANY Heavy Industry Conference Call Company Overview - **Company**: SANY Heavy Industry - **Industry**: Engineering Machinery Key Points and Arguments Long-term Industry Outlook - The engineering machinery industry has a broad long-term demand driven by the trend of "machine replacing labor," influenced by the scarcity of manual labor and rising costs. This trend is particularly evident in developed countries, leading to a cyclical upward demand for engineering machinery [3][4] - Short-term valuation and demand have reached a bottom, with excavator sales expected to grow in 2024 due to previous years' sales being significantly below replacement demand. Profits for main engine manufacturers are on the rise, with valuations at historical lows between 10 to 15 times [3][4] - The industry is transitioning from cyclical pricing to growth-oriented pricing, with an increase in overseas revenue reducing income volatility and raising profit margins. The domestic market is recovering, and overseas business is growing, leading to stable annual growth of 15% to 20% [3][7] SANY Heavy Industry's Position - As an industry leader, SANY Heavy Industry has significant profit margin elasticity, with historical net profit margins exceeding 15%. The company achieved record high operating cash flow in Q3 2024, indicating strong expansion potential [5][6] - SANY focuses on core products like excavators, cranes, and concrete equipment, which account for 70%-80% of its revenue, enhancing its competitiveness and responsiveness to market demands. The company maintains nearly 30% market share through a deep binding dealer model [6][12] - The company is expected to experience a bottom reversal in 2025, supported by domestic demand recovery and overseas business expansion, with a potential for stable annual growth of 15%-20% [8][9] Excavator Demand and Market Dynamics - Strong demand for excavators is attributed to structural changes, with small excavators making up 75% of domestic demand. This trend reflects the "machine replacing labor" logic, driven by urbanization and rising labor costs [13][15] - The average product lifespan has reached replacement cycles, indicating a gradual recovery in domestic demand, projected to maintain 15%-20% growth over the next three to four years [15] Overseas Market Impact - Approximately 60% of SANY's revenue comes from overseas markets. Although the European and Southeast Asian markets have faced declines, the industry cycle is nearing its end. The U.S. market is expected to rebound post-election, and Southeast Asia is entering a new equipment renewal cycle [19][20] - The company is well-positioned to benefit from growth in these regions, with expectations of 15%-20% growth in overseas business [19] Financial Performance and Projections - SANY's revenue is projected to accelerate, potentially reaching 90 billion in 2025 and exceeding 100 billion in 2026. The company’s profit level is expected to surpass 8 billion in 2025, with a corresponding P/E ratio of about 18 times [20] - The company has maintained a market share of around 25%, despite fluctuations due to strategic decisions to avoid low-margin orders [16] Investment Recommendations - Investors are advised to closely monitor SANY Heavy Industry, particularly in light of upcoming excavator sales data, quarterly performance reports, and potential domestic demand stimulus policies. The company presents significant investment opportunities due to its domestic recovery and overseas market resurgence [21]

Investment Rating - Investment Rating: Buy (Maintain) [2] Core Views - The company is planning to list on the Hong Kong Stock Exchange to enhance its global strategy and improve governance transparency [5][6] - In the first half of 2024, overseas revenue accounted for 62% of the company's main business income, with overseas sales revenue reaching 23.5 billion yuan, a year-on-year increase of 4.8% [6][7] - The company is expected to benefit from the recovery of the engineering machinery industry, driven by increased exports, improved domestic demand, and the initiation of a renewal cycle [6][8] - The company's net profit for the first three quarters of 2024 was 4.868 billion yuan, a year-on-year increase of 19.66%, with a significant growth of 311% in non-recurring net profit in Q3 [6][9] - Profit forecasts for 2024-2026 indicate net profits of 5.8 billion, 7.6 billion, and 9.7 billion yuan, respectively, with corresponding P/E ratios of 26, 19, and 15 [6][10] Financial Summary - Revenue for 2023 is projected at 74.019 billion yuan, with a decline of 8%, followed by a growth of 5% in 2024, and further growth of 12% and 18% in 2025 and 2026, respectively [6][11] - The company's gross profit margin for overseas operations has improved to 31.57%, up 0.56 percentage points year-on-year [6][12] - The company has a total market capitalization of approximately 147.89 billion yuan and a closing price of 17.45 yuan per share [2][13]

