证券代码：600031 证券简称：三一重工 公告编号：2024-048 三一重工股份有限公司关于公司近期销售情况的公告 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 担个别及连带责任。 三一重工股份有限公司（以下简称"公司"）坚持高质量发展经营原则，全面 推进全球化、数智化、低碳化三大战略，进一步推动全球化制造布局、全球组织 变革，致力于建设可持续的全球经营能力，经营业绩稳中有升，逐步向好。 公司推行"集团主导、本土经营、服务先行"的经营策略，海外收入持续增 长。2024 年上半年，公司实现海外销售收入 235.42 亿元，同比增长 4.79%，海外 收入占主营业务收入比重达 62.23%。 现将公司近期销售情况公告如下： 一、2024 年 8 月份国内外市场销售情况 1、 国内市场进入平稳上升通道。 公司的小挖产品今年已实现连续 6 个月的增长、且增速逐月加快，中大挖产 品也已实现企稳回升。 2024 年 8 月，国内小挖销售台量同比增长 51%、中挖增长 44%、大挖持平；非 挖产品如混凝土机械、起重机械降幅收窄。 2024 年 8 ...

| --- | --- | --- | |-----------------------|--------------------------------------|-------| | | | | | 研究所： 证券分析师： | 姚健 S0350522030001 yaoj@ghzq.com.cn | | | 联系人 ： | 梅朔 S0350123070010 meis@ghzq.com.cn | | 2024 年 09 月 07 日 公司研究 评级：买入(维持) [Table_Title] 盈利能力稳步提升，海外拓展成果显著 ——三一重工（600031）2024 年半年报点评 事件: 三一重工 8 月 30 日公告 2024 年半年报：2024H1，公司实现营业收入 390.60 亿元，同比-2.16%；实现归母净利润 35.73 亿元，同比+4.80%； 实现扣非归母净利润 31.26 亿元，同比-19.09%。 投资要点: 利润保持正增长，核心竞争力稳固 2024H1 收入增速承压；汇兑 收益同比减少 13.6 亿元影响下，归母净利润同比保持正增长。分产 品看，2024H1，公司挖掘机械/混凝土机械 ...

Investment Rating - The investment rating for SANY Heavy Industry is maintained at "Buy-A" with a 12-month target price of 19 CNY [4][7]. Core Views - The company's revenue for the first half of 2024 was 39.06 billion CNY, a year-on-year decrease of 2.16%, while the net profit attributable to shareholders was 3.573 billion CNY, an increase of 4.8% [1][7]. - The company maintains a solid market position despite a slight decline in revenue, primarily due to pressure in the domestic demand for cranes and concrete machinery [1][3]. - The company has shown strong performance in cash flow, with a net operating cash flow of 8.438 billion CNY, a significant increase of 2204.61% [7]. Summary by Sections Financial Performance - In H1 2024, the revenue from excavators was 15.215 billion CNY, a year-on-year increase of 0.43%, maintaining the position as the domestic sales champion for 13 consecutive years [2]. - The concrete machinery segment generated 7.957 billion CNY in revenue, a decrease of 5.22% year-on-year, while the lifting machinery segment saw revenue of 6.62 billion CNY, down 10.1% year-on-year [2]. - The overall gross margin and net margin for H1 2024 were 28.24% and 9.42%, respectively, showing slight improvements year-on-year [3][7]. Market Position - The company has a strong market presence, with a 40% market share in the domestic crawler crane segment and significant growth in overseas markets, particularly in Africa, which saw a 66.71% increase year-on-year [3][7]. - The overall sales volume of excavators in China decreased by 5.15% year-on-year, but domestic sales increased by 4.66%, indicating resilience in the domestic market [1][3]. Future Projections - Revenue projections for 2024-2026 are 74.93 billion CNY, 81.44 billion CNY, and 90.11 billion CNY, with growth rates of 1.2%, 8.7%, and 10.7%, respectively [7][8]. - Net profit projections for the same period are 6.37 billion CNY, 7.91 billion CNY, and 9.75 billion CNY, with growth rates of 40.7%, 24.1%, and 23.3% [7][8].

