On September 4th, GLH | Changjiang Securities Research Report pointed out that globalisation continues to advance, with Sany Heavy Industry (600031.SH) increasing its share of export revenue. The company's revenue in the first half of 2024 decreased slightly by 2.16% YoY, with domestic revenue decreasing by 11.7% YoY and international revenue increasing by 4.79% YoY. The proportion of international revenue increased to 62.2%. In terms of regions, Africa had the fastest growth rate, with revenue increasing by 66.71% YoY and accounting for 9.8% of total revenue, an increase of 3.6 percentage points YoY. The second half of the year is expected to see continued domestic demand recovery, which will stabilize and revive the company's domestic business. The short-term improvement in excavator exports and the strong growth in non-excavator exports overseas are expected to accelerate the company's export revenue in the second half of the year. The company has a leading long-term competitive advantage overseas, with production capacity in the United States, Germany, Brazil, India, Indonesia, and other countries, which is expected to help increase its market share in high-end markets. With continued growth in domestic and overseas business and ongoing efforts to reduce costs and improve efficiency, the company's performance and profitability are expected to improve. It is expected that the company will achieve a net income attributable to the parent of 6.286 billion yuan and 8.262 billion yuan in 2024-2025, corresponding to a PE ratio of 22 times and 17 times respectively, and maintain a "buy" rating.