SANY(600031) 新浪财经·2025-04-27 00:23Core 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]