Group 1 - The core viewpoint of the report is that SANY International (00631) is given a target price of HKD 11 and an outperform rating by Credit Lyonnais [1] - The company is expected to achieve a profit 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 to be 30% and 25%, respectively [1] Group 2 - SANY International focuses on the mining and port equipment industry [1] - The trend towards electrification and breakthroughs in hybrid technology for electric mining trucks are driving mining companies to seek new truck suppliers due to significant advantages in fuel efficiency and maintenance requirements [1] - The company's order-to-bill ratio has reached record highs, driven by the recovery of global trade and supply chain disruptions post-pandemic [1]
里昂：首予三一国际目标价11港元 评级“跑赢大市”