31 Mar 2020

Crosby Research: Sany Heavy Equipment (631 HK): New products driven growth

Sany Heavy recorded revenue of Rmb5.7bn in FY19, representing an increase of 28.1% YoY. The increase was mainly driven by :- 1) increased in sales of mining equipment in both domestic and international markets; 2) the newly launched widebody vehicles gained more recognition thus market share in both domestic and international markets and 3) substantial increase in sales growth from Sany Heavy’s logistics equipment products, in particular large scale port equipment such as quayside container carne is gaining more recognition from the market. NP surged 53.2% YoY to Rmb936m in FY19.