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>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

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.

News from Caixin

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

<ul><li>SANYI delivered impressive core net profit growth of 43% YoY in 2Q22.</li><li>The surprise came from a strong recovery of gross margin, which expanded 3.8ppt YoY and 5.8ppt QoQ to 26.9%, the highest level since 3Q21. </li><li>Looking ahead, we expect the decline in freight rate and steel price will continue to drive margin improvement in 2H22E. </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 delivered impressive core net profit growth of 43% YoY in 2Q22.The surprise came from a strong recovery of gross margin, which expanded 3.8ppt YoY and 5.8ppt QoQ to 26.9%, the highest level since 3Q21. Looking ahead, we expect the decline in freight rate and steel price will continue to drive margin improvement in 2H22E. 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) – Beat expectation: 2Q22 core profit +43% YoY on strong margin recovery

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) – 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

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

SANY International (631 HK) – Beat expectation: 2Q22 core profit +43% YoY on strong margin recovery

The surprise came from a strong recovery of gross margin, which expanded 3.8ppt YoY and 5.8ppt QoQ to 26.9%, the highest level since 3Q21.

CMB International

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