SANY(600031) GOLDEN SUN SECURITIES·2024-11-01 02:51Investment 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]