Bottoming and reversing, exceeding market expectations! Sany International's 2025 Q1 performance review

On the evening of May 29, Sany International announced its operating data for the first quarter of 2025, and the overall performance was in line with the company's management expectations. In the first quarter, Sany International achieved a main business income of 5.88 billion yuan, a year-on-year increase of 14.6%, and a net profit attributable to the parent company of 635 million yuan, a year-on-year increase of 23.2%.

First of all, under the background of pressure on the domestic mining equipment market demand in 2024, the domestic demand for underground mining coal equipment in 2025 will show obvious bottoming characteristics, and the demand for open-pit mining trucks will improve significantly.TBMs, wide-body vehicles achieved a double increase in revenue and gross profit margin in the first quarter; The peak period of overseas mining equipment renewal and substitution is approaching, and the company's 100-150 ton highly localized electric steel truck product strength is gradually recognized by the market, and the growth rate of overseas rigid mining truck in the first quarter has quadrupled year-on-year.

Secondly, the logistics equipment sector benefited from the international competitiveness and brand influence accumulated by Sany Offshore over the years, and in the first quarter of 2025, the delivery scale of Dagang Machinery achieved double-digit growth; At the same time, with the increase in the penetration rate of overseas electrification and the further improvement of the manufacturing process, the gross profit margin of Xiaogang Machinery has increased significantly. Other new product categories incubated for overseas markets have gradually become a new driving force for the growth of the logistics equipment sector.

At the same time, the new energy industry represented by microgrids and lithium battery energy storage has gradually contributed to the performance, and Sany Lithium Energy's revenue and net profit in the first quarter have more than doubled year-on-year; The acceleration of overseas microgrids continues to build momentum for Sany International's future performance growth.

On the first day after the results were announced, Sany International's closing stock price was HK$6.33 per share, up 8.21% during the day.