April 28，Sany Heavy Industry Releases 2023 Annual Report and 2024 Quarterly Report。The annual report shows，In 2023, many leading products of Sany Heavy Industry maintained the leading position in the industry.，Strong growth in the international market，The overall gross profit margin for the year increased by 3% year-on-year..70 percentage points。First quarter of 2024，The business situation of Sany Heavy Industry in the current quarter continued the trend of accelerating profit growth in 2023.，Net profit increased by 4% year-on-year%。

As the leading stock of construction machinery，After the announcement of Sany Heavy Industry，A number of brokerage institutions issued research reports.，All issued“ Recommend ”“Buy”Rating！

CITIC Construction Investment

Sany Heavy Industry(600031)：About 60% of overseas companies adhere to the strategy of high-quality development.

CITIC Construction Investment said，Sany Heavy Industry implements high-quality development strategy in 2023，Overseas revenue accounted for about 60 percent。At the market、Under the background of double optimization of product structure，The company's gross profit margin increased by 3..7pct，Net profit margin increased by 0.8pct，Double improvement of the company's profitability，Net profit increased，In the medium and long term，Internationalization of the company、Electrification、Digital and intelligent layout leading the industry，The core competitiveness is highlighted，Maintenance“Buy”Rating。

Huatai Securities

Sany Heavy Industry(600031)：Overseas performance is bright and profitability is improved.

Huatai Securities put forward，In the long run，As Chinese brands continue to lay out overseas R & D、Channel、After-sales service, etc，The future is expected to“Product strength”Transformed into“Brand power”，Sany Heavy Industry is the domestic leader.，The leading global layout is expected to promote the company to grow into a global leader.。Considering the company's leading and more perfect overseas layout and the stronger profitability brought by the scale advantage.，As the industry leader, the company is expected to gain greater profit elasticity after the inflection point of the industry.，Maintenance“Buy”Rating。

GF Securities

Sany Heavy Industry(600031)：Performance in line with expectations, internationalization and high-quality development

GF Securities pointed out，Sany Heavy Industry has achieved remarkable results in overseas business expansion.，Overseas revenue increased by 18% year-on-year in 2023.3%。At the same time, high-quality development remains unchanged.，Product structure optimization，Continuous Breakthrough in Intelligent Manufacturing Machine Intelligent Operation，Since the second half of 2013, we have strictly controlled the inventory policy and maintained good collection conditions.，Achieve internal risk optimization。By the end of 2023, 33 lighthouse factories had been built.。Also consider the location of the cyclical recovery.，And the active expansion of overseas markets.，Give"Buy"Rating。

Minsheng Securities

Sany Heavy Industry(600031)：“Three modernizations”The results are positive “Equipment update”Help build the bottom at home

Minsheng Securities pointed out，By the end of 2023，Overseas product sales have covered more than 180 countries and regions.，Europe and the United States have become the fastest growing regions overseas.。In the field of new energy engineering equipment that can be commercialized at present，The company has achieved a leading position in the industry.。Looking forward to 2024，With the continuous promotion of equipment renewal policy，Domestic excavators are expected to reach the bottom in 24 years。Maintenance“ Recommend ”Rating。

Southwest Securities

Sany Heavy Industry(600031)：24Q1 Net profit attributable to parent company year-on-year+4.2% Improved profitability

Southwest Securities pointed out in the research report.，2024Q1 Net profit attributable to parent company of Sany Heavy Industry 15.800 million，Year-on-year growth of 4.2%。Upward inflection point of domestic demand is approaching，Sany Heavy Industry is the leader of construction machinery industry.，It is expected to benefit deeply。Also take into account“Trade-in”Policy landing，Plate renewal cycle is expected to enter the repair channel。With the domestic industry showing a warming momentum.，The company's performance is expected to continue to repair.，Give“Buy”Rating。

At present，Sany actively practices globalization、Digitalization、Low-carbon strategy，It has become an important force for the construction machinery industry to cultivate new quality productivity.，Head brokers have said that the company's global business expansion has achieved remarkable results.，Product structure optimization，The core competitiveness is remarkable！