Financials Sany Heavy Industry Co.,Ltd

Equities

600031

CNE000001F70

Heavy Machinery & Vehicles

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
16.04 ^CNY	+4.43%		+1.84%	+16.49%

Apr. 04	Sany Heavy Industry Scraps Planned Listing on Frankfurt Stock Exchange	MT
Apr. 02	Tranche Update on Sany Heavy Industry Co.,Ltd's Equity Buyback Plan announced on February 6, 2024.	CI

Valuation

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	65,040	142,509	294,225	192,511	133,423	135,524	135,524	-
Enterprise Value (EV) ¹	67,365	130,559	294,627	195,546	140,337	139,759	139,233	138,171
P/E ratio	11.2 x	12.6 x	19 x	16 x	31.3 x	26.9 x	21.1 x	17.4 x
Yield	3.12%	2.46%	1.72%	1.97%	1.01%	1.2%	1.47%	1.67%
Capitalization / Revenue	1.17 x	1.88 x	2.96 x	1.81 x	1.67 x	1.78 x	1.66 x	1.5 x
EV / Revenue	1.21 x	1.73 x	2.97 x	1.84 x	1.75 x	1.83 x	1.7 x	1.53 x
EV / EBITDA	6.87 x	8.27 x	14.4 x	12.4 x	19.6 x	16.5 x	12.4 x	11.5 x
EV / FCF	7.07 x	11.8 x	31.9 x	101 x	-97.5 x	30 x	28.2 x	31.1 x
FCF Yield	14.1%	8.51%	3.13%	0.99%	-1.03%	3.34%	3.55%	3.22%
Price to Book	2.09 x	3.23 x	5.24 x	3.04 x	2.07 x	1.98 x	1.85 x	1.71 x
Nbr of stocks (in thousands)	7,798,543	8,358,320	8,411,246	8,443,458	8,444,514	8,449,125	8,449,125	-
Reference price ²	8.340	17.05	34.98	22.80	15.80	16.04	16.04	16.04
Announcement Date	3/31/19	4/23/20	3/30/21	4/22/22	3/31/23	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	55,822	75,666	99,342	106,113	80,018	76,265	81,858	90,286
EBITDA ¹	9,811	15,796	20,452	15,717	7,154	8,474	11,232	12,034
EBIT ¹	7,878	13,775	18,548	13,807	4,747	5,699	7,664	9,407
Operating Margin	14.11%	18.21%	18.67%	13.01%	5.93%	7.47%	9.36%	10.42%
Earnings before Tax (EBT) ¹	7,550	13,454	18,531	13,856	4,832	5,929	7,546	9,122
Net income ¹	6,116	11,207	15,431	12,033	4,273	5,057	6,463	7,817
Net margin	10.96%	14.81%	15.53%	11.34%	5.34%	6.63%	7.89%	8.66%
EPS ²	0.7466	1.352	1.837	1.428	0.5055	0.5964	0.7602	0.9202
Free Cash Flow ¹	9,524	11,108	9,230	1,928	-1,439	4,664	4,945	4,442
FCF margin	17.06%	14.68%	9.29%	1.82%	-1.8%	6.12%	6.04%	4.92%
FCF Conversion (EBITDA)	97.08%	70.32%	45.13%	12.26%	-	55.04%	44.02%	36.91%
FCF Conversion (Net income)	155.71%	99.12%	59.81%	16.02%	-	92.23%	76.51%	56.83%
Dividend per Share ²	0.2600	0.4200	0.6000	0.4500	0.1600	0.1930	0.2355	0.2678
Announcement Date	3/31/19	4/23/20	3/30/21	4/22/22	3/31/23	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 Q2	2021 S1	2021 Q3	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	33,800	-	20,590	18,395	20,077	19,596	-	18,888	21,457	17,788	21,709	39,497	16,025	17,542	32,427	16,524	20,271	15,792	-
