SANY(600031) 东莞证券·2025-04-22 08:47Investment Rating - The report maintains a "Buy" rating for SANY Heavy Industry [1][5]. Core Views - The company achieved a revenue of 78.383 billion yuan in 2024, representing a year-on-year growth of 5.90%, with a net profit of 5.975 billion yuan, up 31.98% year-on-year [5]. - The gross margin was 26.43%, a decrease of 1.28 percentage points, while the net margin improved by 1.54 percentage points to 7.83% [5]. - The company continues to enhance its core competitiveness, with excavator revenue reaching 30.374 billion yuan, a 9.91% increase, maintaining its position as the domestic sales champion for 14 consecutive years [5]. - The internationalization strategy is yielding results, with overseas revenue of 48.862 billion yuan, a year-on-year increase of 12.16%, accounting for 62.34% of total revenue [5]. Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 20.023 billion yuan, a 12.12% increase year-on-year, and a net profit of 1.107 billion yuan, up 141.15% year-on-year [5]. - The company forecasts revenues of 87.980 billion yuan, 99.898 billion yuan, and 113.606 billion yuan for 2025, 2026, and 2027 respectively [7]. Market Position - The concrete machinery segment generated 14.368 billion yuan, a decrease of 6.18%, while the road machinery segment saw a 20.75% increase in revenue to 3.001 billion yuan [5]. - The company’s new energy products achieved revenue of 4.025 billion yuan, growing by 22.86% [5]. International Strategy - The company has expanded its international presence, with sales covering over 150 countries and regions, and significant growth in Africa, where revenue increased by 44.02% [5]. - The Asia-Pacific region generated 20.570 billion yuan, a 15.47% increase, while Europe and the Americas saw modest growth [5].