The Zhitong Finance App learned that Sany International (00631) fell by more than 3%. As of press release, it was down 3.05% to HK$6.35, with a turnover of HK$71.617,200.

According to the news, Sany International's consolidated revenue for the first quarter was about RMB 5.13 billion, down about 5.7% year on year; gross profit was about RMB 1,277.5 billion, down about 4.0% year on year; profit attributable to parent company owners was about RMB 516 million, down about 20.7% year on year. Societe Generale Securities said that Sany International's performance in the first quarter went backwards, and the decline in revenue was mainly due to a clear decline in mining equipment revenue. The company's mining equipment is expected to grow slightly in 2024.

The bank also pointed out that the Group's petroleum equipment business was acquired in 2023, but the development of the business fell short of expectations in the first quarter of 2024, and there was a loss in terms of merger. The prospects for subsequent business development remain to be seen. Due to the sharp drop in prices in various parts of the industry, the company's equipment sales and module sales are expected to be difficult to bring profit in the short term, while the EPC business requires centralized delivery and revenue confirmation in the second half of the year. The hydrogen energy equipment and lithium battery equipment business is currently small, and the impact on short-term revenue and performance is not obvious.