Sany International Holdings Co., Ltd. (hereinafter referred to as Sany International) is China's leading supplier of heavy energy equipment. It is the first company in China that can provide integrated equipment, transportation equipment and a full set of solutions. Its vigorously promoted coal and rock mining equipment, mining and protection equipment, combined coal machinery unit and mining transportation equipment have fundamentally changed the mode of mechanical equipment construction of China's coal enterprises. To speed up the development of industrial products in the direction of complete sets, unmanned and intelligent. As an enterprise with the most extensive coverage and the richest range of coal machinery products in China, Sany International is one of the few enterprises in the country that can provide complete sets of coal machinery and equipment at the same time. At the same time, it is also a port logistics equipment supplier with the largest range of domestic products, the most complete range of products and the first import of technology. The core tasks of Sany International include mining equipment manufacturing and logistics equipment manufacturing. At present, in the field of mining equipment, the company mainly covers coal roadway excavation equipment, underground and open-pit mining transportation equipment and engineering and non-ferrous metal mining equipment; in the field of logistics equipment, the company mainly includes port machinery equipment with advanced technology. The company was established in Cayman Group on July 23, 2009. It was listed on the Hong Kong Stock Exchange in November 2009.
Industry background
Mining machinery used in coal mining, support, transportation, washing and other production processes is required for coal mining. The core machinery includes coal dispensers, mining machines, scraper conveyors and hydraulic supports, accounting for 13%, 12%, 10% and 45% of coal mining equipment, respectively. 603012.SH, Sany International, Xiaxia Bengniu Industrial Co., Ltd. and 00564.HK are respectively the operators in the four major fields of coal dispensers, excavators, scraper conveyors and hydraulic supports, with a domestic market share of 17%, 30%, 8% and 22% respectively. At present, tunneling machines, coal miners and hydraulic supports have basically formed a pattern of oligopoly, and Sany International is a pioneer in the field of advanced machinery.
With the continuous improvement of the development level of China's machinery industry, so has the mechanization of coal mining machinery.
According to statistics, in 2010, the mechanization rate of coal mining machinery and excavation machinery in China were 65% and 52% respectively. According to the 14th five-year Plan for the development of China's coal industry, by the end of the 14th five-year Plan, the mechanization of coal and coal had reached more than 90% and 75% respectively. It is worth noting that in 2022, the permeability rate of China's intelligent coal mining is 14%, while the penetration rate of intelligent mining is very low, which is 4.9%. It can be seen that the low degree of self-automation of mining equipment is a weak environment for the intelligent construction of coal mining. It is optimistic that with the corresponding policy support and landing, it has a lot of room for development in the future.
Cymbals
Actively open up the overseas market of the Bureau
In 2022, Sany International realized a net income of 155.37 billion yuan, an increase of 52.4 percent over the same period last year, while the profit of its mother-in-law exceeded 1.67 billion yuan, an increase of 32.2 percent over the same period last year. The average annual growth rate of total income over the past five years has been as high as 44.3%, while the average annual growth rate of mothers' profits in the same period has exceeded 49%. The sharp increase in sales is mainly due to the remarkable results of international market expansion and the substantial increase in international sales revenue from mining equipment and logistics equipment. The overseas sales revenue of the collection in 2022 was as high as 4.22 billion yuan, an increase of 101.5 percent over the same period last year, accounting for 27.2 percent of the revenue. In 2022, there was a major breakthrough in the promotion of the international market, and overseas sales revenue achieved business first for the first time. Singapore PSA International Port Group is one of the largest container number operators in the world and the first major port management company in the world. PSA Port Services Collection and Sany International have accumulated more than 100 sets of equipment, including quayside cranes, front cranes, electric reactor highplanes, electric collection cards, and so on. At present, the super-large and small coastal project of Sany and PSA is the largest offshore project of Sany International overseas. In 2022, the brand-new 14m and 18m models developed by CCS were unveiled at the German fair and entered the Asian market. North America and South America were actively involved in the blank market of customized machines and Sany International, and established production bases overseas to further expand their market share. Among them, there were a number of major overseas customers, and the real overseas revenue of drilling and importing machines increased by 247.6%. Large enterprises won a large number of overseas lists, and overseas sales revenue increased by 135.9%. On June 28, 2022, Sany International independently developed and the world's first project of "mechanical equipment application for container flow" was launched in northern countries, unifying the shipping standards of front cranes, stacks and cards, achieving versatility, greatly reducing overall costs, and reducing the shortage of new energy products and charging outages.
