CROSBY Research – Sany Heavy Equipment (631 HK/ NR): GPM erosion dented NP growth in 9M24

4 November 2024

Sany Heavy announced its 3Q24 business update with revenue increased 0.5% YoY to Rmb15.9bn in 9M24. Gross profit was down by 9.1% YoY to Rmb3.9bn in 9M24. GPM was contracted by 2.6ppt to 24.6% in 9M24. Net profit consequently decreased by 21.6% YoY to Rmb1.4bn in 9M24.