证券代码：600031 证券简称：三一重工 公告编号：2024-047 一、减持主体的基本情况 | 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 | | --- | --- | --- | --- | --- | | 向文波 | 董事、监事、高级管理人员 | 32,193,189 | 0.3803% | 非公开发行取得：26,593,189 股 | | | | | | 其他方式取得：5,600,000 股 | | 周福贵 | 其他股东：三一集团有限公司的 | 3,020,000 | 0.0357% | 非公开发行取得：3,020,000 股 | | | 一致行动人 | | | | | 俞宏福 | 董事、监事、高级管理人员 | 4,134,200 | 0.0488% | 其他方式取得：4,134,200 股 | | 刘华 | 董事、监事、高级管理人员 | 1,686,590 | 0.0199% | 其他方式取得：1,686,590 股 | 三一重工股份有限公司股东及董监高减持股份计划 公告 - 1 - 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 ...

证券研究报告：机械设备|公司点评报告 2024 年 9 月 4 日 股票投资评级 增持|维持 个股表现 三一重工 机械设备 -28% -25% -22% -19% -16% -13% -10% -7% -4% -1% 2% 资料来源：聚源，中邮证券研究所 | --- | --- | |-----------------------------------------------------|-----------------------------| | | | | 公司基本情况 | | | 最新收盘价（元） | 16.35 | | 总股本 / 流通股本（亿股） 总市值 / 流通市值（亿元） | 84.75 / 84.64 1,386 / 1,384 | | 52 周内最高 / 最低价 | 17.46 / 12.70 | | 资产负债率 (%) | 54.3% | | 市盈率 | 30.58 | | | | 第一大股东 三一集团有限公司 研究所 分析师:刘卓 SAC 登记编号:S1340522110001 Email:liuzhuo@cnpsec.com 分析师:陈基赟 SAC 登记编号:S134052407 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company has shown significant results in high-quality development, with a focus on stabilizing domestic demand and expanding overseas markets [5] - The company's revenue for the first half of 2024 was 39.06 billion, a year-on-year decrease of 2.16%, while net profit attributable to shareholders was 3.573 billion, an increase of 4.80% [5][7] - The report highlights the stability of gross margins and an improvement in net margins, with a gross margin of 28.24% and a net margin of 9.42% for the first half of 2024 [6] Summary by Sections Market Data - Closing price as of August 30, 2024, was 16.12 yuan, with a one-year high of 17.57 yuan and a low of 12.60 yuan [2] - The company has a market capitalization of 136,443 million yuan [2] Financial Data - As of June 30, 2024, the company had a net asset per share of 8.15 yuan and a debt-to-asset ratio of 55.16% [3] - The total share capital is 8,475 million, with 8,464 million circulating A shares [3] Investment Highlights - The demand for excavators and road machinery has stabilized, with overseas markets performing stronger than domestic ones [6] - The company achieved overseas sales of 23.542 billion yuan, a year-on-year increase of 4.79%, while domestic revenue was 14.999 billion yuan, a decrease of 7.23% [6] - The report projects net profits for 2024-2026 to be 5.970 billion, 7.810 billion, and 10.013 billion yuan respectively, with corresponding PE ratios of 23X, 17X, and 14X [5][7]

%% %% 丨证券研究报告丨 公司研究丨点评报告丨三一重工（600031.SH） [Table_Title] 三一重工 24H1 中报点评：全球化战略持续推 进，坚守高质量经营方针 | --- | --- | |------------------------------------------------------------------------------------------------------------|-------| | | | | 报告要点 | | | [Table_Summary] 24 上半年公司国际收入增长持续，同比 +4.79% ，国际收入占比达 62.2% ，其中非洲地区同比 | | | +66.71% ，实现高速增长。上半年公司挖掘机械板块收入实现正增长，市场份额或有所收回， | | | 混凝土机械、起重机械下半年有望改善。国外收入占比提升及降本增效持续拉动盈利能力上行， | | | 24H1 公司净利率同比 +0.56pct 。国内有望受益挖机行业持续回暖，出口短期有望边际改善，公 | | | 司海外长期竞争力领先，在美国、德国、巴西、印度、印尼等地设有产能，有望助力 ...

