Sany Heavy Industry (600031) 2019 Third Quarterly Report Review: Q3 Results Breakthrough, Great Increase in Profitability

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Sany Heavy Industry (600031) 2019 Third Quarterly Report Review: Q3 Results Breakthrough, Great Increase in Profitability

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Sany Heavy Industry (600031) 2019 Third Quarterly Report Review: Q3 Results Breakthrough, Great Increase in Profitability

Matters: Sany Heavy Industry released the third quarter report of 2019, and the company achieved operating income of 586 in the first three quarters.

910,000 yuan, an increase of 42 in ten years.

88%, achieving net profit attributable to shareholders of listed companies 91.

59 trillion, an increase of 87 in ten years.

56%, net cash flow from operating activities was 94.

4.5 billion.

In the third quarter, the operating income was 153.

50,000 yuan, an increase of 18 in ten years.

15%, achieving net profit attributable to shareholders of listed companies.

110,000 yuan, an increase of 61 in ten years.

32%.

  Comment: The sales volume of Q3 in the construction machinery industry weakened, and Sany’s revenue increased by 18.

15% was in line with expectations.

The construction machinery industry turned into a low season in the third quarter. The sales volume of the excavator industry in June and August reached 15,121 units, 12,346 and 13,843 units, an increase of 11%, 19%, and 18%. The sales volume of truck cranes in June and August reached 2,468 units., 2596 units, 2679 units, annual growth of -5%, -15%, -3%.

SANY continues to maintain excavators, concrete machinery leading accessories, stable market levels, revenue growth and industry level.

  Strong profitability, increased R & D costs and increased smart manufacturing.

Q3 single quarter comprehensive gross profit margin 33.

04%, maintaining a high level, forecasting the industry’s second highest since the recovery of the boom, second only to 33 in 2019Q2.

94%, mainly due to (1) the manifestation of scale effects and (2) the improvement of the product structure. The increase in the proportion of large excavation sales in the excavator segment.

The improvement in the expense ratio during the period was mainly due to the increase in the probability of research and development expenses.

Expense rate during Q3 single season was 14.

6%, an increase of 2 per year.

53 units, an increase of 2 from the previous quarter.

97 units.

Among them, the sales expense ratio + management expense expenses10.

09%, basically flat each year; R & D expense ratio is 5.

51%, an increase of 2 per year.

48 units, an increase of 2 from the previous quarter.

54 per share, the absolute value of research and development expenses reached 8.

4.3 billion US dollars, mainly due to the company’s increased construction machinery products and key components, digital and intelligent technology and application research and development investment, intelligent production line investment to promote the gradual reduction of cost efficiency, improve profitability; financial expenses due toNet interest expenses decreased, overlapping exchange gains increased, and earnings increased.

  The internationalization strategy continued to advance, and overseas markets grew rapidly.

In the first half of the year, the company achieved international sales revenue of 70.

2.6 billion, an annual increase of 15.

34%.

According to data from the Sany Group Global Agents Summit, from January to September this year, Sany India achieved sales of nearly 1.5 billion US dollars, a year-on-year increase of about 20%; Indonesian region sales of nearly 1.8 billion US dollars, an increase of more than 25%;The United States achieved sales of nearly 800 million US dollars, an increase of 84%, and Sany Europe achieved an increase of more than 50%; transformation, Sweden, Russia and other regions also increased by 67% and 100%, respectively.

  Earnings forecast: We maintain the company’s EPS forecast for 2019-2021.

35, 1.

52, 1.67 yuan, corresponding to PE, 10, 8, 8 times, maintaining a target price of 16.

95 yuan, maintaining the “strong push” level.

  Risk reminder: the prosperity of the construction machinery industry declines, and overseas expansion is less than 四川耍耍网 expected