CHANGSHA, China, April 8, 2023 /PRNewswire/ -- SANY Heavy Industry ("SANY", SSE: 600031), a leading global heavy machinery manufacturer, has announced its annual results for the year ending December 31, 2022 (the "Reporting Period"), reporting a robust growth in international markets with overseas sales revenue totaling RMB 36.571 billion ( US$ 5.324 billion ), up 47 percent year-on-year. The strategic global development roadmap of SANY is paying off with fruitful achievements in 2022. The continuous export growth is expected to support the group to achieve positive year-on-year revenue increase in 2023. Its 26.4 percent of gross profit rate in overseas market was 4.44 percent higher than in China, and the overseas sales revenue accounted for 45.7 percent of the total, which was up 22.3 percent.
The sales revenue in the developed markets of Europe and North America reached RMB 15.8 billion, a 53 percent increase year-on-year, which showed the high level of recognition of the products in the high-end markets. SANY exported 33,489 units of excavators in 2022, which accounted for 31 percent of total excavator export from China and has consolidated an overseas market share of over 8 percent, a 2 percent increase year-on-year.
The overseas sales accounted for 45 percent of SANY's total revenue, a significant jump from 23 percent the previous year. In addition, the group's overseas sales also showed a better gross profit margin of 26.4 percent, which is higher than the 21.9 percent in the China market and a rise compared to the 24.1 percent in 2021.
SANY products are now available in more than 180 countries and regions worldwide, with the European and North American markets showing fastest growth in 2022.
In 2022, SANY held the largest domestic market share of 11 leading product categories including large-tonnage excavators. As the construction machinery market starts to show some signs of recovery, SANY is projecting a 10 percent revenue growth in 2023.
SANY promoted its three key strategies of digitalization, electrification, and internationalization in 2022, which led to impressive growth in overseas markets against the market downturn.
"Our initial goal was to build 'the No.1 heavy machinery enterprise in China that leads the global industry,' now many of our products are ranking No.1 in the world, and the scale of our group is in the top three worldwide," said Xiang Wenbo, Chairman of SANY Heavy Industry. "Looking to the future, SANY is committed to 'build a global example for the integration of industrial and digital technologies' and lead the industry to achieve intelligent manufacturing, internationalization, and high-quality development."
SANY now runs 46 Lighthouse factories around the world, and its drilling machinery factory in Beijing and No.18 workshop in Changsha, the biggest intelligent factory in Asia, have been recognized as "the world's most advanced factories" by Davos World Economic Forum, and the only two Lighthouse factories in the heavy machinery industry worldwide.
As SANY continues to advance electrification development, it will focus on promoting a hydrogen energy utilization roadmap to become China's largest provider of integrated hydrogen solutions in five years and achieving a closed supply chain across the entire industry ecosystem to support China's 2030/2060 "Dual Carbon" goals.
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