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 2024-05-27 pm EDT			5-day change	1st Jan Change
16.46 ^CNY	-3.35%		-2.66%	+19.54%

May. 16	Sany Heavy Equipment's Q1 Profit Declines 21%	MT
May. 07	Hong Kong Shares Drop Amid Profit Booking; Sany Heavy Equipment Rises 12%	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	142,509	294,225	192,511	133,423	116,344	143,898	-	-
Enterprise Value (EV) ¹	130,559	294,627	195,546	140,337	127,765	151,309	153,465	146,003
P/E ratio	12.6 x	19 x	16 x	31.3 x	25.8 x	24.6 x	19.3 x	16.6 x
Yield	2.46%	1.72%	1.97%	1.01%	1.6%	1.54%	1.92%	2.23%
Capitalization / Revenue	1.88 x	2.96 x	1.81 x	1.67 x	1.59 x	1.8 x	1.56 x	1.36 x
EV / Revenue	1.73 x	2.97 x	1.84 x	1.75 x	1.74 x	1.9 x	1.67 x	1.38 x
EV / EBITDA	8.27 x	14.4 x	12.4 x	19.6 x	15.5 x	15.4 x	12.9 x	11.1 x
EV / FCF	11.8 x	31.9 x	101 x	-97.5 x	80.9 x	30.2 x	27.9 x	24.8 x
FCF Yield	8.51%	3.13%	0.99%	-1.03%	1.24%	3.31%	3.58%	4.03%
Price to Book	3.23 x	5.24 x	3.04 x	2.07 x	1.72 x	2 x	1.85 x	1.73 x
Nbr of stocks (in thousands)	8,358,320	8,411,246	8,443,458	8,444,514	8,449,125	8,449,690	-	-
Reference price ²	17.05	34.98	22.80	15.80	13.77	17.03	17.03	17.03
Announcement Date	4/23/20	3/30/21	4/22/22	3/31/23	4/28/24	-	-	-

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	106,113	80,018	73,222	79,755	92,069	105,696
EBITDA ¹	15,796	20,452	15,717	7,154	8,231	9,838	11,916	13,115
EBIT ¹	13,775	18,548	13,807	4,747	5,343	6,490	8,640	9,937
Operating Margin	18.21%	18.67%	13.01%	5.93%	7.3%	8.14%	9.38%	9.4%
Earnings before Tax (EBT) ¹	13,454	18,531	13,856	4,832	5,317	6,900	8,763	10,105
Net income ¹	11,207	15,431	12,033	4,273	4,527	5,872	7,485	8,683
Net margin	14.81%	15.53%	11.34%	5.34%	6.18%	7.36%	8.13%	8.21%
EPS ²	1.352	1.837	1.428	0.5055	0.5347	0.6925	0.8810	1.023
Free Cash Flow ¹	11,108	9,230	1,928	-1,439	1,580	5,014	5,501	5,882
FCF margin	14.68%	9.29%	1.82%	-1.8%	2.16%	6.29%	5.97%	5.56%
FCF Conversion (EBITDA)	70.32%	45.13%	12.26%	-	19.2%	50.96%	46.16%	44.85%
FCF Conversion (Net income)	99.12%	59.81%	16.02%	-	34.9%	85.38%	73.49%	67.74%
Dividend per Share ²	0.4200	0.6000	0.4500	0.1600	0.2200	0.2629	0.3263	0.3797
Announcement Date	4/23/20	3/30/21	4/22/22	3/31/23	4/28/24	-	-	-

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	20,930	16,075	17,675
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	1,555	733	551.6
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%	7.43%	4.56%	3.12%
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	0.1967	0.1100	0.1067
Dividend per Share	-	-	0.4500	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	8/27/20	8/29/21	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	4/28/24	4/28/24	4/28/24	-	-	-

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	7,410	9,567	2,105
Net Cash position ¹	11,950	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	0.0197 x	0.1931 x	0.9665 x	1.388 x	0.7532 x	0.8029 x	0.1605 x
Free Cash Flow ¹	11,108	9,230	1,928	-1,439	1,580	5,014	5,501	5,882
ROE (net income / shareholders' equity)	28.7%	29.6%	20%	6.65%	6.85%	8.21%	9.91%	10.7%
ROA (Net income/ Total Assets)	13.6%	13.7%	9.08%	2.87%	-	3.96%	4.94%	5.25%
Assets ¹	82,160	112,745	132,520	148,655	-	148,264	151,455	165,276
Book Value Per Share ²	5.270	6.670	7.500	7.650	8.020	8.510	9.210	9.820
Cash Flow per Share ²	1.570	1.580	1.400	0.4800	0.6700	1.440	1.160	1.640
Capex ¹	2,157	4,133	9,977	5,538	4,128	4,789	4,637	5,078
Capex / Sales	2.85%	4.16%	9.4%	6.92%	5.64%	6%	5.04%	4.8%
Announcement Date	4/23/20	3/30/21	4/22/22	3/31/23	4/28/24	-	-	-

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

17.03 CNY

Average target price

17.01 CNY

Spread / Average Target

-0.13%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Construction Machinery

	1st Jan change	Capi.
SANY HEAVY INDUSTRY CO.,LTD	+23.67%	19.86B
CATERPILLAR INC.	+18.00%	171B
XCMG CONSTRUCTION MACHINERY CO., LTD.	+46.15%	13.02B
ZOOMLION HEAVY INDUSTRY SCIENCE AND TECHNOLOGY CO., LTD.	+27.11%	9.38B
DOOSAN BOBCAT INC.	+16.27%	4.53B
CHINA RAILWAY CONSTRUCTION HEAVY INDUSTRY CORPORATION LIMITED	-0.25%	2.92B
GUANGXI LIUGONG MACHINERY CO., LTD.	+59.79%	2.9B
ACTION CONSTRUCTION EQUIPMENT LIMITED	+66.01%	2.05B
TAKEUCHI MFG. CO., LTD.	+43.06%	1.89B
SHANTUI CONSTRUCTION MACHINERY CO., LTD.	+76.11%	1.8B

Construction Machinery