证券代码：600031 证券简称：三一重工 公告编号：2024-052 三一重工股份有限公司股东集中竞价减持股份结果 公告 本公司董事会、全体董事及相关股东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： 上述减持主体间无一致行动人。 二、集中竞价减持计划的实施结果 (一)股东因以下事项披露集中竞价减持计划实施结果： 减持计划实施完毕 股东持股的基本情况：本次减持前，俞宏福持有公司股份 4,134,200 股，占公司总股本的 0.049%。 集中竞价减持计划的实施结果情况：2024 年 11 月 1 日，俞宏福通过集 中竞价方式累计减持 900,000 股，本次减持计划实施完毕。 | | | | | | 减持 | | 减 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 减 | 价格 | | 持 | | | | 股东名 | 减持数量 | 减持比 | 减持期间 | 持 | 区间 | 减持总金额 | 完 | 当前持股数量 | 当前持 ...

Investment Rating - The report maintains a "Buy" rating for SANY Heavy Industry [5] Core Views - The company has shown a positive revenue growth of 4.22% year-on-year for the first three quarters of 2024, with a significant increase in net profit by 19.66% [1] - The third quarter of 2024 marked a notable recovery, with revenue increasing by 19.40% and net profit soaring by 96.49% compared to the same period last year [1][2] - The domestic market is showing signs of recovery, with excavator sales experiencing positive growth for the first time since 2021, indicating a potential upward trend in demand [2] - SANY Heavy Industry is positioned as a leader in the domestic market and is expected to benefit significantly from the recovery phase [2] - The overseas market presents substantial growth opportunities, with SANY Heavy Industry leading in market share and profitability, particularly in high-end markets [3] Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 578.91 billion, with a net profit of 48.68 billion [1] - The gross margin for the first three quarters was 28.27%, with a slight decrease of 0.23 percentage points year-on-year, while the net margin improved by 1.13 percentage points to 8.60% [2] - The report forecasts net profits of 61 billion, 81 billion, and 104 billion for 2024, 2025, and 2026 respectively, with growth rates of 34%, 33%, and 29% [4]

Investment Rating - The report maintains a "Recommended" rating for SANY Heavy Industry (600031.SH) [2][4] Core Views - The company reported a revenue of 58.36 billion yuan for the first three quarters of 2024, a year-on-year increase of 3.96%, and a net profit attributable to shareholders of 4.868 billion yuan, up 20.27% year-on-year [2] - The company has seen a significant improvement in profitability due to effective cost control measures, with a notable decrease in expense ratios during the third quarter [2] - The electricization of construction machinery is accelerating, with the industry penetration rate reaching 10.6% in the first nine months of 2024, an increase of 7.1 percentage points from 2023 [2] Financial Performance Summary - For 2024, the company is projected to achieve revenues of 79.25 billion yuan, with a growth rate of 7.1% [3] - The net profit attributable to shareholders is expected to be 6.514 billion yuan in 2024, reflecting a growth rate of 43.9% [3] - The earnings per share (EPS) is forecasted to be 0.77 yuan in 2024, with a price-to-earnings (PE) ratio of 24 [3][5] Operational Efficiency - The company has successfully reduced its total expense ratio to 18.35% in Q3 2024, down 6.64 percentage points year-on-year, contributing to improved profitability [2] - The sales net profit margin reached 6.95% in Q3 2024, an increase of 2.89 percentage points year-on-year [2] Market Trends - The domestic construction machinery market is showing signs of recovery, with excavator domestic sales reaching 74,000 units from January to September 2024, a year-on-year increase of 8.6% [2] - The overseas market is also recovering, with significant growth in sales of small, medium, and large excavators, with increases of 16%, 32%, and 63% respectively [2]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a revenue of 58.36 billion RMB for Q3 2024, a year-on-year increase of 3.92%, and a net profit attributable to shareholders of 4.868 billion RMB, up 19.66% year-on-year. Q3 alone saw a revenue of 19.3 billion RMB, reflecting an 18.87% increase year-on-year, and a net profit of 1.295 billion RMB, which is a significant 96.49% increase year-on-year, aligning with expectations [1] - The company is benefiting from a domestic and international market recovery, particularly in the excavator sector, where domestic sales saw a notable rebound in Q2 and Q3 2024. The company, as a leading player in the domestic excavator market, is expected to continue experiencing accelerated revenue growth in the coming years, with projected revenue growth rates of 5.9%, 12.0%, and 15.3% for 2024-2026 [1] - The overseas revenue accounted for over 60% of total revenue, enhancing overall profitability. In H1 2024, overseas revenue reached 23.542 billion RMB, a year-on-year increase of 4.79%, with a gross margin of 28.32% in Q3 2024, indicating strong profitability driven by international market expansion [1] Summary by Sections Performance Overview - For the first three quarters of 2024, the company achieved revenues of 17.83 billion RMB, 21.23 billion RMB, and 19.3 billion RMB, with year-on-year changes of -0.95%, -3.16%, and +18.87% respectively [1] - The company’s net profit for the same periods was 4.868 billion RMB, 5.2 billion RMB, and 1.295 billion RMB, with year-on-year changes of -64.49%, 5.96%, and 96.49% respectively [1] Revenue and Profitability - The company’s projected revenues for 2024-2026 are 78.344 billion RMB, 87.724 billion RMB, and 101.163 billion RMB, with corresponding net profits of 6.075 billion RMB, 8.543 billion RMB, and 11.187 billion RMB, leading to a PE ratio of 24, 17, and 13 respectively [1][3] Market Dynamics - The domestic excavator market saw significant recovery, with sales in Q2 and Q3 2024 increasing by 21% and 20% year-on-year, respectively. The company is well-positioned to capitalize on this growth due to its market leadership [1] - The international market also showed positive trends, with excavator exports recovering, contributing to the company’s revenue growth [1]

