Core Viewpoint - The report from Credit Lyonnais initiates coverage on SANY International (00631) with a target price of HKD 11 and an outperform rating, projecting a significant growth in earnings driven by trends in electrification and recovery in global trade [1] Group 1: Financial Projections - The company is expected to achieve earnings of RMB 2.5 billion in 2025, with a compound annual growth rate (CAGR) of 54%, reaching RMB 4 billion by 2027 [1] - The CAGR for the truck and port equipment segments is projected at 30% and 25%, respectively [1] Group 2: Industry Trends - The electrification trend and breakthroughs in hybrid technology for electric mining trucks are prompting mining companies to seek new suppliers, highlighting advantages in fuel efficiency and maintenance needs [1] - The post-pandemic recovery in global trade and supply chain disruptions have led to a record high in the company's book-to-bill ratio [1]
里昂：首予三一国际(00631)目标价11港元 评级“跑赢大市”