SANY(600031) 山西证券·2025-04-21 14:24Investment Rating - The report assigns a "Buy-A" rating for the company, indicating a positive outlook for its stock performance in the upcoming months [5][13]. Core Insights - The company reported a revenue of 78.38 billion yuan for 2024, reflecting a year-on-year increase of 5.90%. The net profit attributable to shareholders was 5.98 billion yuan, up 31.98% year-on-year [6][15]. - The company has shown significant improvement in cash flow, with net cash flow from operating activities reaching 14.81 billion yuan, a substantial increase of 159.53% year-on-year [9]. - The company is focusing on high-quality development and has proposed a cash dividend of 3.6 yuan per 10 shares, totaling 3 billion yuan, with a dividend payout ratio of 50.78% [9]. Financial Performance - The company achieved a basic earnings per share (EPS) of 0.71 yuan for 2024, with a projected EPS of 1.01 yuan for 2025 [4][15]. - The return on equity (ROE) for 2024 was 8.35%, with expectations to rise to 10.7% by 2025 [4][15]. - The gross profit margin for 2024 was reported at 27.0%, with projections for slight improvements in the following years [15][19]. Market Position and Growth - The company has maintained its position as the domestic sales champion for excavators for 14 consecutive years, contributing 40% to its revenue [7]. - The international business segment generated 48.5 billion yuan in revenue, accounting for 64% of the main business, with a year-on-year growth of 12.15% [8]. - The company is leading in low-carbon and intelligent development, with revenue from new energy products reaching 4.03 billion yuan, a year-on-year increase of 23% [8]. Future Projections - Revenue is expected to grow to 88.74 billion yuan in 2025, with a projected net profit of 8.54 billion yuan, reflecting a year-on-year growth of 42.9% [15][19]. - The company anticipates a steady increase in its market share and profitability, with a projected PE ratio decreasing from 27.3 in 2024 to 19.1 in 2025 [15][19].