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Make a point! The Sany International Annual Report reveals these highlights

2022.04.07

On March 29, Sany International (00631.HK) 2021 results announcement was released, handing over an eye-catching report card. According to the announcement, the company's operating income in 2021 will be about 10.19 billion yuan, a year-on-year increase of about 38.4%; The net profit was about 1.31 billion yuan, a year-on-year increase of about 24.5%. Throughout the results announcement, Sany International's performance in 2021 can be described as a bright and remarkable performance.

Highlight 1: Overseas sales have achieved good results

In the past year, Sany International deeply practiced the internationalization strategy, invested in sources, built channels, and expanded customers, achieving overseas sales of 2.10 billion yuan, a year-on-year increase of 54.0%, and the proportion of international revenue reached 20.6%. Among them, Europe, Southeast Asia, and the United States have the fastest growth in the market.

In the mining equipment sector, Sany International pioneered the establishment of an overseas mining service model, and overseas sales rose by 101.1% year-on-year. Among them, the overseas sales of wide-body vehicles increased by 155.1%, and the overseas market share increased to 19.6%, making breakthroughs in Indonesia, Mongolia, and Brazil.

In the logistics equipment sector, the overseas expansion of new products has achieved remarkable results. Telescopic forklifts increased by 439.4% year-on-year, rapidly opening up the international market; The grabber broke through 10 countries including Australia, Europe and Thailand, and its sales increased by 186.0%; Dagang achieved breakthroughs in PSA, Hutchison, the Philippines and other international terminals, and won the bid of more than 1 billion yuan throughout the year; Xiaogang has deepened cooperation with major customers such as Maersk, Hutchison, PSA, COSCO and MSC, and signed orders of more than 100 million yuan.

Highlight 2: Accelerating the upgrade of intelligence and electrification

In the past year, Sany International's products have been fully upgraded to electrification and intelligence, and have successively launched 90E-105E series pure electric wide-body vehicles, 90T-150T hybrid mining trucks, and a new generation of E3Electric reach stackerElectrified products such as pure electric mobile robots, as well as intelligent products such as intelligent roadheaders, intelligent shearers, automated yard bridges, remote-controlled quay cranes, and unmanned tractors, have been widely recognized by the market.

Qi Jian, Director and President of Sany International, said, "In 2021, the sales proportion of intelligent and electrified products in all products will further increase, reaching 15%. ”

At the same time, breakthroughs have been made in the construction of intelligent excavation model mines and the commercial operation of unmanned mining vehicles. Among them, Sany Smart Mine has carried out commercial operation in three open-pit mines, Hulunbuir Dongming Coal Mine, Ordos Chaonaoliang Coal Mine and Minda Coal Mine, and has invested 25 unmanned mining vehicles, with a cumulative operation of more than 15,000 kilometers and more than 200,000 square meters of earthworks. "This is just a small beginning, and the prospects are infinitely bright, and it is very much worth looking forward to." Xiang Wenbo, director of Sany International, said at the performance exchange meeting.

Highlight 3: Rapid growth of robotics business

The vigorous development of the robot business is another new highlight of Sany International. In 2021, Sany International's robotics business grew rapidly, with revenue reaching 1.15 billion yuan, a year-on-year increase of 188.3%, and successfully developed external customers such as Honeycomb Energy, CRRC, and Wuliangye.

This year, Sany International's robot business has built three major grippers of system integration projects, mobile robots and electric forklifts, continued to make efforts in product research and development, achieved breakthroughs one after another, completed the development of automatic sorting, intelligent welding, automatic tightening and other technologies, successfully applied four-machine collaborative welding technology, the industry's first turret assembly technology, and created a number of intelligent welding benchmark projects.

In addition, Sany International has also achieved full coverage of 1-20 tons of mobile robot products, and successfully developed a popular 3-ton lithium battery forklift, which is favored by customers. It is worth mentioning that its core components such as drive axle, battery pack, and vehicle controller have been self-developed.

Highlight 4: R&D investment is eye-catching

According to the annual report, Sany International's R&D expenses in 2021 were 750 million yuan, a year-on-year increase of 67.9%, and the R&D expense ratio reached 7.4%. Among them, more than 160 million yuan has been continuously invested in new business areas such as unmanned mining vehicles, smart logistics, system integration, mobile robots, and electric forklifts. Qi Jian introduced that the company's R&D strength is tilting towards digitalization, internationalization, and electrification, and the talents of the three modernizations have increased significantly.

The impressive R&D investment is also one of the reasons for Sany International's excellent results. "Investing in R&D is investing in the future." Qi Jian pointed out that R&D is the most input-output investment, and Sany International will continue to increase investment in the future in the future.

In this regard, Xiang Wenbo also said, "Sany Group will fully support the development of Sany International, and actively support Sany International to increase research and development and expand new product areas." ”

After the announcement, many institutions are optimistic about Sany International. CMBI continues to give Sany International an "overweight" rating with a target price of HK$14.6, and says "Expect a strong year in 2022E" and "our positive stance on SANYI's structural growth story", which means that 2022 is expected to be a strong year and has a positive attitude towards Sany International's structural growth. Minsheng Securities said that Sany International's coal machinery sector has risen steadily, and its electrification and intelligent products have full potential, maintaining a "recommended" rating.