External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>We believe the expansion to lithium battery equipment manufacturing will serve as an important growth driver for SANYI.</li><li>We believe (1) the existing relationship with lithium battery manufacturers and (2) the capability to produce in-house components will enable SANYI to break the entry barrier in the battery equipment space and gain market share over the coming years.</li><li>SANYI set an ambitious revenue target of RMB3bn in 2025E. We have yet to factor in this potential contribution in our model as we are awaiting further operating data. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We believe the expansion to lithium battery equipment manufacturing will serve as an important growth driver for SANYI.We believe (1) the existing relationship with lithium battery manufacturers and (2) the capability to produce in-house components will enable SANYI to break the entry barrier in the battery equipment space and gain market share over the coming years.SANYI set an ambitious revenue target of RMB3bn in 2025E. We have yet to factor in this potential contribution in our model as we are awaiting further operating data. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

SANY International (631 HK) – Expansion to new energy equipment sector with an ambitious target

Thematic (Sector/Industry)

<ul><li>In our last report dated 17 October, we highlighted a list of 21 long ideas.</li><li>The basket (equal weighted) of these 21 stocks underperformed MSCI China index by 5.4ppt, delivering 0.2% return (vs MSCI China 5.6%).</li><li>China Meidong Auto and Innovent Biologics delivered over 20% of return, and 4 of our 21 long ideas outperformed the benchmark.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

In our last report dated 17 October, we highlighted a list of 21 long ideas.The basket (equal weighted) of these 21 stocks underperformed MSCI China index by 5.4ppt, delivering 0.2% return (vs MSCI China 5.6%).China Meidong Auto and Innovent Biologics delivered over 20% of return, and 4 of our 21 long ideas outperformed the benchmark.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CMBI Research Focus List (November Edition) – Our best high conviction stock ideas

<ul><li>Road header (above our expectation): Sales volume in 9M22 grew &gt;50%. ASP is on the rise (currently RMB3.4mn/unit), driven by larger-size and more intelligent machines.</li><li>The segment revenue grew ~67% YoY to RMB2.28bn in 9M22. SANYI targets to achieve RMB3.2bn for the full year.</li><li>We estimate the segment revenue grew ~70% YoY to RMB2.2bn, driven by strong growth of hydraulic support product. SANYI targets to achieve RMB2.6bn/3.0bn in 2022E/23E.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Road header (above our expectation): Sales volume in 9M22 grew &gt;50%. ASP is on the rise (currently RMB3.4mn/unit), driven by larger-size and more intelligent machines.The segment revenue grew ~67% YoY to RMB2.28bn in 9M22. SANYI targets to achieve RMB3.2bn for the full year.We estimate the segment revenue grew ~70% YoY to RMB2.2bn, driven by strong growth of hydraulic support product. SANYI targets to achieve RMB2.6bn/3.0bn in 2022E/23E.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

SANY International (631 HK) – Key Takeaways from Post-Results Call and NDR

HK/China Equity Long-Short

Osbert Tang, CFA

<ul>
<li>Industry excavator sales grew 5.5% in Sep and wheel loader edged up 0.7%. This marked the first month where both saw YoY growth since mid-2021, signaling a steady recovery.</li>
<li>The recovery is driven by overseas as domestic continued to decline. Usage of special purpose bond proceeds should boost demand from infrastructure but demand from property market will stay lacklustre. </li>
<li>We only find <a href="https://www.smartkarma.com/entities/sany-heavy-equipment-intl" target="_blank" data-smartkarma-citation="entities:11104:1" rel="noopener">Sany Heavy Equipment Intl (631 HK)</a> interesting. For <a href="https://www.smartkarma.com/entities/lonking-holdings-ltd" target="_blank" data-smartkarma-citation="entities:3944:1" rel="noopener">Lonking (3339 HK)</a>, <a href="https://www.smartkarma.com/entities/zoomlion-heavy-industry-h" target="_blank" data-smartkarma-citation="entities:7817:1" rel="noopener">Zoomlion Heavy (1157 HK)</a> and <a href="https://www.smartkarma.com/entities/sany-heavy-industry-co-ltd" target="_blank" data-smartkarma-citation="entities:20183:1" rel="noopener">Sany Heavy (600031 CH)</a>, market expectations for 2H22 is too high. </li>
</ul>


Industry excavator sales grew 5.5% in Sep and wheel loader edged up 0.7%. This marked the first month where both saw YoY growth since mid-2021, signaling a steady recovery.
The recovery is driven by overseas as domestic continued to decline. Usage of special purpose bond proceeds should boost demand from infrastructure but demand from property market will stay lacklustre. 
We only find Sany Heavy Equipment Intl (631 HK) interesting. For Lonking (3339 HK), Zoomlion Heavy (1157 HK) and Sany Heavy (600031 CH), market expectations for 2H22 is too high. 


China Construction Machinery: Light at the End of the Tunnel, Finally

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

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Cross Asset Strategy

<ul><li>In Depth: Verdict reversal in high-profile murder stands out amid exoneration trend</li><li>China’s local governments sell assets as fiscal income slumps</li><li>Trending in China: Defense of China’s centuries of isolationist policies sparks debate</li></ul>

In Depth: Verdict reversal in high-profile murder stands out amid exoneration trendChina’s local governments sell assets as fiscal income slumpsTrending in China: Defense of China’s centuries of isolationist policies sparks debate

CX Daily: Verdict Reversal in High-Profile Murder Stands Out Amid Exoneration Trend

China

Sany Heavy Equipment International Holdings Co Ltd. manufactures coal mining equipment, including roadheaders.

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Sany Heavy Equipment (631 HK)

SANY International (631 HK) – Expansion to new energy equipment sector with an ambitious target

SANYI set an ambitious revenue target of RMB3bn in 2025E. We have yet to factor in this potential contribution in our model as we are awaiting...

CMB International

CMBI Research Focus List (November Edition) – Our best high conviction stock ideas

In our last report dated 17 October, we highlighted a list of 21 long ideas.The basket (equal weighted) of these 21 stocks underperformed MSCI...

CMB International

SANY International (631 HK) – Key Takeaways from Post-Results Call and NDR

Road header (above our expectation): Sales volume in 9M22 grew >50%. ASP is on the rise (currently RMB3.4mn/unit), driven by larger-size and more...

CMB International

China Construction Machinery: Light at the End of the Tunnel, Finally

Industry sales of excavator and wheel loader have turned positve in Sep, after a lengthened depressed period since mid-2021. However, 2H22 earnings...

Osbert Tang, CFA

CX Daily: Verdict Reversal in High-Profile Murder Stands Out Amid Exoneration Trend

In Depth: Verdict reversal in high-profile murder stands out amid exoneration trend. China’s local governments sell assets as fiscal income slumps

Caixin Global

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