Sany Expected to Achieve Over CNY 100 Bn Revenue in 2020
Rapid infrastructure development and increasing product competitiveness are helping industrial and construction equipment maker Sany keep its leading position in a heavily competitive area. According to Sany, the company is also overseeing the birth of the 'lighthouse factories 2.0' era.
On October 29, Sany released its third-quarter financial report, showing that, from Q1 to Q3 2020, the company achieved CNY 78.89 billion, up 24.2% year-on-year, and gained CNY 12.45 billion net profit attributable to shareholders, up 34.69% year-on-year. Sany also generated CNY 11.02 billion in net operating cash flow, from Q1 to Q3 2020, up 33.16%.
According to the report, the remarkable growth came from rapid infrastructure development, environmental protection, renewed demand growth and increasing product competitiveness. The net profit from the nine months has surpassed the full-year net profit of 2019, which was CNY 11 billion. Sany claimed the sales champion title for the past 10 years in the excavator market, while the sales of other products, such as concrete machinery, truck cranes and crawler cranes, are also increased steadily. It is expected that Sany will achieve over CNY 100 billion revenue in 2020, and keep winning a solid market position.
Sany continues to speed up its digital transformation meanwhile. According to the company's official WeChat, Sany is reforming and upgrading its 20 lighthouse factories globally. In September 2020, the number of pumps produced by Sany No. 18 factory reached an industry historical high and became the first lighthouse factory that has high and stable production. According to its own marketers, Sany is leading the way in the birth of the 'lighthouse factories 2.0' era.