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SANY Heavy Industry's Impressive 2024 Performance

On April 19, 2024, SANY Heavy Industry (SANY) disclosed its annual financial report, showcasing notable achievements for the fiscal year. The company generated sales totaling $10.88 billion, marking an impressive growth of 6.22% compared to the previous year. The standout figure in this report was the net profit, which surged by 31.98%, reaching $840 million. With international sales representing 64% of the total revenue, SANY continues to demonstrate robust growth in global markets.

Key Highlights from the Financial Report

The financial report revealed a gross margin for core operations of 26.63%, a slight increase of 0.47 percentage points from last year. The lifting machinery segment was a primary contributor to this growth, showing an enhancement of 4.23 percentage points compared to 2023. The company's operating cash flow stood at $2.07 billion, reflecting a staggering increase of 159.53% from just $800 million in the prior year, indicating substantial improvements in cash management and operational efficiency.

Revenue Breakdown by Segment

SANY's core offerings, including excavators, concrete machinery, and lifting equipment, accounted for a striking 76% of the revenue, totaling $4.25 billion, $2.01 billion, and $1.83 billion, respectively. Notably, the road machinery sector also reported a solid performance with a 20.8% year-over-year growth.

Demonstrating its commitment to sustainability, SANY continues to prioritize the development of clean technologies. In 2024, the company filed 275 low-carbon patents, and low-carbon products generated $560 million in revenue. The shift towards electrification was significant, with more than 40 electrical products launched, resulting in sales exceeding 6,200 units.

International Sales Reach New Heights

SANY has been aggressively pursuing international market expansion, successfully establishing production bases, R&D centers, and service networks across various regions. In 2024, the company achieved a landmark in its international core business, generating $6.78 billion in revenue, which reflects a notable 12.15% increase from $6.06 billion in 2023, constituting 64% of the total core business revenues. The international gross margin stood at an impressive 29.7%, showcasing the company's operational effectiveness in foreign markets.

Growth in international markets can largely be attributed to regions in Asia and Australia, with reported revenues of $2.88 billion, a 15.47% increase year-on-year. The African market showcased some remarkable growth, with a 44% increase in revenues reaching $750 million. Meanwhile, regions in Europe and America also reported stable growth rates of 1.86% and 6.64%, respectively, contributing $1.72 billion and $1.44 billion to overall revenues.

Looking Ahead: Commitment to Innovation and Sustainability

Reflecting on these accomplishments, Xiang Wenbo, the President of SANY Heavy Industry, stated: “I am proud of what we have achieved in 2024, which has been both challenging and rich with opportunities. In 2025, we will deepen technological innovations, enhance risk management, and improve governance efficiency, thereby contributing to global sustainable development through the strength of our enterprise.”

In conclusion, SANY Heavy Industry’s financial performance in 2024 underscores its growing leadership within the industry, propelled by its commitment to innovation and sustainability while maintaining a strong international presence.