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One of China's largest makers of construction machinery — excavators, cranes and concrete equipment.
One of China's largest makers of construction machinery — excavators, cranes and concrete equipment.
Sells machines to contractors through dealers, with excavators now its largest line after earlier fame in concrete equipment; sales swing with Chinese construction activity, and a large share now comes from outside China. Founded by Liang Wengen, who remains chairman, and the Sany group controls it.
In one line: A Chinese Caterpillar/Terex.
Moat: narrow (scale, distribution, brand). Largest domestic dealer/service network and manufacturing scale versus other Chinese machinery makers.
Headquarters: Changsha, China · Founded: 1989 · Employees: 28,469
Size Sany Heavy Industry (600031.SS) is a China Industrials company (Trucks/Construction/Farm Machinery) with a market value of $24.6B, the 78th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥19.50 on 6 Nov 2026.
Performance Over six months the shares fell 4.2%, against -11.0% for the median peer and -16.4% for the China market (cap-weighted) — 9th highest of 21 in its peer set.
Growth Revenue grew 18.4% over the last twelve months (peer median +12.9%); the operating margin is 10.7% (peer median 13.3%).
Valuation It trades at 17.4× forward earnings against a peer median of 13.3× (9th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about -3% a year for seven years (Req g). Recent delivered growth is -2%, so the hurdle is -0 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 5.8 points above its cost of capital (7.1% WACC).
Next results Next results expected around 23 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥102B | CN¥89.5B | CN¥78.2B | CN¥74.0B | CN¥80.8B |
| Revenue growth | — | +14% | +6% | -8% | — |
| Gross profit | CN¥30.2B | CN¥23.3B | CN¥19.4B | CN¥18.3B | CN¥18.7B |
| EBITDA | n/a | CN¥13.1B | CN¥9.53B | CN¥7.58B | CN¥5.80B |
| Net income | CN¥9.28B | CN¥8.41B | CN¥5.96B | CN¥4.53B | CN¥4.29B |
| Free cash flow | CN¥18.1B | CN¥23.0B | CN¥15.8B | CN¥2.97B | CN¥2.70B |
| Capital expenditure | CN¥2.54B | CN¥2.77B | CN¥2.94B | CN¥4.53B | CN¥5.67B |
| Total debt | CN¥34.4B | CN¥34.7B | CN¥36.3B | CN¥42.2B | CN¥49.9B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Sany Heavy Industry 600031.SS | $24.6B | -4% | +18% | 11% | 17.4× | -2.6% |
| XCMG Construction Machinery 000425.SZ | $12.6B | -28% | +8% | 8% | 11.0× | -3.2% |
| Caterpillar CAT | $257B | -38% | +20% | 19% | 18.8× | 18.0% |
| Komatsu 6301.T | $32.2B | -12% | +9% | 13% | 13.1× | 9.5% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 600031.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +14.5% | -7.1% | 2nd highest of 21 |
| 6-month return | -4.2% | -11.0% | 9th highest of 21 |
| Distance from 52-week high | -19.7% | -24.3% | 8th highest of 21 |
| Revenue growth (TTM) | +18.4% | +12.9% | 7th highest of 21 |
| Operating margin | 10.7% | 13.3% | 6th lowest of 21 |
| Forward P/E | 17.4× | 13.3× | 9th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | -2.6% | 7.3% | 8th least demanding of 19 |
| Growth delivered (Del g) | -2.2% | +9.9% | 2nd lowest of 19 |
| Hurdle (Req g minus delivered) | -0.4 pp | -3.4 pp | 8th most demanding of 19 |
| ROIC minus cost of capital | +5.8 pp | +5.4 pp | 11th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Sany Heavy Industry 600031.SS | China | $24.6B | -4% | +18% | 11% | 17.4× | -2.6% | -2.2% |
| CRRC 1766.HK | Hong Kong | $26.4B | +4% | +7% | 6% | 9.2× | -2.4% | +3.1% |
| Epiroc EPI-A.ST | Sweden | $28.6B | -10% | +1% | 19% | 29.3× | 16.5% | +11.4% |
| Doosan Enerbility 034020.KS | South Korea | $21.1B | -65% | +9% | 5% | 82.3× | 22.7% | +13.2% |
| Hd Hyundai Heavy Industries 329180.KS | South Korea | $20.3B | -62% | +41% | 15% | 9.5× | -7.0% | +16.2% |
| Komatsu 6301.T | Japan | $32.2B | -12% | +9% | 13% | 13.1× | 9.5% | +13.6% |
| Kubota 6326.T | Japan | $18.2B | 0% | +13% | 11% | 10.0× | 7.5% | +10.3% |
| Wartsila Oyj Abp WRT1V.HE | Finland | $17.1B | -25% | -2% | 13% | 23.5× | 7.2% | +8.5% |
| Metso METSO.HE | Finland | $15.8B | +14% | +8% | 15% | 23.6× | 15.3% | +9.6% |
| China CSSC 600150.SS | China | $39.7B | -16% | +80% | 8% | 13.3× | -7.8% | +22.4% |
| CNH Industrial CNH | United States | $14.3B | +5% | +1% | 13% | 21.1× | 7.4% | -7.0% |
| Yangzijiang Shipbuilding (Holdings) BS6.SI | Singapore | $13.5B | +11% | +26% | 32% | 8.2× | -10.1% | +11.8% |
| Sandvik SAND.ST | Sweden | $45.8B | -1% | +14% | 20% | 21.0× | 13.3% | +6.9% |
| Wabtec WAB | United States | $47.6B | +7% | +13% | 18% | 23.8× | 17.0% | +8.1% |
| XCMG Construction Machinery 000425.SZ | China | $12.6B | -28% | +8% | 8% | 11.0× | -3.2% | +6.4% |
| Hdksoe 009540.KS | South Korea | $12.5B | -48% | +23% | 23% | 4.4× | n/a | n/a |
| Sinotruk Hong Kong 3808.HK | Hong Kong | $12.3B | -12% | +38% | 7% | 9.4× | -3.2% | +1.5% |
| Paccar PCAR | United States | $53.7B | -11% | -1% | 11% | 15.4× | 11.2% | +8.7% |
| Ashok Leyland ASHOKLEY.NS | India | $10.7B | +1% | +16% | 17% | 24.8× | n/a | n/a |
| Hanwha Ocean 042660.KS | South Korea | $10.7B | -64% | +18% | 13% | 8.7× | -12.4% | +13.2% |
| SamsungHvyInd 010140.KS | South Korea | $10.2B | -50% | +30% | 27% | 13.3× | -20.3% | +11.4% |