Depth * Company * Sany Heavy Industry (600031): record high revenue, high profitability and turn into a cash cow
Revenue of Sany Heavy Industry in 2018 was 558.
22 ppm, an increase of 45 in ten years.
6%, net profit 61.
16 ppm, an annual increase of 192%, and a net cash flow from operating activities of 105.
27 ppm, an increase of 22 in ten years.
As of December 31, 2018, the company’s total assets were 737.
7.5 billion, net assets attributable to shareholders of listed companies 314.
The company plans to reach 67 billion in revenue in 2019, an increase of 20%.
Key points of the supporting grade Leading products: Strong sales growth across the board, with gross margins generally rising.
In 2018, excavator sales revenue increased by 41% to US $ 19.2 billion, concrete machinery revenue was US $ 17 billion, an increase of 35% over the years, crane machinery revenue was US $ 9.3 billion, an increase of 78%, and pile machinery revenue was 4.7 billion, an increase of 61%.
Revenue from road machinery increased 21% to 21 billion.
In terms of profitability, mining machinery gross margin was 38.
66%, down 1.
The 96 units, mainly due to the increase in the proportion of small excavations in the second half of the year, changed the sales structure of excavators; the gross profit margin of concrete machinery was 25.
24%, up 1.
02 units; gross profit margin of lifting machinery 24.
85%, up 1.
86 per second; gross profit margin of piling machinery 37.
3%, up 6.
65 units; gross profit margin of road machinery 31.
34%, up 13.
Financial indicators: The operating capacity has been greatly improved and is at the best level in history.
(1) Gross profit margin of main business 31.
12%, an increase of 1 unit over 2017; net sales margin was 11.
29%, an increase of 5 from 2017.
48 units, net profit 61.
160,000 yuan, a year-on-year increase of 192%, and high profit quality.
(2) Expense control: Expenses and expenses during the period15.
02%, a sharp drop from 2017 compared to 5%.
In 2003, among them, the sales expense ratio, management expense ratio, and financial expense ratio decreased by 2 compared with 2017.
2 per share, interest expenses are reduced by 13 per year.
24%, interest rate income increases by 2 every year.
700 million US dollars, in addition, exchange gains and losses from the previous year expenditure of 700 million US dollars and more in 2018, more than 100 million.(3) Asset quality: The number of days of turnover of accounts receivable decreased from 174 days in the previous year to 126 days, the trend of overdue transactions decreased, the overdue ratio of value sales was controlled at the lowest level in history; the inventory turnover ratio was 3 from the previous year.
Raised 87 times to 4.
(4) Capital structure: On December 31, 2018, the company’s assets and liabilities were reorganized55.
94%, the company’s financial structure is very stable.
The internationalization strategy is advancing steadily.
In 2018, it achieved international sales revenue of 136.
27 ppm, an increase of 17 in ten years.
29%, accelerated growth in the second half of the year, sales of 75.
35 ppm, an increase of 29 in ten years.
49%; the company’s overseas major regions continue to improve the quality of operations, Southeast Asia, Indonesia, Latin America and other eight overseas regions, Sany India, Sany Europe, Sany United States, such average prices achieved rapid growth; per capita income in overseas markets, overallProfit, sales recovery rate, growth in the speed and magnitude of foreign payment and inventory turnover, and sales expense ratio decreased; of which, the overseas market share increased significantly. Among them, the overseas market of excavators achieved rapid growth and the market share continued to grow.
Product strategy: Continue to launch new product series that are intelligent, energy efficient and comfortable to operate.
(1) Excavator H series: In 2018, H series excavators such as SY155H, SY225H, SY305H, and SY395H were launched. They have a variety of performance advantages such as high efficiency, reliability, intelligence, and energy saving, which can meet the spectrum coverage of large, medium and small mines.
(2) Crane T series: 80 tons of T series truck cranes are the industry leader in cost performance. In 2018, the market share of Sany in 80T reached 39%, ranking first in the industry.
Sany has already stocked products in countries 5 and 6 of each tonnage. The possibility of outbreak of renewal demand caused by environmental protection upgrades is planned in advance.
(3) Pump truck: In 2018, Sany launched two new bridge trucks of 30 and 37 meters in size, SYM5180THBES30C-8 and SYM5230THB370C-8. The market share of that year’s sales reached a high level.
In 2019, the company released a new generation of C10 series pump trucks with 52 meters of 3 bridges and 62 meters of 4 bridges to the world.
The market share of categories of products has risen in an all-round way, pushing the industry pattern to continue to solidify.
Concrete equipment is the world’s number one brand. Excavators, large-tonnage cranes, rotary drilling rigs, road equipment, etc. have promoted products to become China’s number one brand.
In terms of market share in 2018, the market share of Sany’s excavators, truck cranes, crawler cranes, concrete machinery, etc. has all increased: (1) in terms of excavators: Sany leads domestic excavators to replace rich brands.One excavator market share of 23% ranks first in the domestic industry; (2) Truck cranes: Sany breaks through the dual duopoly distribution layout, and Sany continues to seize the market share of leading enterprises, with its share rising to 22% in 2018 and 2019The increase in market share will be more obvious; (3) Concrete machinery: Sany pump trucks account for more than 50% of the market, and mixer trucks account for 15%.
5%, the market share continues to rise on average, and the brand advantage is very obvious.
R & D expenses hit a 杭州桑拿网 record high.
The proportion of R & D investment in revenue from 2016 to 2018 was 4.
38%, reaching 1.1, 19, and 3 billion yuan, respectively.
The research and development in 2018 is mainly used to strengthen the speed of R & D and innovation of construction machinery products and key components, realize the upgrading of mainframe products, strengthen the research and development of core components, and further enhance the company’s core competitive advantage.
It is estimated that we will increase the company’s profit in 19/20 from 90/99 / to 90/102 billion US dollars, mainly based on the continuous improvement of the company’s various products’ gross profit margins. The comprehensive environmental protection upgrade of construction machinery starting in 2020 will promote construction machineryMaintain 西安耍耍网 a high level of prosperity.
The current 19/20 PE corresponding to the market value is estimated to be 12/10 times, maintaining the buying level.
The main risks faced by the grade The sustainability of the high prosperity of the domestic construction machinery industry in the second half of the year.