SANY Heavy Industry (SANY) announced its 2024 half-year financial report on August 30. The company reported 387.38 billion yuan (5.45 billion USD) in operating revenue for H1 2024, down 1.95% year-on-year, while the net profit attributable to shareholders of listed companies increased by 4.80% to 35.73 billion yuan (503 million USD).
Despite the challenging global market, the company, insisting on the principle of “high-quality development”, achieved a surge in net cash flow from operating by 2,204.61% to 84.38 billion yuan (119 million USD).
Rapid international growth
In the first half part of 2024, SANY further drove globalization by expanding the global R&D and manufacturing layout, enhancing the aftermarket construction, and building sustainable capabilities for global operations.
In the H1 of this year, SANY saw sustainable growth in its international revenue. The company recorded an international sales revenue for the main business of 235.42 billion yuan (3.31 billion USD), marking a year-on-year growth of 4.79% and accounting for 62.23% of its main business revenue.
Among these, the African region boasted a notable year-on-year increase of 66.71% to 23.1 billion yuan (325 billion USD), while the Asia and Australia region contributed 91.7 billion yuan (1.29 billion USD), rising 2.55%. The European region generated 82.7 billion yuan, a stable growth of 1.08%, and the American market brought in 37.9 billion yuan, down by 4.19%.
Leading the decarbonization transition
In 2024, SANY continues to increase its investment in the R&D of new energy products. As of now, more than 80 new energy products have been listed this year with multiple ones achieving breakthroughs in the market. For instance, the SW956E electric wheel loader gained an order of 200 units from Indonesia with its advanced energy-saving technology, including self-developed VCU and Intelligent variable frequency air conditioner.
In terms of technology R&D, SANY has obtained about 30 granted patents related to low-carbonization. For example, the industrial first P2-MT hybrid power technology scheme not only improved the problem of power interruptions during gear shifting in heavy-duty vehicles but also achieved considerable fuel savings through rational calibration of the software, filling the technology gap for hybrid products.
Significant R&D and innovation results
Guided by the strategy of “Globalization, Digitalization, Decarbonization”, SANY keeps a high level of R&D investment. In the first half year of 2024, the company injected 26.12 billion yuan (367 million USD) in R&D. As of half year 2024, SANY owned 6,320 R&D personnel, of which 39% had postgraduate or higher degrees.
In terms of patents, in 2024, SANY applied for 575 patents (excluding software copyrights), of which 357 were invention patents and 351 were granted.
In addition, SANY has published a number of innovative products in the H1 2024, such as the SY2000 mining excavator, the third generation RC medium excavator, the 33-meter pump truck and the SAC2000C8-8 all-terrain crane.
SANY’s efforts in R&D, international expansion, and sustainability reflect its ongoing dedication to growth and innovation. The company's performance in the first half of 2024 positions it for future development amid evolving market conditions.
