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SANY Heavy Industry 2024 Annual Report: Net Profit Surges by Nearly 32%

On April 19, 2024, SANY Heavy Industry revealed its annual performance, showcasing significant financial progress. With total sales reaching an impressive $10.88 billion, the company experienced a 6.22% increase in revenue compared to the previous year. Notably, net profit attributed to shareholders grew by 31.98%, amounting to $840 million. This remarkable growth underscores SANY's ongoing strong presence in international markets, where international revenues accounted for 64% of the company's main business.

Key Financial Highlights

The report outlines a robust gross margin of 26.63% in 2024, reflecting a year-over-year increase of 0.47 percentage points. The lifting machinery sector was a primary driver of this growth, contributing significantly with a 4.23 percentage-point increase compared to 2023. The company's operational cash flow also saw a staggering increase of 159.53%, rising to $2.07 billion from $800 million in 2023.

Strong Core Business and Green Innovation

SANY's core business, comprising earthmoving, concrete, and lifting machinery, accounted for 76% of annual revenues. This included $4.25 billion from earthmoving machinery, $2.01 billion from concrete machinery, and $1.83 billion from lifting machinery. The road machinery segment showed particularly strong performance, growing by 20.8% year-over-year. SANY remains committed to sustainability, actively promoting the development of clean technologies. In 2024, the company filed a total of 275 low-carbon patents, generating $560 million in revenue from its eco-friendly products.

To further enhance its green initiative, SANY focused on electrifying major machinery, essential components, and power supplies. In just one year, the company launched over 40 new electric products, successfully selling more than 6,200 units.

International Revenue Breakthrough

Prioritizing globalization efforts, SANY has established manufacturing bases, R&D centers, marketing networks, and localized service teams, enabling coordinated and efficient operations across various regions. In 2024, international core business revenue hit a new record of $6.78 billion, marking a 12.15% increase from $6.06 billion in 2023, and accounting for 64% of overall revenues. The international gross margin was an impressive 29.7%.

Major growth in international markets was attributed to Asia and Australia, with reported revenues reaching $2.88 billion—an increase of 15.47% compared to the previous year. The African market also showcased significant growth, with a remarkable 44% rise in revenues, totaling $750 million. Meanwhile, European and American regions experienced stable growth of 1.86% and 6.64%, contributing $1.72 billion and $1.44 billion, respectively.

Leadership Insights

Expressing his pride in the company's achievements despite a challenging economic environment, Xiang Wenbo, President of SANY Heavy Industry, stated, "I am proud of our accomplishments in a challenging yet opportunity-filled 2024. In 2025, we will delve deeper into technological innovation, strengthen risk management, and enhance governance efficiency, leveraging our corporate strengths for global sustainable development."

With a steadfast commitment to innovation and sustainability, SANY Heavy Industry continues to make significant strides in the global construction machinery market, setting a benchmark for future growth and environmental responsibility.