\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 031 Sany Heavy Industry Co.Ltd(600031) )
Revenue increased, and the decline in profit margin led to a year-on-year decline in net profit
Sany Heavy Industry Co.Ltd(600031) 2021 achieved operating income of 106.11 billion yuan, with a year-on-year increase of 6.8%; The net profit attributable to the parent company was 12.03 billion yuan, a year-on-year decrease of 22.0%. The comprehensive gross profit margin was 25.9%, a year-on-year decrease of 3.9 percentage points; The net interest rate was 11.6%, down 4.4 percentage points year-on-year. The net inflow of operating cash was 11.9 billion yuan, a year-on-year decrease of 11.3%. The company plans to pay a dividend of 0.45 yuan / share, with a dividend rate of 31%.
The market share of main products has increased and the industry position has remained leading
In 2021, the company’s revenue of excavation machinery was 41.75 billion, with a year-on-year increase of 11.2%. The sales volume of excavators exceeded 100000, ranking first in the world for two consecutive years; The revenue of concrete machinery was 26.67 billion, a year-on-year decrease of 1.4%; The revenue of hoisting machinery was RMB 21.86 billion, with a year-on-year increase of 12.6%. The market share of truck cranes continued to increase, and the market share of large and medium-sized crawler cranes ranked first in China; The revenue of piling machinery was 5.17 billion, a year-on-year decrease of 24.3%; The revenue of pavement machinery was 2.71 billion, a year-on-year decrease of 3.5%; The revenue from accessories and other items reached 5.41 billion, a year-on-year increase of 68.6%.
Increase investment in research and development, and continue to promote the transformation of digitization and electrification
In 2021, the company invested 6.51 billion yuan in R & D, a year-on-year increase of 30.4%, mainly in new products, new technologies, electrification, intelligence and international products. The company has implemented the scientific research talent multiplication plan, with 7231 R & D personnel in 2021; The annual number of patents applied for was 2862, an increase of more than 150%. The company actively promoted digital transformation, promoted the construction of 22 lighthouse factories in 2021, and a total of 14 lighthouse factories were completed and reached production capacity, increased production capacity by 70%, shortened manufacturing cycle by 50%, and significantly improved the overall process automation rate; More than 10 factories of the company have completed the deployment of 5g industrial Internet, realizing the flexible adjustment of production line and the improvement of logistics scene efficiency.
Overseas sales grew strongly, and the market share of many countries ranked first
In 2021, the company achieved overseas sales revenue of 24.85 billion yuan, a significant increase of 76.2% year-on-year. The global market share of excavators increased rapidly. The overseas market share exceeded 6.0%, with a year-on-year increase of 2.0 percentage points. The overseas sales volume ranked among the top five and ranked first in 15 countries such as Indonesia and Thailand; The first market share of crawler crane and truck crane in many countries. As the company continues to develop its overseas business and strengthen the integration of overseas channels, its overseas market share is expected to further increase in the future.
Maintain “buy” rating
Based on the changes in industry prosperity and the impact of rising raw material prices, we lowered the company’s net profit forecast for 22-23 years by 29.1% / 24.1% to 12.75/15.02 billion yuan, and introduced a 24-year net profit forecast of 17.28 billion yuan, corresponding to the EPS forecast for 22-24 years of 1.50/1.77/2.03 yuan; The company maintains a leading market position, still has broad growth space outside China, and maintains a “buy” rating.
Risk tips: the risk of intensified industry competition, the risk of downstream prosperity, and the risk of ineffective control of overseas epidemic
