Group 1 - The core viewpoint of the report is that Bank of America Securities has raised the target price for China National Heavy Duty Truck Group (China National Heavy Truck) from HKD 24.3 to HKD 29, maintaining a neutral rating, as the current stock price reasonably reflects its growth prospects [1] - The company has set an annual sales target of 300,000 units for the year, which is progressing smoothly [1] - Management indicated that they are steadily advancing towards their sales and profit margin targets for 2025, with a cautious capital expenditure plan of no more than RMB 2 billion per year from 2025 to 2027, focusing on overseas production base construction in countries like Kazakhstan, Brazil, and Indonesia [1] Group 2 - The dividend payout ratio is expected to be no less than 55% for the years 2025 to 2027 [1] - Based on updated sales and gross margin assumptions, Bank of America Securities has raised its revenue forecasts for China National Heavy Truck for 2025, 2026, and 2027 by 5%, 4%, and 4% respectively [1] - The gross margin forecasts for 2026 and 2027 have been increased by 0.5 percentage points each due to the rising proportion of overseas sales, and earnings per share forecasts for 2025, 2026, and 2027 have been raised by 4%, 10%, and 10% respectively [1]