SANY (Financials)

SANY Heavy Industry (SSE: 600031) has reported its 2023 financial results, showcasing robust international growth amid market challenges. Total revenues for the year stood at RMB 74.02 billion (US$10.43 billion), a decrease of 8.44% year-on-year, though this represents a significant narrowing of the previous year’s decline by 15.92 percentage points.


Key Financials:

- Total Revenue: RMB 74.02 billion (US$10.43 billion), down 8.44% year-on-year.

- Net Profit: RMB 4.6 billion (US$648.74 million), up 4.16% year-on-year.

- Net Cash Flow from Operating Activities: RMB 5.7 billion (US$803.87 million), up 39.20% year-on-year.

- Gross Profit Margin: Increased to 27.71%, up 3.67 percentage points.

- Net Profit Attributable to Shareholders: RMB 4.52 billion (US$637.4 million), up 5.53% year-on-year.

- Adjusted Net Profit (after non-recurring items): RMB 4.38 billion (US$617.7 million), up 40.35% year-on-year.

International Business Highlights:

- Overseas Revenue: RMB 43.3 billion (US$6.1 billion), up 18% year-on-year, accounting for nearly 60% of total revenues.

- Asia and Australia: RMB 16.5 billion (US$2.32 billion), up 11.1%.

- Europe: RMB 16.25 billion (US$2.3 billion), up 37.97%.

- America: RMB 7.58 billion (US$1 billion), up 6.82%.

- Africa: RMB 2.92 billion (US$411.8 million), up 2.56%.

Product Line Performance:

- Excavating, Lifting, and Road Machinery: Strong performance.

- Electric Products: Revenues of RMB 3.146 billion (US$449.4 million).

- Hydrogen Energy Products: Revenues of RMB 130 million (US$18.6 million).

Chairman Xiang Wenbo emphasized SANY’s commitment to “Globalization, Digitalization, and Decarbonization,” aiming to leverage global partnerships for green development.

SANY’s 2023 results underscore its successful global expansion and resilience, with significant international revenue growth and improved profitability metrics, positioning the company well for future opportunities.