Sany Delivered Better-Than-Expected 1Q 2018 Result on Robust Underlying Demand
No-moat Sany’s impressive first-quarter result exceeded our expectations on faster-than-expected industry demand recovery. The company’s net income and revenue rose 100% year on year and 30% year on year, respectively, to CNY 1.5 billion and CNY 12.1 billion. The resiliency of the industry demand recovery surprised to the upside, with excavator sales rising nearly 48% in the third quarter, and we believe the momentum will continue into the second quarter, given the accelerating sales growth in A...SANY HEAVY INDUSTRY CO.,LTD is a China-based company principally engaged in the research and development, manufacture, distribution and provision of services of engineering machinery. The Company's major products are categorized into five types, which are concrete machinery, excavating machinery, hoisting machinery, pile driving machinery and road construction machinery, including truck-mounted concrete pumps, trailer concrete pumps, excavators, truck cranes, rotary drilling rigs and sets of road equipment, among others. The Company distributes its products in both domestic and to overseas markets.
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