证券代码：600031 证券简称：三一重工 公告编号：2025-015 三一重工股份有限公司 关于筹划公司在香港联合交易所有限公司上市 的提示性公告 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 担个别及连带责任。 特此公告。 三一重工股份有限公司董事会 2025 年 2 月 19 日 - 2 - 为深入推进三一重工股份有限公司（以下简称"公司"）的全球化战略，加强 与境外资本市场对接，进一步提升公司治理透明度和规范化水平，公司目前正在 筹划境外发行股份（H 股）并在香港联合交易所有限公司（以下简称"香港联交 所"）上市事项（以下简称"本次 H 股上市"），公司正在与相关中介机构就本次 H 股上市的具体推进工作进行商讨，相关细节尚未确定，本次 H 股上市不会导致公 司控股股东和实际控制人发生变化。 根据《上海证券交易所股票上市规则》《境内企业境外发行证券和上市管理试 行办法》等法律法规的要求，待具体方案确定后，本次 H 股上市工作尚需提交公 司董事会和股东大会审议，并经中国证券监督管理委员会备案和香港联交所等监 管机构审核。本次 H 股 ...

Core Viewpoint - Sany Heavy Industry (600031) is planning to issue shares overseas (H-shares) and list on the Hong Kong Stock Exchange to advance its globalization strategy and enhance transparency and governance standards [1] Group 1 - The company aims to strengthen its connection with overseas capital markets through this initiative [1] - The move is part of a broader strategy to promote the company's global presence [1] - The listing is expected to improve the company's governance transparency and standardization [1]

Summary of SANY Heavy Industry Conference Call Company Overview - **Company**: SANY Heavy Industry - **Industry**: Engineering Machinery Key Points and Arguments Performance Expectations - SANY Heavy Industry expects significant growth in 2025, with overseas market contribution reaching two-thirds and higher profit margins. The company has been reducing inventory and impairment over the past three years, which has suppressed profitability. As inventory is consumed, profitability is anticipated to improve [3][4] - The company’s operating cash flow is strong, exceeding 12 billion RMB in the first three quarters of 2024, the highest among engineering machinery companies. The estimated P/E ratio for 2025 is around 18 times, indicating a reasonable valuation with potential for enhanced profitability through electrification, globalization, and automation [3][6] - Current market capitalization is approximately 140 billion RMB, with expectations to approach 300 billion RMB in the future. Revenue is about 17% of Caterpillar's, and net profit is around 9%, suggesting potential for faster growth than Caterpillar, thereby narrowing the market cap gap [3][7] Industry Trends - The engineering machinery industry is showing positive trends, with many leading companies reporting over 10% revenue growth in January 2025, and some achieving net profit growth of 20%-30%. Companies like XCMG are revitalized through mixed reforms and equity incentives, positively impacting industry growth [3][8] - In January 2025, excavator sales increased by 1.1% year-on-year, with domestic sales slightly down by 0.3%. Exports maintained positive growth at 2.19%. Overall, the excavator market data is improving [3][11] Competitive Advantages - Compared to competitors like XCMG and Shantui, SANY Heavy Industry exhibits more stable profit margins and cycles. Over 70% of its net profit comes from overseas markets, particularly in Europe and North America, where growth is expected to exceed 20% in 2025 despite industry downturns [5][18] Governance and Management - SANY Heavy Industry has improved its governance structure, with the actual controller's son now overseeing overseas operations, which is expected to yield positive results in the next three years. The company is advised to increase allocation in the engineering machinery sector, anticipating 20%-30% growth for major leading companies [3][9] Profitability Drivers - The improvement in SANY Heavy Industry's profitability is attributed to a 5% price increase, recovery in demand, optimization of product range by eliminating low-margin products, and an increased share of overseas business, which has a higher overall gross margin [3][12] Future Outlook - For Q1 2025, SANY Heavy Industry anticipates double-digit revenue growth of around 10% and a net profit margin increase, projecting a 20% growth in performance. The concrete machinery segment shows signs of stabilization, leading to an optimistic outlook for the entire year [3][14] Global Market Position - Domestic engineering machinery companies have a strong global market presence, with concrete machinery accounting for 90% of the global market share due to significant mergers. The market share for cranes and construction machinery from Chinese companies is close to 50%, while excavators hold about 35% [15][16] Strategic Development - SANY Heavy Industry's future strategy focuses on internationalization, low-carbon initiatives, and smart manufacturing. The company is making significant investments in electrification and automation technologies, aiming to enhance production capacity and efficiency [19][20] Conclusion - SANY Heavy Industry is well-positioned to leverage industry recovery, supported by strong governance, competitive advantages in overseas markets, and a robust growth strategy. The engineering machinery sector is expected to continue its upward trajectory, providing ample investment opportunities.