Sany Heavy Industry Co., Ltd. (600031) Annual Report 2018 Review: Leading Mergers and Steady Operating Net Cash Flow Reached a New High

Sany Heavy Industry Co., Ltd. (600031) Annual Report 2018 Review: Leading Mergers and Steady Operating Net Cash Flow Reached a New High

Event: The company released the 2018 annual report, and the company achieved operating income of 558.

2.2 billion, an annual increase of 45.

61%; net profit attributable to mother is approximately 61.

160,000 yuan, an increase of 192 in ten years.

33%; net cash flow from operating activities 105.

27 ppm, an increase of 22 in ten years.


杭州桑拿网 The operating capacity has been significantly improved, and the net cash flow of operating activities has reached a record high: the reorganized company has actively promoted the building of operating capacity, and has achieved significant results so far, and its overall operating level is at an historical best level.

In 2018, the company’s profitability increased significantly, and the overall gross profit margin of the product was 31.

12%, an increase of 1 unit over the previous year; net sales margin was 11.

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

48 units.

At the same time, the cost was effectively controlled, and the cost of the period increased by 15%.

02%, a sharp drop from 2017 compared to 5%.

03 per share; interest rate expenditures are reduced by 13.

24%, interest rate income increases by 2 every 南宁桑拿 year.

700 million.

The quality of assets has improved significantly. The number of days of receivables turnover has decreased from 174 days in 2017 to 126 days, and the inventory turnover rate has decreased from 3 in the previous year.

Raised 87 times to 4.

03 times.

The most noteworthy thing is that the company’s net cash flow from operating activities in 2018 was 105.

27 ppm, an increase of 22 in ten years.

91%, another record high.

The internationalization strategy is advancing steadily, and the overseas market revenue is growing rapidly: The company has taken advantage of the overseas business layout to seize the “Belt and Road” transformation and continuously promote the internationalization strategy, which has now provided strength for the company’s performance growth.

In 2018, the company achieved international sales revenue of 136.

27 ppm, an increase of 17 in ten years.

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

35 ppm, an increase of 29 in ten years.


Among them, Southeast Asia, Indonesia, Latin America and other eight overseas regions, such as Trinity India, Trinity Europe, and Trinity United States have achieved rapid growth in such average prices, and the company has improved in overseas markets.

Profit forecast and investment grade: Benefiting from the overall recovery of construction machinery and the continued high prosperity of the excavator market, clearing through historical burdens, adjusting the asset structure, and covering the rapid growth of overseas market revenue, the company’s 2018 performance exceeded our expectations, we raised the company2019-2020 profit forecast, net profit is 91.


28 ppm, with an estimated net profit of 108 in 2021.

27 trillion, the corresponding EPS is 1.



29 yuan, currently corresponding to 12X / 11X / 10X, maintaining the “overweight” level.

Risk reminders: the scale of downstream infrastructure investment projects; progress in overseas market expansion progress; industry competition is gradually deteriorating; exchange rate fluctuation risks.