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.

Thematic (Sector/Industry)

<ul><li>China Construction Machinery Association (CCMA) released a full set of construction machinery sales data for Dec 2024.</li><li>Export volume growth remained strong across all types of machines, in particular truck cranes and tower cranes that surged 67% YoY and 95% YoY respectively.</li><li>In China, overall demand saw little improvement, with excavator being the only product that saw growth in Dec. </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.

China Construction Machinery Association (CCMA) released a full set of construction machinery sales data for Dec 2024.Export volume growth remained strong across all types of machines, in particular truck cranes and tower cranes that surged 67% YoY and 95% YoY respectively.In China, overall demand saw little improvement, with excavator being the only product that saw growth in Dec. 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.

Capital Goods - Export Volume Growth Across All Machines in Dec

<ul><li>China Construction Machinery Association (CCMA) released a full set of construction machinery sales data for Nov.</li><li>For exports, volume growth remained strong across major types of machines, in particular aerial work platform (AWP) that surged 88% YoY.</li><li>In China, no improvement was seen, with excavator being the only product that saw growth in Nov. </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.

China Construction Machinery Association (CCMA) released a full set of construction machinery sales data for Nov.For exports, volume growth remained strong across major types of machines, in particular aerial work platform (AWP) that surged 88% YoY.In China, no improvement was seen, with excavator being the only product that saw growth in Nov. 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.

Capital Goods - Decent Export Growth Across Major Machines in Nov; AWP Stood Out

<ul><li>The HK market had a strong run over the past two weeks following the dramatic policy changes announced by the Chinese government.</li><li>In order to have a closer look at the sources of buying forces, we analysed ~13,000 data points of shareholdings over the past nine settlement days (23 Sep - 4 Oct on T+2 basis) for four HK-listed names under our coverage, namely Weichai PowerH (2338 HK, BUY), Zoomlion-H (1157 HK, BUY), SANYI (631 HK, BUY) and Sinotruk (3808 HK, HOLD). Our analysis is based on CCASS data, which represented brokers’ holdings on behalf of clients.</li><li>We divided ~380 brokers into six categories: (1) Hong Kong, (2) the Chinese mainland, (3) Stock connect, (4) the US, (5) Europe and (6) other foreign brokers (excluding the US and Europe). </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.

The HK market had a strong run over the past two weeks following the dramatic policy changes announced by the Chinese government.In order to have a closer look at the sources of buying forces, we analysed ~13,000 data points of shareholdings over the past nine settlement days (23 Sep - 4 Oct on T+2 basis) for four HK-listed names under our coverage, namely Weichai PowerH (2338 HK, BUY), Zoomlion-H (1157 HK, BUY), SANYI (631 HK, BUY) and Sinotruk (3808 HK, HOLD). Our analysis is based on CCASS data, which represented brokers’ holdings on behalf of clients.We divided ~380 brokers into six categories: (1) Hong Kong, (2) the Chinese mainland, (3) Stock connect, (4) the US, (5) Europe and (6) other foreign brokers (excluding the US and Europe). 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.

Capital Goods - Who Are Buying/Selling the Sector?

Equity Bottom-Up

<ul><li>We revise down our 2024E-26E earnings forecast by 9-13% to reflect lower growth of mining trucks and oil &amp; gas equipment segments.</li><li>That said, we are encouraged by SANYI’s decision to slow the pace of solar manufacturing business expansion.</li><li>With potentially less capex and better profit contribution from solar farm disposal, we are now less concerned on the balance sheet pressure. </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 revise down our 2024E-26E earnings forecast by 9-13% to reflect lower growth of mining trucks and oil &amp; gas equipment segments.That said, we are encouraged by SANYI’s decision to slow the pace of solar manufacturing business expansion.With potentially less capex and better profit contribution from solar farm disposal, we are now less concerned on the balance sheet pressure. 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) - Scale-Down of Solar Power Expansion Plan a Positive Move

<ul><li>SANYI is set to report 1Q24E financial data on 16 May (this Thu).</li><li>We forecast SANYI to deliver a ~15% YoY decrease in net profit from a high base, due to (1) miners’ disciplined capex as a result of the decline in domestic coal production in 1Q24; (2) keen competition in certain products such as hydraulic supports and wide-body trucks; and (3) a loss-making solar power segment.</li><li>Despite the near-term headwind, we expect a potential recovery in 2H24E on the back of improvement in solar business and low base effect for mining equipment segment.</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.

SANYI is set to report 1Q24E financial data on 16 May (this Thu).We forecast SANYI to deliver a ~15% YoY decrease in net profit from a high base, due to (1) miners’ disciplined capex as a result of the decline in domestic coal production in 1Q24; (2) keen competition in certain products such as hydraulic supports and wide-body trucks; and (3) a loss-making solar power segment.Despite the near-term headwind, we expect a potential recovery in 2H24E on the back of improvement in solar business and low base effect for mining equipment segment.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) - Expect an Unexciting Set of Results in 1Q24E

China

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

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Sany Heavy Equipment (631 HK)

Capital Goods - Export Volume Growth Across All Machines in Dec

Export volume growth remained strong across all types of machines, in particular truck cranes and tower cranes that surged 67% YoY and 95% YoY...

CMB International

Capital Goods - Decent Export Growth Across Major Machines in Nov; AWP Stood Out

For exports, volume growth remained strong across major types of machines, in particular aerial work platform (AWP) that surged 88% YoY.

CMB International

Capital Goods - Who Are Buying/Selling the Sector?

The HK market had a strong run over the past two weeks following the dramatic policy changes announced by the Chinese government.

CMB International

SANY International (631 HK) - Scale-Down of Solar Power Expansion Plan a Positive Move

We revise down our 2024E-26E earnings forecast by 9-13% to reflect lower growth of mining trucks and oil & gas equipment segments.

CMB International

SANY International (631 HK) - Expect an Unexciting Set of Results in 1Q24E

SANYI is set to report 1Q24E financial data on 16 May (this Thu). We forecast SANYI to deliver a ~15% YoY decrease in net profit from a high base

CMB International

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