SANY(600031) 长江证券·2025-04-23 08:14Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company reported a revenue of 78.383 billion yuan for 2024, representing 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 [2][6]. - The domestic excavator business is expected to benefit from industry recovery, while the performance of late-cycle products may still face some drag. The company's international main business revenue is projected to grow by 12.15% year-on-year, with international revenue accounting for 63.98% of total revenue, an increase of 3.49 percentage points [2][12]. - The company's gross margin has steadily improved, and net cash flow from operating activities has surged by nearly 160%, indicating enhanced operational quality [2][12]. Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 20.023 billion yuan, a year-on-year increase of 12.12%, and a net profit of 1.107 billion yuan, up 141.15% year-on-year [6]. - The company’s gross margin for its main business reached 26.63% in 2024, reflecting a year-on-year increase of 0.47 percentage points due to product mix optimization and a higher proportion of high-margin international revenue [12]. Market Position and Strategy - The company is a leading player in the domestic engineering machinery sector, with a robust global strategy that continues to deepen. The expectation for 2025 is that domestic industry sales will be revised upward, and the company is well-positioned to benefit from this trend [12]. - The company has established a comprehensive overseas market channel system with over 400 subsidiaries and joint ventures, enhancing its international competitiveness [12]. Future Outlook - The company is projected to achieve net profits of 8.633 billion yuan and 10.995 billion yuan in 2025 and 2026, respectively, with corresponding price-to-earnings ratios of 19 times and 15 times [12].