① In 2023, the company's revenue decreased by 8.44% year on year; net profit increased by 5.53% year on year. ② Domestic revenue decreased by 31.97% year on year; international revenue increased by 18.28% year on year, accounting for more than 60%. ③ The company expects revenue growth of more than 10% in 2024.
Finance Association, April 28 (Reporter Huang Lu) Domestic and international revenues are mixed. Sany Heavy Industries (600031.SH) experienced a single-digit decline in revenue last year. Benefiting from product restructuring and cost reduction measures, the company maintained a slight increase in net profit.
Tonight, Sany Heavy Industries released its annual report. In 2023, the company achieved total operating revenue of 74.019 billion yuan, a year-on-year decrease of 8.44%; net profit attributable to shareholders of listed companies was 4.527 billion yuan, up 5.53% year on year; and net cash flow from operating activities was 5.708 billion yuan, up 39.2% year on year.
The company said that the decline in revenue was mainly affected by the decline in domestic market demand and the decline in construction machinery sales. Driven by improvements in domestic and foreign market structure and product structure, and cost reduction and efficiency measures, the overall gross margin of the company's products in 2023 was 27.72%, up 3.70 percentage points from the previous year.
In 2023, the domestic construction machinery industry is still bottoming out, but the decline has narrowed markedly. The company's domestic revenue decreased by 31.97% year on year, and gross margin increased 1.07 percentage points over the previous year.
By product, the revenue of Sany Heavy Industries' excavation machinery, pile construction machinery, and pavement machinery all declined to varying degrees, with year-on-year decreases of 22.71%, 31.97%, and 19.32%, respectively.
Driven by factors such as increased investment in overseas infrastructure and mining, the company's export business continued to grow. Financial reports show that last year, Sany Heavy Industries achieved international sales revenue of 43.258 billion yuan, an increase of 18.28% over the previous year; international revenue accounted for 60.48% of the main business revenue, an increase of 14.78 percentage points over the previous year.
By the end of 2023, the company's overseas product sales had covered more than 180 countries and regions. Last year, sales revenue in Europe was 16.25 billion yuan, an increase of 37.97%; sales revenue in Asia and Australia was 16.5 billion yuan, an increase of 11.10%; sales revenue in the American region was 7.58 billion yuan, an increase of 6.82%; and sales revenue in Africa was 2.92 billion yuan, an increase of 2.56%.
Europe and America have become the fastest-growing regions overseas. Benefiting from the increase in overseas sales scale and improved product structure, the company's gross profit margin for international business was 30.78%, an increase of 4.42 percentage points.
By the end of last year, the company had completed 33 lighthouse factories. Sany Heavy Industries believes that this year, as a series of policies such as the “Action Plan to Promote Large-scale Equipment Renewal and Consumer Goods Trade-in” continue to advance, large-scale equipment upgrades will boost the market recovery. The company expects the company's revenue to increase by more than 10% in 2024.
On the same day, Sany Heavy Industries disclosed its 2024 quarterly report. In the first quarter of this year, it achieved operating income of 17.662 billion yuan, a year-on-year decrease of 0.73%; net profit of 1,580 billion yuan, an increase of 4.21% over the previous year.