Investment Rating - Outperform the market [1] Core Views - The company is driven by both coal mining machinery and logistics equipment, with accelerated expansion into emerging industries such as robotics, lithium battery equipment, and oil fracturing equipment [4] - The company's coal mining machinery business is leading in electrification and intelligentization, with significant growth in revenue and market share [4] - The logistics equipment business is a top supplier in China, with a strong focus on electrification and international market expansion [4] - Emerging businesses, including robotics, lithium battery, and oil equipment, show promising growth potential [4] Company Overview - The company is a leading manufacturer of coal mining and logistics equipment in China, with a strong focus on intelligent and electrified products [11] - The company has a dual-driven business model, combining coal mining machinery and logistics equipment, while actively expanding into new industries [12] - The logistics equipment business is one of the most advanced in China, offering a wide range of products for port operations [13] - The company has been acquiring core assets from its parent group to expand into robotics, lithium battery, and oil equipment industries [14] - The company is controlled by Liang Wengen, who holds a significant stake in the parent group, Sany Group [15] - The company has experienced rapid revenue growth, with a CAGR of 44.3% in revenue and 48.6% in net profit from 2017 to 2022 [16] - The company's overseas sales have surged, with international revenue accounting for 27.2% of total revenue in 2022 [20] Coal Mining Machinery - The coal mining machinery industry remains highly active due to sustained coal demand and the push for intelligent transformation [21] - The company's coal mining machinery revenue grew by 73.1% in 2022, driven by intelligent and electrified products [29] - The company is a leader in intelligent coal mining equipment, with a market share of over 80% in intelligent tunneling machines [30] - The company is accelerating the launch of new energy and large-tonnage mining vehicles, with significant growth in overseas sales [32] Logistics Equipment - The logistics equipment business is benefiting from the trend of smart ports, with steady growth in revenue [35] - The company is a leader in electrified logistics equipment, with a 265% increase in electric product sales in 2022 [38] - The company has secured significant overseas orders, including a large-scale project with PSA in Singapore [40] Emerging Businesses - The robotics business has developed a comprehensive product system and successfully entered overseas markets [42] - The lithium battery equipment business was strengthened through the acquisition of Sany Technology Equipment, marking the company's entry into the lithium battery equipment market [47] - The oil equipment business was expanded through the acquisition of Sany Petroleum Technology, with a focus on the oil fracturing market [49] - The company has entered the photovoltaic and hydrogen energy equipment sectors, with significant potential for future growth [53] Financial Projections - The company is expected to achieve a net profit of 2.27 billion, 2.93 billion, and 3.42 billion yuan in 2023, 2024, and 2025, respectively [55] - The company's EPS is projected to be 0.71, 0.92, and 1.07 yuan for 2023, 2024, and 2025, respectively [55] - The company's valuation is based on a PE multiple of 8-10x for 2024, with a target price range of 8.11-10.14 HKD [55]
公司研究报告：煤矿物流装备双驱动，新兴业务未来可期