SANY INTERNATIONAL(631.HK):NET PROFIT IN 2Q23 +19% YOY; HIGHER R&D SPENDING BUT STILL A SET OF GOOD QUALITY RESULTS
SANY INTERNATIONAL(631.HK):NET PROFIT IN 2Q23 +19% YOY; HIGHER R&D SPENDING BUT STILL A SET OF GOOD QUALITY RESULTS
While SANYI's net profit in 2Q23 grew only 19% YoY to RMB552mn, it was largely due to an increase in R&D spending. We do not think this is negative given SANYI's good track record in new product development through R&D commitment. The strong revenue growth (+54% YoY) and gross margin expansion (+0.9ppt YoY, +3.3ppt QoQ to 27.8%) in 2Q23 are impressive, in our view. It is worth noting that SANYI's emerging industry business (Li-ion battery equipment, solar modules and electrolysis hydrogen production equipment) generated revenue of RMB223mn in 1H23 and we expect this will become market focus going forward. Reiterate BUY with unchanged TP of HK$16.2 (19x 2023E). SANYI remains our sector top pick.
雖然三一在23年第二季度的淨利潤僅同比增長19％，達到5.52億元人民幣，但這主要是由於研發支出的增加。鑑於三一通過研發承諾在新產品開發方面的良好記錄，我們認爲這不是負面的。我們認爲，23年第二季度的強勁收入增長（同比增長54％）和毛利率增長（同比增長0.9個百分點，環比增長3.3個百分點至27.8％）令人印象深刻。值得注意的是，三一的新興行業業務（鋰離子電池設備、太陽能組件和電解制氫設備）在23年上半年創造了2.23億元人民幣的收入，我們預計這將成爲未來的市場焦點。重申買入，目標價保持不變，爲16.2港元（2023年19倍）。三一仍然是我們的行業首選。
Net profit +33% YoY in 1H23: Revenue in 1H23 grew 42% YoY to RMB10.8bn (Mining equipment: +32% to RMB7.2bn; Logistics equipment: +42% to RMB3bn; Oil & Gas equipment: RMB336mn; Emerging industry equipment: RMB223mn). Gross margin expanded 2.3ppt YoY to 26.1%.
23年上半年淨利潤同比增長33％：23年上半年收入同比增長42％至108億元人民幣（採礦設備：增長32％至72億元人民幣；物流設備：增長42％至30億元人民幣；石油和天然氣設備：3.36億元人民幣；新興行業設備：2.23億元人民幣）。毛利率同比增長2.3個百分點至26.1％。
R&D expense substantially increased 80% YoY to RMB748mn. Logistics equipment's EBIT margin expanded 6.8ppt YoY to 16.5% which offset the 3.4ppt YoY contraction in mining equipment margin. Besides, Oil & Gas equipment reported 17% EBIT margin. Net profit grew 33% YoY to RMB1.2bn, representing 49% of our full year forecast (run rate in 1H22: 54%). Operating cash inflow surged 9x YoY to RMB985mn from a low base.
研發費用同比大幅增長80％，達到7.48億元人民幣。物流設備的息稅前利潤率同比增長6.8個百分點至16.5％，抵消了採礦設備利潤率同比下降3.4個百分點。此外，石油和天然氣設備報告的息稅前利潤率爲17％。淨利潤同比增長33％，至人民幣12億元，佔我們全年預測的49％（2022年上半年的運行率：54％）。運營現金流入量同比激增9倍，至9.85億元人民幣。
SANYI maintained a net cash positive as at end-Jun 2023.
截至2023年6月底，三一保持淨現金正值。
Overseas sales accounted for 30% of revenue in 1H23. Overseas revenue surged 68% YoY to RMB3.2bn, accounting for 30% of total revenue (25% in 1H22). Among this, Asia (ex-China) and other regions (ex-Europe & US) are the two key regions, which grew 33% YoY and 2.2x YoY respectively.
海外銷售佔23年上半年收入的30％。海外收入同比增長68％，至32億元人民幣，佔總收入的30％（2022年上半年爲25％）。其中，亞洲（中國除外）和其他地區（歐洲和美國除外）是兩個關鍵地區，分別同比增長33％和2.2倍。
Post-results conference call at 10:00 (HKT) today. Senior management of SANY Group and SANYI will speak in the call. Please contact us for dial- in details.
今天 10:00（香港時間）舉行業績後電話會議。三一集團和三一的高級管理層將在電話會議上發言。請聯繫我們獲取撥號詳情。
Major risk factors: (1) weakness in mining activities; (2) development of new products below expectation; and (3) rebound of raw material costs.
主要風險因素：（1）採礦活動疲軟；（2）新產品開發低於預期；（3）原材料成本反彈。
譯文內容由第三人軟體翻譯。