Investment Rating - The investment rating for SANY Heavy Industry is "Buy" (maintained) [1] Core Views - The company's performance in 2023 met market expectations, with a notable recovery in profitability and a strong international expansion strategy [3][4] - The company achieved a total revenue of 74.02 billion yuan in 2023, a year-on-year decline of 8.44%, while net profit attributable to shareholders increased by 5.53% to 4.53 billion yuan [3] - The international revenue share increased to 60.5% in 2023, with significant growth in overseas markets, particularly in Europe and the Americas [4] - The company is expected to maintain a high level of cash flow and collection rates, with a collection rate of 99.38% in 2023 [5] Summary by Sections Financial Performance - In 2023, SANY Heavy Industry's total revenue was 74.02 billion yuan, down 8.44% year-on-year, while net profit was 4.53 billion yuan, up 5.53% [3] - The first quarter of 2024 saw a revenue of 17.83 billion yuan, a slight decline of 0.95%, with net profit increasing by 4.21% to 1.58 billion yuan [3] - The company's gross profit margin improved to 27.72% in 2023, up 3.7 percentage points year-on-year, and the net profit margin was 6.3%, up 0.8 percentage points [5] International Expansion - In 2023, overseas revenue reached 43.26 billion yuan, a year-on-year increase of 18.28%, with the international revenue share rising to 60.5% [4] - The company has established a presence in over 180 countries and regions, with Europe being the fastest-growing area for overseas sales [4] Profitability and Cash Flow - The company is expected to see continued improvement in profitability due to product mix optimization and the high margins from international sales [5] - Operating cash flow for 2023 was 5.71 billion yuan, with a significant increase in cash flow in the first quarter of 2024 [5] Employee Stock Ownership Plan - The company announced a new employee stock ownership plan, aiming to enhance long-term growth confidence, involving a total of 5.92 billion yuan and covering approximately 6,972 employees [9]

公司报告 | 年报点评报告 三一重工（600031） 证券研究报告 2024年04月 30日 投资评级 业绩表现符合预期，看好龙头高质量发展！ 行业 机械设备/工程机械 6个月评级 买入（维持评级） 当前价格 16.31元 公司发布2023年年报&2024年一季报，整体符合预期！ 目标价格 元 2023年：1）公司实现营收740.19亿，同比-8.44%；归母净利润45.27亿， 同比+5.53%；扣非归母净利润43.88亿元，同比+40.35%。2）毛利率27.71%， 基本数据 同比+3.69pct；净润率 6.29%，同比+0.79pct；扣非净利率 5.93%，同比 A股总股本(百万股) 8,485.74 +2.06pct。3）期间费用率19.28%，同比+0.02pct，销售/管理/研发/财务费 用率分别为8.4%/3.58%/7.92%/-0.63%，同比分别+0.6/+0.32/-0.64/-0.26pct。 流通A股股本(百万股) 8,464.22 A股总市值(百万元) 138,402.42 2024Q1：1）公司实现营收 178.3 亿，同比-0.95%；归母净利润 15.8 亿， 流通A股 ...

