Jinwu Financial News | According to Haitong Securities Research Report, the core business of Sany International (00631) is mining equipment manufacturing and logistics equipment manufacturing. In recent years, it has accelerated the acquisition of the Group's core assets, entered the robotics, lithium battery equipment, petroleum fracturing equipment and other industries, and continued to expand its energy equipment layout.
According to the bank, the company focuses on product research and development, and takes product intelligence and electrification as the strategic development direction, and is expected to benefit from maintaining a high level of domestic coal production and the acceleration of intelligent coal machines. In terms of logistics equipment business, the company is one of the largest domestic suppliers of complete port machinery equipment with the largest production tonnage, the most complete range and the most advanced technology. Sales of HAECO's electrified products have surged, and overseas markets have continued to expand. Furthermore, the company continues to inject high-quality assets such as robots, lithium batteries, petroleum, and hydrogen energy equipment, and the emerging business can be expected to grow in the future.
The bank believes that the company's mining and logistics equipment is growing steadily, and the emerging business is expected to gain strength. The bank expects the company's net profit to be 22.72/29.33/3.419 billion yuan, EPS of 0.71/0.92/1.07 yuan. According to the comparable company's PE of 8 to 10 times in 24 years, converted to HK$1 = 0.90,722 yuan at the exchange rate on March 20, 2024, the corresponding reasonable value range is HK$8.11 to 10.14. The first coverage gave it a “superior to the market” rating.