Sany Heavy Industry (600031): Leading industry level highlights optimistic about the company’s long-term competitiveness

Sany Heavy Industry (600031): Leading industry level highlights optimistic about the company’s long-term competitiveness

Event: The company released its annual report and achieved revenue of 558 in 2018.

2.1 billion, an annual increase of 45.

61%, net profit 61.

1.6 billion, an increase of 192 in ten years.

33%. Net cash flow from operating activities was 105.

27 ppm, an increase of 22 in ten years.

91%.

The company’s performance continues to improve, and its operating quality is the best level in history: the company has realized revenue of 558 in advance.

2.1 billion, an annual increase of 45.

61%, net 北京夜生活网 profit 61.

1.6 billion, an increase of 192 in ten years.

33%, performance continued to improve.

The comprehensive gross profit margin is 30.

62%, an increase of 0 from the previous year.

55 total, period cost 15.

02%, a decrease of 5 from the previous year.

03 singles, of which the sales / management / financial expense ratio decreased by 2 compared with 2017.

03/0.

93/3.

2 units, net profit decreased by 11.

29%, an increase of 5 over the previous year.

48 units.

Operating cash flow 105.

2.7 billion, the best level in history.

All business lines are in full bloom, and the industry leader level is highlighted: in terms of products, the excavator business income is 192.

4.7 billion, an increase of 40 in ten years.

80%, gross margin is 38.

66%, down by 1 from the previous year.

96 units; concrete business income 169.

6.4 billion, an increase of 34 in ten years.

64%, gross margin is 25.

24%, an increase of 1 over the previous year.

02 shares; income from lifting business 93.

4.7 billion, an increase of 78 in ten years.

26%, gross margin is 24.

85%, an increase of 1 over the previous year.

86 units.

The company’s leading products, such as concrete machinery, excavators, large-tonnage cranes, rotary drilling rigs, and complete sets of road equipment, have been globally competed, and the position of domestic leaders has become prominent. Continue to promote digitalization and internationalization strategies, optimistic about the company’s long-term competitiveness improvement: the company comprehensively promotes digitalization and intelligent upgrades in all aspects including marketing services, research and development, supply chain, and finance. Digitalization and intelligent transformation have made positive progress and management efficiencyAnd per capita output value has increased significantly.

The company initially achieved international sales revenue of 136.

27 ppm, an increase of 17 in ten years.

29%, of which 75 in the second half of the year.

35 ppm, an increase of 29 in ten years.

49%, made positive progress in the responsiveness and service capabilities of overseas markets, the establishment of agent systems, service accessories systems, and financing risk control systems. In the future, it will continue to expand overseas market expansion to cross the domestic cycle.

Profit forecast and investment advice: We expect the company’s net profit for 2019-2021 to be 95.

09 billion, 108.

6.6 billion and 119.

2.3 billion, corresponding to PE, 11 times, 10 times and 9 times, maintaining the “buy” level.

Risk warning: Infrastructure projects fail to meet expectations, real estate investment exceeds expectations, etc.

About the author