The new products were first put into use in 22 provinces in China and exported to Singapore, New Zealand, India and other places. At present, Sany International occupies a leading position in the field of mobile machinery and equipment.
Achievements in the research and development of intelligent products
The company will work as a machine operator in 2021 to expand the field of intelligence. Machine personnel focus on the three major board tasks of machine human system integration, mobile machine personnel and electronic forks, and are committed to promoting motorization, intelligence, and unmanned. On December 6, 2022, a complete set of Sany intelligent production lines, composed of several industrial machines, was sailed to Singapore. This is the Trinity episode, and the domestic engineering machinery industry exports complete sets of intelligent production lines for the first time. After the installation is completed, the intelligent production line will show strong intelligent feeding, intelligent transportation, intelligent sub-assembly, intelligent disassembly and other functions, which can greatly meet the needs of customer self-production. At present, in China, Sany industrial machines have been put into practice in the fields of railway transportation, aerospace and other fields. It is worth noting that the machine personnel of the new bureau are responsible for promoting the further upgrading of the mountain equipment. The intelligent mining control system based on digital technology has reached the leading level in China. The full-type coverage of intelligent coal miners has been put into practice in Shanxi, Anhui and other coal mines, and more than 100 sets have been sold. The mileage of the train in the mountain of wisdom has exceeded 300,000 kilometers, and the efficiency of transportation has reached 88%. In 2022, Sany International successfully built intelligent mining and demonstration faces in Taizhou and Shanxi coal mines, and successfully put "mechanized workers, self-operated workers, and intelligent fewer people" into practice. a safe and efficient excavation model of "customizable transportation" has been formed. The successful construction of intelligent mining "mining face" is of great significance to the intelligent excavation of coal mine, increase production efficiency, and safe production. at the same time, it has also provided an excellent and successful experience for the construction of intelligent mining face in the future. It is worth noting that thanks to the popularization of mechanization, informationization and intelligence of coal mines, the death rate of 1 million coal mines in China has been reduced from 80.3% in 2010 to 4.4% in 2021. According to data released by the US Labor Department, in 2020, the number of coal mine deaths in the United States was five, while that in Australia was seven, which is equivalent to about 1 percent of the death rate. In 2022, there were 168 coal mine safety production accidents in China, an increase of 84.62 percent over the same period last year, with 245 deaths, an increase of 37 percent over the same period last year. Safety requirements accelerate the transformation of the industry, and motorization, intelligence and unmanned are important breakthroughs to reduce the mortality rate of 1 million coal mines in China. It is optimistic that Sany International is actively engaged in intelligence and unhumanization, and is expected to lead to breakthroughs in the industry again.
Shoddy
The market will increase the cost of raw materials.
Sany International avoids the issue of face-to-face and overseas trade increase in the process of entering overseas markets. Factors such as the increase in global trade protectionism, the increased uncertainty of international trade, the increase in market prices, and rising labor costs may have a negative impact on the company's sales scale and benefits. The cost of raw materials and spare parts may be affected by many factors, such as market supply and demand, supplier activity, availability of alternative materials, supplier production conditions and natural hazards, etc. The production process of collection depends on a large amount of raw materials, especially the steady supply of raw materials. The quality of raw materials is limited by waves caused by external conditions. Therefore, the quality of raw materials may have an adverse effect on the operating performance of the collection. In addition, the company's main mining equipment is greatly affected by the upstream situation. The upstream commodity industry activity is very strong, and the period is strong. If severe waves occur in the upstream, or lead to a decline in the volume of tourists, or a severe crackdown on production intentions, and so on, it will certainly have a negative impact on the market market.
In the sea, there has been a sharp upstream.
Sany International has a large number of overseas customer sales activities, and some core parts need to be imported on the cost side. Therefore, if the sea price rises sharply, or the global logistics supply fluctuates violently due to uncontrollable factors such as the epidemic, it will have a negative impact on the company's environmental production, such as product production and sales performance, and will cause a downward impact on the company's production and production. In order to solve the situation of heavy traffic between Asia and North China, Maersk began to significantly increase the number of FAK traffic since the end of July this year, and warned that the operating rates of other routes are "likely to be poor". The rate structure is currently being evaluated. There are too many unknown factors in the flight. When Trinity International actively invests in overseas markets, the cost of overseas investment is not small.
Investment suggestion
It is optimistic that Sany International's development space in the field of roadheader will be granted to Sany International at the "market" level for the first time, with a target of HK $14. It is expected that from 2023 to 2025, the profit and profit of mothers and mothers will be US $21.64 billion, 27.27 billion and 3.49 billion US dollars, respectively, an increase of 30%, 26% and 28% over the same period last year.