Financial Performance - The operating revenue for Q3 2024 reached RMB 19,152,505 thousand, a 19.40% increase compared to RMB 16,040,353 thousand in the same period last year[2] - The net profit attributable to shareholders was RMB 1,295,202 thousand, reflecting a significant increase of 96.49% from RMB 659,172 thousand year-on-year[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 1,502,002 thousand, up 310.59% from RMB 365,816 thousand in the previous year[2] - The basic earnings per share for Q3 2024 was RMB 0.1533, a 95.29% increase from RMB 0.0785 in the same quarter last year[3] - Total operating revenue for the first three quarters of 2024 reached CNY 58,360,802, an increase of 3.92% compared to CNY 56,161,324 in the same period of 2023[12] - Net profit for the first three quarters of 2024 was CNY 4,978,864, a rise of 19.43% from CNY 4,168,942 in the same period of 2023[13] - Earnings per share for the first three quarters of 2024 were CNY 0.5757, compared to CNY 0.4809 in 2023, indicating a growth of 19.78%[14] Cash Flow - The cash flow from operating activities for the year-to-date period reached RMB 12,375,235 thousand, a remarkable increase of 151.74% compared to RMB 4,915,786 thousand in the previous year[2] - Cash flow from operating activities for the first three quarters of 2024 was CNY 59,210,074, slightly up from CNY 59,082,547 in 2023[14] - Net cash flow from operating activities for the first three quarters of 2024 was CNY 12,375,235, a significant increase from CNY 4,915,786 in the same period of 2023, representing a growth of approximately 151%[15] - The cash inflow from operating activities totaled CNY 67,121,813, slightly up from CNY 66,541,069 in the previous year, indicating a growth of approximately 0.9%[15] Assets and Liabilities - The total assets at the end of the reporting period were RMB 151,202,320 thousand, showing a slight decrease of 0.86% compared to the previous year[3] - The total liabilities increased to RMB 58.23 billion from RMB 54.42 billion, indicating a rise of about 6.67%[10] - The total liabilities as of September 30, 2024, were CNY 77,748,715, a decrease of 5.59% from CNY 82,029,367 at the end of 2023[11] - The total equity attributable to shareholders of the parent company increased to CNY 70,911,548 from CNY 68,039,937, reflecting a growth of 4.24%[11] - The total liabilities decreased to CNY 24,041,945 thousand as of September 30, 2024, down from CNY 27,619,436 thousand at the end of 2023, indicating improved financial stability[20] Shareholder Information - The company reported a total of 697,043 common shareholders at the end of the reporting period[6] - The largest shareholder, SANY Group Co., Ltd., holds 29.26% of the shares, amounting to 2,480,088,257 shares[6] Research and Development - Research and development expenses for the first three quarters of 2024 totaled CNY 3,850,903, down from CNY 4,228,491 in 2023, a decrease of 8.91%[13] - Research and development expenses decreased to CNY 205,253 thousand in the first three quarters of 2024, down from CNY 271,241 thousand in the same period of 2023, reflecting a focus on cost management[21] Investment Activities - Total cash inflow from investment activities was CNY 9,779,493, up from CNY 7,265,660 in the previous year, indicating an increase of about 34.6%[16] - The company's cash inflow from investment activities was CNY 9,716,646 thousand in the first three quarters of 2024, compared to CNY 6,257,229 thousand in the same period of 2023, showing strong investment recovery[23] Financial Changes - Non-recurring gains and losses for the current period totaled RMB -206,800 thousand, influenced by various factors including asset disposal losses and government subsidies[4] - The company has not reported any significant changes in shareholder structure or financing activities during the reporting period[8] - The company has adopted new accounting standards starting in 2024, which may affect the financial statements[25]

