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>SANYI’s 2Q25 net profit grew 28% YoY to RMB663mn, in line with the preannounced profit range.</li><li>We revise up our 2025E-27E earnings forecast by 2- 5%, as (1) we expect the resilient logistics equipment segment, along with the rising contribution of emerging business as well as oil &amp; gas equipment, will more than offset the weakness of coal mining related equipment; (2) we revise down our SG&amp;A expense ratio due excellent cost control.</li><li>Reiterate BUY with new TP of HK$8.9 (previously HK$8.7), based on unchanged 11x 2025E P/E, the average P/E since 2017).</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’s 2Q25 net profit grew 28% YoY to RMB663mn, in line with the preannounced profit range.We revise up our 2025E-27E earnings forecast by 2- 5%, as (1) we expect the resilient logistics equipment segment, along with the rising contribution of emerging business as well as oil &amp; gas equipment, will more than offset the weakness of coal mining related equipment; (2) we revise down our SG&amp;A expense ratio due excellent cost control.Reiterate BUY with new TP of HK$8.9 (previously HK$8.7), based on unchanged 11x 2025E P/E, the average P/E since 2017).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) - 2Q25 Profit In-Line...

<ul><li>SANYI pre-announced yesterday (Aug 11) that net profit in 1H25 is expected to grow 25-35% YoY to RMB1.23-1.33bn.</li><li>This implies 16-35% net profit growth in 2Q25, with a mid-point of 25% which is in line with our expectation.</li><li>The announced profit reaffirms our view that SANYI is returning to a growth trajectory this year, on the back of strong growth of large-size port equipment (driven by capacity de-bottlenecking) as well as stabilized demand for road headers and domestic mining trucks. </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 pre-announced yesterday (Aug 11) that net profit in 1H25 is expected to grow 25-35% YoY to RMB1.23-1.33bn.This implies 16-35% net profit growth in 2Q25, with a mid-point of 25% which is in line with our expectation.The announced profit reaffirms our view that SANYI is returning to a growth trajectory this year, on the back of strong growth of large-size port equipment (driven by capacity de-bottlenecking) as well as stabilized demand for road headers and domestic mining trucks. 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) - 2Q25E Profit Rose 16-35% Largely In-Line;

<ul><li>We expect SANYI to return to a growth trajectory in 2025E, driven by stabilized demand for road headers, strong growth of large-size port equipment, as well as better-than-expected domestic mining trucks, which will offset the relatively weak sales of combined coal mining units (CCMUs).</li><li>Besides, we believe the emerging business segments are running at a manageable level of loss (~RMB200-250mn in 2025E), which we think will ease market concerns.</li><li>We revise up our 2025E-27E earnings forecast by 3-4%, and accordingly revise up our TP to HK$8.7 (unchanged multiple of 11x 2025E P/E, the average P/E since 2017). </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 expect SANYI to return to a growth trajectory in 2025E, driven by stabilized demand for road headers, strong growth of large-size port equipment, as well as better-than-expected domestic mining trucks, which will offset the relatively weak sales of combined coal mining units (CCMUs).Besides, we believe the emerging business segments are running at a manageable level of loss (~RMB200-250mn in 2025E), which we think will ease market concerns.We revise up our 2025E-27E earnings forecast by 3-4%, and accordingly revise up our TP to HK$8.7 (unchanged multiple of 11x 2025E P/E, the average P/E since 2017). 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) - Early Stage of Earnings Recovery...

<ul><li>SANYI’s net profit grew 23% YoY in 1Q25 to RMB635mn, delivering a set of better-than-feared results which marks the first quarterly profit growth (YoY) since 3Q23.</li><li>The earnings growth in 1Q25 was driven by large port machinery, oil &amp; gas equipment, overseas mining trucks and other emerging business.</li><li>We believe that the results will ease concerns over SANYI’s growth story. </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’s net profit grew 23% YoY in 1Q25 to RMB635mn, delivering a set of better-than-feared results which marks the first quarterly profit growth (YoY) since 3Q23.The earnings growth in 1Q25 was driven by large port machinery, oil &amp; gas equipment, overseas mining trucks and other emerging business.We believe that the results will ease concerns over SANYI’s growth story. 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) - 1Q25 Net Profit Surged 23% YoY, Holding up Better-Than-Feared

<ul><li>SANYI targets to achieve revenue of RMB50bn and gross margin of 24% in 2027E, implying a revenue CAGR of 32% (2025E-27E) and 1.6ppt gross margin expansion from 2024.</li><li>SANYI is confident of achieving a 20% CAGR for overseas mining equipment segment over the coming years, driven by the strong demand for mining trucks.</li><li>Besides, coal mining equipment is expected to see recovery in 2H25E. This, together with the solid port machinery as well as improving solar and oil &amp; gas profitability, should enhance investor confidence that SANYI is about to bottom out and set for a recovery.</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 targets to achieve revenue of RMB50bn and gross margin of 24% in 2027E, implying a revenue CAGR of 32% (2025E-27E) and 1.6ppt gross margin expansion from 2024.SANYI is confident of achieving a 20% CAGR for overseas mining equipment segment over the coming years, driven by the strong demand for mining trucks.Besides, coal mining equipment is expected to see recovery in 2H25E. This, together with the solid port machinery as well as improving solar and oil &amp; gas profitability, should enhance investor confidence that SANYI is about to bottom out and set for a recovery.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) - Set for a 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) - 2Q25 Profit In-Line...

SANYI’s 2Q25 net profit grew 28% YoY to RMB663mn, in line with the preannounced profit range. We revise up our 2025E-27E earnings forecast by 2- 5%

CMB International

SANY International (631 HK) - 2Q25E Profit Rose 16-35% Largely In-Line;

SANYI pre-announced yesterday (Aug 11) that net profit in 1H25 is expected to grow 25-35% YoY to RMB1.23-1.33bn. This implies 16-35% net profit...

CMB International

SANY International (631 HK) - Early Stage of Earnings Recovery...

We view the current valuation of 8x 2025E P/E as attractive entry point, given the improving earnings visibility. Maintain BUY.

CMB International

SANY International (631 HK) - 1Q25 Net Profit Surged 23% YoY, Holding up Better-Than-Feared

SANYI’s net profit grew 23% YoY in 1Q25 to RMB635mn, delivering a set of better-than-feared results which marks the first quarterly profit growth...

CMB International

SANY International (631 HK) - Set for a Recovery

SANYI targets to achieve revenue of RMB50bn and gross margin of 24% in 2027E, implying a revenue CAGR of 32% (2025E-27E) and 1.6ppt gross margin...

CMB International

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