2 Sep 2024 CMB International Global Markets | Equity Research | Company Update SANY Heavy (600031 CH) Expect a better 2H24E but consensus remains high; Maintain HOLD During the post-results call, SANY Heavy (SANY) remained positive on the overseas outlook despite the recent weakness of excavators in Europe and the US. SANY expects the sales in the US to see potential stabilisation in 2025E, while the growth in emerging countries will continue to be strong. For 2H24E, SANY expects China's sales to stabilize ...

Investment Rating - The report maintains a "Buy" rating for SANY Heavy Industry [2][5] Core Views - The company's net profit showed stable growth, with a 4.8% year-on-year increase to 3.57 billion yuan in the first half of 2024, despite a 2.0% decline in revenue to 38.74 billion yuan [2][5] - The company's profitability continues to improve, driven by rapid growth in overseas sales and cost reduction measures [2][5] - The demand for equipment upgrades in the construction machinery sector is expected to stimulate growth, as policies promote the replacement of outdated and high-pollution equipment [3][4] Summary by Sections Financial Performance - In H1 2024, SANY Heavy Industry achieved operating revenue of 38.74 billion yuan, a decrease of 2.0% year-on-year, while net profit rose to 3.57 billion yuan, an increase of 4.8% [2] - The operating cash flow saw a significant increase of 2240.6% year-on-year, reaching 8.44 billion yuan, attributed to improved collection efforts [2] - The comprehensive gross margin was 28.2%, up 0.03 percentage points year-on-year, and the net profit margin was 9.4%, up 0.5 percentage points year-on-year [2] Market Position - SANY Heavy Industry maintained its leading position in the domestic market for excavators, achieving revenue of 15.21 billion yuan, a 0.4% increase year-on-year, marking the 13th consecutive year as the sales champion [3] - The company remains the global leader in concrete machinery with revenue of 7.96 billion yuan, despite a 5.2% decline [3] - The revenue from road machinery increased by 15.7% year-on-year to 1.58 billion yuan, while pile machinery revenue decreased by 7.1% to 1.17 billion yuan [3] International Strategy - The company is committed to its internationalization strategy, with overseas revenue reaching 23.54 billion yuan in H1 2024, a 4.8% increase year-on-year, accounting for 62.2% of total revenue [4] - The profitability of overseas operations improved, with a gross margin of 31.6%, up 0.6 percentage points year-on-year [4] - Revenue from the Africa region saw significant growth of 66.7% year-on-year, while revenue from the Americas declined by 4.2% [4]

Investment Rating - The report maintains a "Buy" rating for SANY Heavy Industry (600031) with a target price of 20.79, compared to the last closing price of 16.12 [1][4]. Core Views - The company is benefiting from the recovery in the domestic excavator market, with a 0.43% year-on-year increase in excavator segment revenue to 152.15 billion yuan in the first half of 2024 [4]. - The company's overseas revenue reached 235.42 billion yuan, a year-on-year increase of 4.79%, accounting for 60.78% of total revenue, reflecting a continued push for globalization [4]. - Profitability is improving, with a net profit margin of 9.42%, up 0.57 percentage points year-on-year, and a significant increase in cash flow from operating activities, which rose by 2204.61% to 84.38 billion yuan [4]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved revenue of 390.60 billion yuan, a decrease of 2.16% year-on-year, and a net profit of 35.73 billion yuan, an increase of 4.80% year-on-year [4]. - For Q2 2024, revenue was 212.30 billion yuan, down 3.16% year-on-year, while net profit was 19.93 billion yuan, up 5.28% year-on-year [4]. Market Position - The company has maintained its position as the sales champion in the domestic market for 13 consecutive years, with a steady increase in global market share [4]. - Monthly sales from March to July 2024 showed significant year-on-year growth, indicating a positive trend in the domestic excavator market [4]. Future Projections - Revenue projections for 2024 to 2026 are 797.33 billion yuan, 898.77 billion yuan, and 1,031.82 billion yuan, respectively, with net profits expected to be 62.94 billion yuan, 80.03 billion yuan, and 100.48 billion yuan [4]. - The report anticipates a net profit growth rate of 39.0% in 2024, followed by 27.1% in 2025 and 25.6% in 2026 [4].