SANY(600031) 申万宏源证券·2025-04-21 13:12Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a revenue of 78.383 billion yuan for 2024, a year-on-year increase of 5.90%, and a net profit attributable to shareholders of 5.975 billion yuan, up 31.98% year-on-year [4] - The fourth quarter revenue reached 20.023 billion yuan, reflecting a 12.12% year-on-year growth, with a net profit of 1.107 billion yuan, marking a significant increase of 141.15% year-on-year [4] - The company has shown strong performance in overseas markets, particularly in Africa and Asia-Pacific, with overseas sales revenue of 48.862 billion yuan, a year-on-year increase of 12.16% [7] - The company has improved its profitability, with a net profit margin of 7.83%, up 1.54 percentage points year-on-year, and a gross margin of 26.63%, an increase of 0.47 percentage points [7] - The company plans to distribute a cash dividend of 3.034 billion yuan, raising the dividend payout ratio to 50.78% [7] - The profit forecasts for 2025-2027 have been raised, with expected net profits of 8.039 billion yuan, 10.148 billion yuan, and 12.685 billion yuan respectively [7] Financial Data and Profit Forecast - Total revenue projections for 2023 to 2027 are as follows: 74.019 billion yuan (2023), 78.383 billion yuan (2024), 89.072 billion yuan (2025E), 102.355 billion yuan (2026E), and 117.824 billion yuan (2027E) [6] - The expected net profit for 2023 to 2027 is projected to be: 4.527 billion yuan (2023), 5.975 billion yuan (2024), 8.039 billion yuan (2025E), 10.148 billion yuan (2026E), and 12.685 billion yuan (2027E) [6] - The company’s earnings per share are forecasted to be: 0.53 yuan (2023), 0.71 yuan (2024), 0.95 yuan (2025E), 1.20 yuan (2026E), and 1.50 yuan (2027E) [6]