三一重工：盈利能力稳步提升，核心竞争力稳固

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].