Core Viewpoint - SANY International (00631) is expected to see continued progress in its mining truck business, contributing 15% to 16% of total revenue between 2026 and 2027, with high growth anticipated for large mining trucks due to their higher value and profit margins [1] Group 1: Mining Truck Business - The mining truck business is projected to maintain a revenue contribution of 15% to 16% from 2026 to 2027 [1] - Large mining trucks, which have higher value and profit margins, are expected to experience significant growth [1] Group 2: Port Machinery Business - Revenue growth and profit margin improvement in the large port machinery business are highly certain, supported by an order backlog exceeding 12 months [1] Group 3: Financial Projections - Earnings forecasts for 2026 and 2027 have been raised by 3% and 9% respectively [1] - The target price has been increased from HKD 8.9 to HKD 20.6, maintaining a "Buy" rating [1]
招银国际：维持三一国际(00631)“买入”评级 目标价上调至20.6港元