External broker reports(aggregated public sources), CMB International

CMB International

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.

External broker reports(aggregated public sources)

Equity Bottom-Up

<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><p><em>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.</em></p>

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

Sany Heavy Equipment

SANY International (631 HK) - Set for a Recovery