证券代码：600031 证券简称：三一重工 公告编号：2024-051 三一重工股份有限公司 关于召开 2024 年第三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 2024 年 11 月 01 日(星期五)至 11 月 07 日(星期四)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。 三一重工股份有限公司（以下简称"公司"）将于 2024 年 10 月 31 日发布公 司 2024 年第三季度报告，为便于广大投资者更全面深入地了解公司 2024 年第三 季度经营成果、财务状况，公司计划于 2024 年 11 月 08 日下午 16:00-17:00 举 行 2024 年第三季度业绩说明会，就投资者关心的问题进行交流。 一、 说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2024 年第三季度的经 营成果及财务指标的具体情况与投资者进行 ...

证券代码：600031 证券简称：三一重工 公告编号：2024-050 三一重工股份有限公司股东集中竞价减持股份结果 公告 本公司董事会、全体董事及相关股东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。 股东持股的基本情况：本次减持前，向文波持有公司股份 32,193,189 股，占公司总股本的 0.380%。 集中竞价减持计划的实施结果情况：2024 年 10 月 9 日至 2024 年 10 月 23 日，向文波通过集中竞价方式累计减持 5,000,000 股，本次减持 计划实施完毕。 | | | | | | 减持 | | 减 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 减 | 价格 | | 持 | | | | 股东名 | 减持数量 | 减持比 | | 持 | 区间 | 减持总金额 | 完 | 当前持股数 | 当前持 | | 称 | （股） | 例 | 减持期间 | 方 | （元/ | （元） | 成 | 量（股） | 股比例 | | ...

证券代码：600031 证券简称：三一重工 公告编号：2024-049 三一重工股份有限公司股东集中竞价减持股份结果 公告 本公司董事会、全体董事及相关股东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： 上述减持主体间无一致行动人。 二、集中竞价减持计划的实施结果 (一)股东因以下事项披露集中竞价减持计划实施结果： 减持计划实施完毕 - 1 - 一、集中竞价减持主体减持前基本情况 股东名称 股东身份 持股数量 （股） 持股比例 当前持股股份来源 周福贵 其他股东：三一集 团有限公司的一 致行动人 3,020,000 0.0357% 非公开发行取得： 3,020,000 股 股东持股的基本情况：本次减持前，周福贵持有公司股份 3,020,000 股，占公司总股本的 0.0357%。 集中竞价减持计划的实施结果情况：2024 年 10 月 10 日至 2024 年 10 月 15 日，周福贵通过集中竞价方式累计减持 755,000 股，本次减持计 划实施完毕。 | | | | | 减 | 减持 价格 | | 减 持 | | | | -- ...

Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Views - The company is positioned to benefit from a recovery in the domestic engineering machinery industry, with a projected increase in valuation as the market stabilizes [3]. - The company has a strong international presence, with significant growth potential in overseas markets, where its current market share is relatively low [3][41]. - The acceleration of electrification in engineering machinery is expected to enhance the company's product offerings and revenue growth [3]. Summary by Sections 1. Industry Leadership and Domestic Demand - The company has established itself as a leader in the domestic engineering machinery sector, with a diverse demand structure and a recovery in traditional demand sources such as real estate and infrastructure [9][24]. - The current equipment update cycle is at a low point, with sales in the first half of 2024 showing positive year-on-year growth [3][31]. - The company has maintained its position as the top seller of excavators in the domestic market for 13 consecutive years, with a revenue share close to 40% [3]. 2. Global Market and Internationalization - The global engineering machinery market exceeds one trillion yuan, with the company having only an 8% share in overseas markets, indicating substantial growth potential [3][41]. - The company has expanded its international strategy, transitioning from product export to industrial export, and has established a comprehensive overseas market channel system [3][41]. - In the first half of 2024, the company achieved overseas revenue of 23.54 billion yuan, a year-on-year increase of 4.8% [3]. 3. Electrification of Engineering Machinery - The electrification of engineering machinery is accelerating, with the industry penetration rate exceeding 5% in 2024, and the company has launched over 80 new energy products in the first half of 2024 [3][3]. - Revenue from electrified products has grown significantly, from nearly 1 billion yuan in 2021 to 3.146 billion yuan in 2023, with a compound annual growth rate (CAGR) exceeding 77% [3]. 4. Financial Forecast and Investment Recommendations - The company is expected to see a recovery in revenue and profit margins, with projected net profits of 6.586 billion yuan, 8.067 billion yuan, and 10.127 billion yuan for 2024, 2025, and 2026 respectively [4]. - The report anticipates a valuation increase, with price-to-earnings ratios projected at 24x, 20x, and 16x for the respective years [4]. - The company is well-positioned to benefit from the anticipated recovery in the domestic engineering machinery market, which is expected to lead to an upward shift in industry valuation [3].

Investment Rating - The report gives a "Buy" rating for SANY Heavy Industry [3] Core Views - SANY Heavy Industry is positioned as a leading player in the domestic construction machinery market and is expected to become a global leader. The company has diversified its product offerings and geographical reach since its establishment in 1989, becoming a global leader in engineering machinery. Its product line includes excavators, concrete machinery, cranes, road machinery, and pile machinery, with active investments in new energy and electrification to promote sustainable development [1][17] - The domestic market is showing signs of recovery, with excavator sales having reached a low point last year, and recent monthly data indicating positive growth rates. The company is well-positioned to benefit from this recovery due to its strong distribution network and service capabilities [1][2] - The overseas market is expanding rapidly, with SANY's overseas revenue share exceeding 50% in 2023. The company has significant growth potential in high-end markets in Europe and the US, where its market share is currently low [2][19] Summary by Sections Domestic Market Outlook - The report indicates that the domestic construction machinery market is nearing a turning point, with improving marginal demand. Excavator sales fell to nearly 90,000 units last year, down from a historical high of nearly 300,000 units in 2020. However, recent monthly sales growth rates have shown positive trends, suggesting a recovery is underway [1][2] - SANY Heavy Industry maintains a strong market position with a well-established distribution network and excellent after-sales service capabilities, which enhances its resilience during market fluctuations [1][2] Overseas Market Potential - The report highlights the significant growth potential in overseas markets, with SANY's overseas revenue share increasing from around 10% in 2020 to over 50% in 2023. The company is expected to benefit from favorable conditions in the second half of the year, including the conclusion of elections and clearer policies [2][19] - SANY Heavy Industry leads the industry in terms of scale and profitability in overseas markets, with substantial opportunities for market share growth in both developed and developing countries [2][19] Financial Projections - The report forecasts that SANY Heavy Industry's total revenue will reach 813 billion, 954 billion, and 1,149 billion yuan in 2024, 2025, and 2026, respectively, with growth rates of 10%, 17%, and 21%. The net profit attributable to shareholders is projected to be 62 billion, 81 billion, and 105 billion yuan for the same years, with growth rates of 37%, 31%, and 30% [2][6] - The current price-to-earnings (P/E) ratios are projected to be 21, 16, and 12.2 times for the years 2024, 2025, and 2026, respectively, indicating a favorable valuation for investors [2][6]