The financial performance analysis and outlook for Sany Heavy Industry (600031.SS) for the first quarter of 2026 are as follows:
Key Changes in Q1 2026
- Revenue Growth Leader: Total operating revenue for the first quarter reached 24.15B RMB, a year-over-year increase of 14.0%, maintaining a leading growth rate within the construction machinery industry.
- Impact of Exchange Rates on Profit: Net profit attributable to shareholders was 2.48B RMB, a marginal year-over-year increase of 0.5%. The net profit excluding non-recurring gains and losses fell by 16.2% year-over-year, primarily due to an exchange loss of approximately 0.8B RMB incurred in Q1. If this loss were adjusted, net profit growth would be expected to exceed 35%.
- Gross Margin Optimization: The sales gross margin reached 27.48%, an increase of 0.64 percentage points year-over-year, indicating a continued improvement in product mix.
- Sales Trends: Sales of small, medium, and large excavators in the domestic market showed a comprehensive recovery, while the overseas market maintained high prosperity, with exports of large excavator products continuing to grow significantly.
2026 Operational Outlook
- Globalization and Brand Upgrading: The company will continue to deepen its strategy of globalization, digital intelligence, and low-carbon development. By perfecting its overseas R&D network and expanding its Indonesian Phase II and South African factories, Sany aims to accelerate its overseas localization and increase its market share in the high-end sector.
- Domestic Market Recovery: Benefiting from equipment renewal cycles and the implementation of infrastructure investment funding, the domestic market is expected to enter an upward growth cycle lasting two to three years.
- Electrification Growth: Demand for new energy construction vehicles (such as electric mixer trucks and electric dump trucks) is growing rapidly, with new energy product revenue increasing significantly year-over-year in 2025. The company will continue to expand its green energy product lines to consolidate its market competitiveness.
EPS Forecast for the Next Year
Based on comprehensive forecasts from market brokerage research institutions, the estimated EPS for Sany Heavy Industry for the coming year is as follows:
| Year | Forecast EPS (Unit: RMB) |
| 2026 (Forecast) | 1.17 – 1.28 |
| 2027 (Forecast) | 1.58 |
Note: The above forecast figures are based on integrated statistics from market analysis institutions. EPS estimates are subject to dynamic adjustments based on market conditions, exchange rate fluctuations, and company performance.
Source:
- http://vip.stock.finance.sina.com.cn/corp/go.php/vFD_FinanceSummary/stockid/600031/displaytype/4.phtml
- https://pdf.dfcfw.com/pdf/H3_AP202604301821874307_1.pdf?1777586589000.pdf
- https://basic.10jqka.com.cn/600031/worth.html
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