The Zhitong Finance App learned that GF Securities released a research report stating that maintaining the Sany International (00631) “buy” rating, the EPS is expected to be 0.81/1.17 yuan/share for 24-26, with a reasonable value of HK$9.11. According to the company's annual report, in 2023, it achieved operating income of 20.078 billion yuan, +30.5% year on year; net profit to mother was 1,929 billion yuan, +15.86% year over year. The gross profit margin in '23 was 26.86%, +3.51 pct. By sector, in 2023, the mining equipment sector achieved revenue of 11.8 billion yuan, +19%; the logistics equipment sector achieved revenue of 5.8 billion yuan, +26% over the same period; and the newly merged oil and gas equipment sector achieved revenue of 1.5 billion yuan.

According to the report, in June '23, the company merged with Sany Petroleum Technology and achieved revenue of 1,502 billion yuan in '23, +8% over the same period last year. New intelligent and electrified mining products continue to penetrate the market. The company is expected to benefit from the trend of intelligent coal machine+HAECO electrification and continue to contribute to revenue growth. Furthermore, its internationalization strategy has achieved remarkable results, and overseas business continues to grow rapidly. In '23, the company achieved overseas business revenue of 6.36 billion yuan, +50.7% year over year, accounting for +4.2 pct of total revenue. Among them, the logistics equipment sector had overseas revenue of 3,554 billion yuan, +68.75% over the same period. Electric HAECO developed well. Benefiting from the leading edge in the domestic electrification industry chain, the company's HAECO internationalization strategy entered a dividend period.