Financials Sany Heavy Industry Co.,Ltd

Equities

600031

CNE000001F70

Heavy Machinery & Vehicles

End-of-day quote Shanghai S.E. Other stock markets 03:30:00 29/04/2024 am IST			5-day change	1st Jan Change
16.12 ^CNY	+0.50%		+5.15%	+17.07%

28/04	Sany Heavy Industry Co.,Ltd Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
04/04	Sany Heavy Industry Scraps Planned Listing on Frankfurt Stock Exchange	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,42,509	2,94,225	1,92,511	1,33,423	1,16,344	1,36,200	-	-
Enterprise Value (EV) ¹	1,30,559	2,94,627	1,95,546	1,40,337	1,27,765	1,39,909	1,38,847	1,36,200
P/E ratio	12.6 x	19 x	16 x	31.3 x	25.8 x	21.4 x	17.7 x	15.9 x
Yield	2.46%	1.72%	1.97%	1.01%	1.6%	1.46%	1.66%	-
Capitalization / Revenue	1.88 x	2.96 x	1.81 x	1.67 x	1.59 x	1.67 x	1.51 x	1.3 x
EV / Revenue	1.73 x	2.97 x	1.84 x	1.75 x	1.74 x	1.72 x	1.54 x	1.3 x
EV / EBITDA	8.27 x	14.4 x	12.4 x	19.6 x	15.5 x	12.5 x	11.6 x	9.9 x
EV / FCF	11.8 x	31.9 x	101 x	-97.5 x	80.9 x	28.3 x	31.3 x	-
FCF Yield	8.51%	3.13%	0.99%	-1.03%	1.24%	3.53%	3.2%	-
Price to Book	3.23 x	5.24 x	3.04 x	2.07 x	1.72 x	1.86 x	1.72 x	1.56 x
Nbr of stocks (in thousands)	83,58,320	84,11,246	84,43,458	84,44,514	84,49,125	84,49,125	-	-
Reference price ²	17.05	34.98	22.80	15.80	13.77	16.12	16.12	16.12
Announcement Date	23/04/20	30/03/21	22/04/22	31/03/23	28/04/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	75,666	99,342	1,06,113	80,018	73,222	81,386	89,972	1,04,481
EBITDA ¹	15,796	20,452	15,717	7,154	8,231	11,157	11,954	13,760
EBIT ¹	13,775	18,548	13,807	4,747	5,343	7,369	8,884	9,681
Operating Margin	18.21%	18.67%	13.01%	5.93%	7.3%	9.05%	9.87%	9.27%
Earnings before Tax (EBT) ¹	13,454	18,531	13,856	4,832	5,317	7,469	9,051	10,136
Net income ¹	11,207	15,431	12,033	4,273	4,527	6,383	7,732	8,614
Net margin	14.81%	15.53%	11.34%	5.34%	6.18%	7.84%	8.59%	8.24%
EPS ²	1.352	1.837	1.428	0.5055	0.5347	0.7516	0.9102	1.015
Free Cash Flow ¹	11,108	9,230	1,928	-1,439	1,580	4,945	4,442	-
FCF margin	14.68%	9.29%	1.82%	-1.8%	2.16%	6.08%	4.94%	-
FCF Conversion (EBITDA)	70.32%	45.13%	12.26%	-	19.2%	44.32%	37.16%	-
FCF Conversion (Net income)	99.12%	59.81%	16.02%	-	34.9%	77.47%	57.46%	-
Dividend per Share ²	0.4200	0.6000	0.4500	0.1600	0.2200	0.2355	0.2678	-
Announcement Date	23/04/20	30/03/21	22/04/22	31/03/23	28/04/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 S1	2021 Q4	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 Q3	2024 Q4
Net sales ¹	49,188	-	18,395	20,077	19,596	-	18,888	21,457	17,788	21,709	39,497	16,025	17,700	33,725	17,662	20,271	15,792	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	-	-	-849.5	1,764	1,326	-	1,060	596.7	1,736	2,252	3,988	788.5	566.2	1,355	1,852	1,745	925.4	-
Operating Margin	-	-	-4.62%	8.79%	6.77%	-	5.61%	2.78%	9.76%	10.37%	10.1%	4.92%	3.2%	4.02%	10.49%	8.61%	5.86%	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	1,724	-	-	-	541.6	1,328	-	-	-	-
Net income	8,468	10,074	-533.4	1,590	1,044	2,634	-	-	1,512	-	-	-	480	1,127	-	-	-	-
Net margin	17.22%	-	-2.9%	7.92%	5.33%	-	-	-	8.5%	-	-	-	2.71%	3.34%	-	-	-	-
EPS ²	-	1.196	-0.0600	0.1885	0.1200	-	0.1200	0.0800	0.1786	0.2200	-	0.0800	0.0500	0.1300	0.1867	0.1700	0.0700	0.1500
Dividend per Share	-	-	0.4500	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	27/08/20	29/08/21	22/04/22	28/04/22	30/08/22	30/08/22	28/10/22	31/03/23	25/04/23	30/08/23	30/08/23	30/10/23	28/04/24	28/04/24	28/04/24	-	-	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	402	3,035	6,914	11,421	3,584	2,345	-
Net Cash position ¹	11,950	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	0.0197 x	0.1931 x	0.9665 x	1.388 x	0.3935 x	0.197 x	-
Free Cash Flow ¹	11,108	9,230	1,928	-1,439	1,580	4,945	4,442	-
ROE (net income / shareholders' equity)	28.7%	29.6%	20%	6.65%	6.85%	7.39%	10.1%	10.4%
ROA (Net income/ Total Assets)	13.6%	13.7%	9.08%	2.87%	-	3%	4.93%	4%
Assets ¹	82,160	1,12,745	1,32,520	1,48,655	-	1,75,555	1,56,692	2,15,338
Book Value Per Share ²	5.270	6.670	7.500	7.650	8.020	8.650	9.360	10.30
Cash Flow per Share ²	1.570	1.580	1.400	0.4800	0.6700	1.640	1.480	2.710
Capex ¹	2,157	4,133	9,977	5,538	4,128	4,223	4,513	5,037
Capex / Sales	2.85%	4.16%	9.4%	6.92%	5.64%	5.23%	4.99%	4.67%
Announcement Date	23/04/20	30/03/21	22/04/22	31/03/23	28/04/24	-	-	-

¹CNY in Million²CNY

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Sany Heavy Industry Co.,Ltd

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

16.12 CNY

Average target price

15.65 CNY

Spread / Average Target

-2.89%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Construction Machinery

	1st Jan change	Capi.
SANY HEAVY INDUSTRY CO.,LTD	+17.07%	18.7B
CATERPILLAR INC.	+18.31%	171B
XCMG CONSTRUCTION MACHINERY CO., LTD.	+26.56%	11.12B
ZOOMLION HEAVY INDUSTRY SCIENCE AND TECHNOLOGY CO., LTD.	+30.17%	9.69B
DOOSAN BOBCAT INC.	+4.96%	3.78B
CHINA RAILWAY CONSTRUCTION HEAVY INDUSTRY CORPORATION LIMITED	+2.52%	2.9B
GUANGXI LIUGONG MACHINERY CO., LTD.	+54.30%	2.88B
ACTION CONSTRUCTION EQUIPMENT LIMITED	+85.39%	2.18B
TAKEUCHI MFG. CO., LTD.	+40.96%	1.78B
SHANTUI CONSTRUCTION MACHINERY CO., LTD.	+59.31%	1.71B

Construction Machinery