Strong growth! Sany Heavy Industry's overseas gross profit margin exceeded that of domestic for the first time



In 2022, Sany Heavy Industry will accelerate its internationalization, with strong revenue growth in overseas markets, rapid growth in high-end markets, a significant increase in the share of core products, and continuous improvement in international competitiveness and brand awareness.

seaFor the first time, the gross profit margin of the foreign exceeded that of the domestic one

According to the annual report, in 2022, Sany Heavy Industry's revenue in overseas markets will be 36.57 billion yuan, a year-on-year increase of 47.2%, accounting for 45.7% of total revenue, an increase of 22.3 percentage points year-on-year. Among them, the international sales revenue excluding Putzmeister was 30.14 billion yuan, a significant increase of 58.5% year-on-year.

Benefiting from the increase in overseas sales scale and the improvement of product structure, the company's overseas main business interest rate has increased steadily, and the gross profit margin of Sany Heavy Industry in the overseas market will reach 26.4% in 2022, exceeding the domestic market by 24% for the first time. Among them, the gross profit margin in the second half of the year reached 27.97%.

Rapid breakthrough in the high-end market

After years of layout, the company's overseas sales have grown brilliantly year after year, and the sales structure has changed significantly. The annual report shows that in 2022, Europe and the United States have become Sany's fastest-growing overseas regions.

In terms of regions, North America has the largest revenue growth, with revenue of 4.03 billion yuan in 2022, a year-on-year increase of 85.8%. followed by South America, with revenue of 3.07 billion yuan in 2022, a year-on-year increase of 63.8%.

In terms of scale, Asia and Australia have the largest revenue scale, with revenue of 14.85 billion yuan in 2022, a year-on-year increase of 41.1%. followed by Europe, with revenue of 11.78 billion yuan in 2022, a year-on-year increase of about 44%.

The share of core products has increased significantly

In 2022, Sany will launch a total of 79 products that meet international standards, with a product coverage rate of more than 70% in Europe and the United States, boosting the rapid growth of overseas sales. The sales of excavation machinery, concrete machinery and lifting machinery in overseas markets were 18.08 billion, 7.54 billion and 5.1 billion yuan respectively, a year-on-year increase of 69%, 6.1% and 24.6%.

According to AEM statistics, Sany excavator's overseas market share exceeds 8%, and the market share and sales volume of excavators in various regions have increased rapidly. furthermoreConcrete pump truckThe market share of the two-brand alliance reached 40%.

According to customs statistics, the company's overseas exports of excavation machinery, lifting machinery and concrete machinery products have maintained the first place.

The outstanding performance of internationalization and the long-term growth ability of Sany Heavy Industry to expand overseas markets are also optimistic about the market.

Essence Securities released a research report that Sany Heavy Industry's internationalization strategy in 2023 will be further deepened, and exports are expected to continue to grow to support its year-on-year revenue growth in 2023. Soochow Securities believes that Sany Heavy Industry's globalization strategy has entered a period of fulfillment, and it is optimistic about the company's profits and valuation in 2023.