[Table_Page] 年报点评|工程机械 证券研究报告 [三Table_一Title] 重工（600031.SH） [公Tab司le_I评nves级t] 买入 当前价格 16.12元 业绩符合预期，国际化及高质量发展并行 合理价值 19.32元 前次评级 买入 [ 核Tabl 心e_Su 观mm 点ary] ： 报告日期 2024-04-30  业绩符合预期，利润率持续修复。公司发布2023年年报及2024年一 相[Ta对ble市_Pi场cQu表ote现] 季报。23年公司实现收入740.2亿元，同比下降8.4%；实现归母净利 润45.3亿元，同比增长5.5%。24Q1实现收入178.3亿元，同比下降 10% 1%；实现净利润15.8亿元，同比增长4.2%，整体符合预期。24Q1毛 4% 利率 28.15%，同比提升 0.55pct，24Q1 净利率 9.2%，创造近 10 个 -3%05/23 07/23 09/23 11/23 01/24 03/24 季度以来的单季新高。 -9%  国际化成果显著，引领工程机械出海。据公司23年报，三一重工海外 -15% 收入达433亿元，同比增长18.3%；23 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][7][9] Core Views - The company reported a revenue of 74.02 billion and a net profit of 4.53 billion for 2023, showing a year-on-year decrease in revenue of 8.44% but an increase in net profit of 5.53% [1] - In Q1 2024, the company achieved a revenue of 17.83 billion and a net profit of 1.58 billion, with revenue decreasing by 0.95% year-on-year but net profit increasing by 4.21%, aligning with market expectations [1] - The overseas revenue accounted for nearly 60% of total revenue, reaching 43.26 billion in 2023, which is an increase of 18.28% year-on-year, indicating successful progress in the globalization strategy [1] - The company is expected to benefit from a new round of replacement cycles in the domestic excavator market, as signs of market stabilization are evident [1] Summary by Sections Performance Overview - The company’s revenue for 2023 was 74.02 billion, with a net profit of 4.53 billion, reflecting a revenue decline of 8.44% and a net profit increase of 5.53% [1][4] - For Q1 2024, revenue was 17.83 billion and net profit was 1.58 billion, showing a revenue decrease of 0.95% and a net profit increase of 4.21% [1] Operational Analysis - The overseas revenue reached 43.26 billion in 2023, accounting for 58.4% of total revenue, with a year-on-year growth of 18.28% [1] - The gross margin for overseas markets was 30.94%, which is 7.98 percentage points higher than the domestic market [1] - The company maintained a high R&D expense ratio of 7.25% in Q1 2024, indicating a strong focus on innovation [1] Profit Forecast and Valuation - The revenue forecast for 2024-2026 is projected at 78.70 billion, 88.00 billion, and 100.88 billion respectively, with net profits expected to be 5.94 billion, 7.78 billion, and 9.59 billion [1][4] - The corresponding price-to-earnings ratios are estimated at 23, 17, and 14 for the years 2024, 2025, and 2026 respectively [1]

2024 年 4 月 29 日 CMB 国际全球市场 | 股票研究 | 公司更新 三一重工 (600031 CH) 2023 年净利润错过 ； 1Q24 仍然疲软 ； 观望 三一重工 （ 三一重工 ） 2023 年的净利润为 45.3 亿元人民币 （ 同比增长 6% ），比我们和 普遍预期低 12% 。此外，由于收入缺乏增长 （ 同比增长 - 1% ），第 1 季度净利润仅同比增 目标价 14.80 元 长 5%，至 15.8 亿元人民币。鉴于海外需求疲软 （ 尤其是欧洲 ），我们仍然担心今年出口进 （ 先前 TP 为 12.30 元人民币 ） 一步放缓。我们维持 2024E 盈利预测，但考虑到中国市场的温和复苏，将 2025E 预期上调 涨 / 跌 （ 7.7% ） 8% 。尽管如此，我们的新估计仍低于共识 24% / 29% 。维护。HOLD新 TP 为 14.8 元人民 现价人民币 16.04 元中国资本货物 币 ， 基于 24 倍 2024E P / E 。 Wayne FUNG, CFA  4Q23 业绩低于预期。收入同比下降 17% ， 至 17.9 亿元人民币。毛利率同比收窄 1.9 (852 ...

M N 29 Apr 2024 CMB International Global Markets | Equity Research | Company Update SANY Heavy (600031 CH) 2023 net profit a miss; 1Q24 still weak; Stay on the sidelines Target Price RMB14.80 SANY Heavy (SANY)’s net profit in 2023 came in at RMB4.53bn (+6% YoY), (Previous TP RMB12.30) which is 12% below both our and consensus estimates. In addition, net profit in Up/Downside (7.7%) 1Q24 only grew 5% YoY to RMB1.58bn due to a lack of revenue growth (-1% Current Price RMB16.04 YoY). We are still concerned abo ...

Investment Rating - The report maintains a "Recommended" rating for SANY Heavy Industry [1][2] Core Views - In 2023, SANY Heavy Industry achieved a revenue of 74.019 billion yuan, a year-on-year decrease of 8.44%, while the net profit attributable to shareholders was 4.528 billion yuan, an increase of 5.53% [1] - The company's gross margin improved to 27.71%, up by 3.69 percentage points year-on-year [1] - The report highlights the positive outcomes of the "Three Transformations" strategy, focusing on globalization, low-carbon initiatives, and digitalization [1] Summary by Sections Financial Performance - In Q4 2023, the company reported a revenue of 17.882 billion yuan, down 17.43% year-on-year, with a net profit of 480 million yuan, down 28.98% [1] - For Q1 2024, revenue was 17.830 billion yuan, a slight decrease of 0.95% year-on-year, while net profit rose to 1.580 billion yuan, an increase of 4.21% [1] - The report forecasts net profits for 2024-2026 to be 7.0 billion, 9.9 billion, and 12.7 billion yuan respectively, with corresponding PE ratios of 19x, 14x, and 11x [1][2] Product Performance - In 2023, excavator revenue was 27.636 billion yuan, down 22.71%, while crane revenue increased by 2.60% to 12.999 billion yuan [1] - The report anticipates a bottoming out of excavator sales in 2024 due to ongoing equipment renewal policies [1] Strategic Initiatives - The globalization strategy has led to sales in over 180 countries, with significant growth in Europe (37.97%) and the Americas (6.82%) [1] - The company launched over 130 new low-carbon products in 2023, achieving significant revenue from electric and hydrogen-powered equipment [1] - SANY Heavy Industry has established 33 "lighthouse factories" recognized by the World Economic Forum, showcasing its leadership in digital transformation [1]

