Ge Long Hui·2026-01-05 06:12Group 1 - The core viewpoint of the report is that Citigroup has raised the target price for Zoomlion Heavy Industry Science and Technology Co., Ltd. (H-shares) from HKD 6.4 to HKD 10.2 and upgraded the rating from "Neutral" to "Buy" due to a more optimistic outlook on mid-to-late cycle products such as cranes and concrete machinery [2][3] - Two factors are expected to positively impact the stock price: the planned issuance of convertible bonds with a conversion price of HKD 9.75 and a collaboration with SF Holding to develop humanoid robotics [2] - Citigroup forecasts a 38% year-on-year increase in the company's earnings for 2025 and a potential 27% growth in 2026, along with an expected increase in cash dividends from HKD 0.32 per share in 2024 to HKD 0.4 per share in 2025, driven by significant improvement in operating cash flow, which is projected to expand by 137% year-on-year in the first three quarters of 2025 [2]