Sany International Achieves 45.3% Net Profit Growth in Q1

Date:2023-05-26 Author:Grace Source:www.chinaspv.com

May 26, 2023, China，Recently, Sany International announced its operating performance for the first quarter of 2023. During the reporting period, the company achieved operating revenue of 5.438 billion yuan, a year-on-year increase of 32.1%; comprehensive gross profit of 1.33 billion yuan, a year-on-year increase of 52.9%; net profit of 647 million yuan, a year-on-year increase of 45.3%; and net profit attributable to the parent company of 650 million yuan, a year-on-year increase of 46.4%.

According to the performance announcement, Sany International saw significant increases in revenue, gross profit, net profit, and net profit attributable to the parent company in the first quarter, benefiting from the steady progress of the company's strategies in digitization, electrification, and internationalization.

Firstly, driven by national policies, the construction of intelligent mines and smart ports accelerated during the reporting period. The company's products, including wide-body trucks, fully mechanized mining systems, and large port machinery, experienced substantial revenue growth due to the acceleration of electrification and intelligence upgrades.

Secondly, the company's internationalization strategy yielded significant results, with substantial growth in international revenue from wide-body trucks, tunneling machines, and port machinery, leading to a significant increase in the company's overseas sales revenue.

Thirdly, the company implemented comprehensive digitization operations, continued to improve quality and efficiency, and strictly implemented cost reduction measures. This resulted in an increase in the overall gross profit margin and substantial profit growth.

Recently, top securities firms such as CMB International, CITIC Securities, and CITIC Construction Investment have all given Sany International a "buy" rating, expressing unanimous optimism about the company's long-term development prospects and expecting the company to maintain continuous high growth in performance.