三一重工股份有限公司 2023 年度独立董事述职报告 独立董事 席卿 本人作为三一重工股份有限公司（以下简称"公司"）独立董事， 2023年度按照《公司法》《上市公司治理准则》《上市公司独立董事管 理办法》《上海证券交易所上市公司自律监管指引第 1 号——规范运 作》等法律法规以及《公司章程》等有关规定履行职责，充分发表独 立意见，依法进行表决，有效促进了公司的规范运作。现将本人履行 独立董事职责的情况报告如下： 一、基本情况 席卿，女，蒙古族，1983 年出生，党员，新华社主任记者，哲 学与管理学双硕士。现任新华网客户端执行总裁、中国企业改革与发 展研究会高级研究员。席卿在新华社先后从事新闻采编、移动媒体管 理的工作十余年，期间专访国家领导人、诺奖科学家、两院院士、商 业领袖等百余人，并策划制作了财经类专题片突破 700 期。2012 年 获评为卓越新闻工作者；2018 年获评新华网年度个人特别贡献奖； 2020 年获评新华社年度个人突出贡献奖；2021 年 3 月全面负责了中 国发展高层论坛近百个单元的内容审校和分发工作；2023 年 1 月， 教育部全国校外教育培训监管专家委员。 - 1 - 本人符合《 ...

第一条 为进一步建立健全公司董事（非独立董事）及高级管理 人员的考核和薪酬管理制度，完善公司治理结构，根据《中华人民共 和国公司法》、《上市公司治理准则》、《上海证券交易所股票上市规 则》、《公司章程》及其它有关法律、法规和规范性文件，制定本工作 细则。 第二条 薪酬与考核委员会是董事会按照董事会决议设立的专 门工作机构，主要负责制定公司董事及高级管理人员的考核标准并进 行考核；负责制定、审查公司董事及高级管理人员的薪酬政策与方案。 第三条 本工作细则所称董事是指在本公司支取薪酬的董事长、 董事，高级管理人员是指董事会聘任的总裁、副总裁、董事会秘书及 由总裁提请董事会认定的其他高级管理人员。 三一重工股份有限公司 董事会薪酬与考核委员会工作细则 第一章 总 则 第二章 人员组成 第四条 薪酬与考核委员会成员由 5 名董事组成，其中半数以上 为独立董事。 第五条 薪酬与考核委员会委员由董事长、二分之一以上独立董 事或者全体董事的三分之一提名，并由董事会选举产生。 第六条 薪酬与考核委员会设主任委员 1 名，由独立董事委员担 任，负责召集和主持委员会工作；主任委员在委员内选举，并报请董 事会批准产生。 - 1 - ...

（一）会计师事务所基本情况 名称：安永华明会计师事务所（特殊普通合伙） 成立日期：2012 年 8 月 1 日 组织形式：特殊普通合伙企业 三一重工股份有限公司董事会审计委员会 对会计师事务所 2023 年度履职情况评估及履行监督 职责情况的报告 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市 公司治理准则》《上海证券交易所上市公司自律监管指引第 1 号—— 规范运作》和三一重工股份有限公司（以下简称"公司"）的《公司章 程》《董事会审计委员会工作细则》等规定和要求，现将公司董事会 审计委员会对会计师事务所 2023 年度履职评估及履行监督职责的情 况汇报如下： 一、2023 年年审会计师事务所基本情况 （二）聘任会计师事务所履行的程序 公司于 2023 年 3 月 30 日，公司召开第八届董事会第十一次会 议，审议通过《关于续聘 2023 年度会计师事务所的议案》，聘请毕安 永华明担任本公司 2023 年度财务报告审计机构和 2023 年度内部控 制审计机构。公司独立董事对上述议案发表了事前认可意见及同意的 独立意见。 2023 年 5 月 21 日，公司召开 2022 年年度股东大会，审议通过 ...