EBITDA	-	5,406	-	2,870	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	-	5,266	-	2,799	-849.5	1,764	1,326	-	1,060	596.7	1,736	2,252	3,988	788.5	1,022	2,447	1,187	1,745	925.4	-
Operating Margin	-	15.58%	-	13.59%	-4.62%	8.79%	6.77%	-	5.61%	2.78%	9.76%	10.37%	10.1%	4.92%	5.83%	7.55%	7.18%	8.61%	5.86%	-
Earnings before Tax (EBT) ¹	-	-	-	-	-	-	-	-	-	-	1,724	-	-	-	1,120	1,906	-	-	-	-
Net income ¹	8,468	4,536	10,074	2,493	-533.4	1,590	1,044	2,634	-	-	1,512	-	-	-	1,010	1,658	-	-	-	-
Net margin	17.22%	13.42%	-	12.11%	-2.9%	7.92%	5.33%	-	-	-	8.5%	-	-	-	5.76%	5.11%	-	-	-	-
EPS ²	-	0.5400	1.196	0.2900	-0.0600	0.1885	0.1200	-	0.1200	0.0800	0.1786	0.2200	-	0.0800	0.1000	0.1900	0.1600	0.1700	0.0700	0.1500
Dividend per Share	-	-	-	-	0.4500	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	8/27/20	8/29/21	8/29/21	10/28/21	4/22/22	4/28/22	8/30/22	8/30/22	10/28/22	3/31/23	4/25/23	8/30/23	8/30/23	10/30/23	-	-	-	-	-	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	2,325	-	402	3,035	6,914	4,235	3,709	2,647
Net Cash position ¹	-	11,950	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.237 x	-	0.0197 x	0.1931 x	0.9665 x	0.4998 x	0.3302 x	0.2199 x
Free Cash Flow ¹	9,524	11,108	9,230	1,928	-1,439	4,664	4,945	4,442
ROE (net income / shareholders' equity)	21.5%	28.7%	29.6%	20%	6.65%	7.48%	8.96%	10%
ROA (Net income/ Total Assets)	9.27%	13.6%	13.7%	9.08%	2.87%	3.27%	4.11%	4.7%
Assets ¹	66,008	82,160	112,745	132,520	148,655	154,515	157,382	166,465
Book Value Per Share ²	3.990	5.270	6.670	7.500	7.650	8.080	8.650	9.360
Cash Flow per Share ²	1.350	1.570	1.580	1.400	0.4800	0.9300	1.490	1.480
Capex ¹	1,003	2,157	4,133	9,977	5,538	3,938	4,238	3,871
Capex / Sales	1.8%	2.85%	4.16%	9.4%	6.92%	5.16%	5.18%	4.29%
Announcement Date	3/31/19	4/23/20	3/30/21	4/22/22	3/31/23	-	-	-

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

16.04 CNY

Average target price

15.34 CNY

Spread / Average Target

-4.38%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Construction Machinery

	1st Jan change	Capi.
SANY HEAVY INDUSTRY CO.,LTD	+16.49%	18.7B
XCMG CONSTRUCTION MACHINERY CO., LTD.	+26.19%	11.12B
ZOOMLION HEAVY INDUSTRY SCIENCE AND TECHNOLOGY CO., LTD.	+32.01%	9.69B
DOOSAN BOBCAT INC.	+3.17%	3.78B
CHINA RAILWAY CONSTRUCTION HEAVY INDUSTRY CORPORATION LIMITED	-0.76%	2.9B
GUANGXI LIUGONG MACHINERY CO., LTD.	+58.46%	2.88B
ACTION CONSTRUCTION EQUIPMENT LIMITED	+84.29%	2.18B
TAKEUCHI MFG. CO., LTD.	+37.22%	1.78B
SHANTUI CONSTRUCTION MACHINERY CO., LTD.	+67.00%	1.71B
SUNWARD INTELLIGENT EQUIPMENT CO., LTD.	+38.83%	1.26B

Construction Machinery