SANY(600031) ZHESHANG SECURITIES·2025-02-20 00:23Investment Rating - Investment Rating: Buy (Maintain) [2] Core Views - The company is planning to list on the Hong Kong Stock Exchange to enhance its global strategy and improve governance transparency [5][6] - In the first half of 2024, overseas revenue accounted for 62% of the company's main business income, with overseas sales revenue reaching 23.5 billion yuan, a year-on-year increase of 4.8% [6][7] - The company is expected to benefit from the recovery of the engineering machinery industry, driven by increased exports, improved domestic demand, and the initiation of a renewal cycle [6][8] - The company's net profit for the first three quarters of 2024 was 4.868 billion yuan, a year-on-year increase of 19.66%, with a significant growth of 311% in non-recurring net profit in Q3 [6][9] - Profit forecasts for 2024-2026 indicate net profits of 5.8 billion, 7.6 billion, and 9.7 billion yuan, respectively, with corresponding P/E ratios of 26, 19, and 15 [6][10] Financial Summary - Revenue for 2023 is projected at 74.019 billion yuan, with a decline of 8%, followed by a growth of 5% in 2024, and further growth of 12% and 18% in 2025 and 2026, respectively [6][11] - The company's gross profit margin for overseas operations has improved to 31.57%, up 0.56 percentage points year-on-year [6][12] - The company has a total market capitalization of approximately 147.89 billion yuan and a closing price of 17.45 yuan per share [2][13]