Zhao Yin Guo Ji·2025-06-09 02:53Company Analysis - SANY International is expected to return to a growth trajectory in 2025, driven by stable demand for tunneling machines, strong growth in large port equipment, and better-than-expected performance in domestic wide-body vehicles [5] - The emerging business segments, including photovoltaic, lithium energy, and intelligent mining, are projected to have manageable losses, estimated at approximately 200 to 250 million RMB this year, alleviating market concerns [5] - The target price for SANY International has been raised to HKD 8.7, maintaining a 2025 P/E ratio of 11 times, consistent with the average since 2017, indicating an attractive buying point at the current valuation of 8 times [5] - BYD's management emphasizes that all business operations are under the listed company, with controllable liquidity risks regarding accounts payable totaling 244 billion RMB for FY24 [6] - The company aims for overseas sales to exceed 900,000 units this year, with total sales expected to maintain over 20% growth [6] - BYD's long-term sales targets include 4-6 million units overseas and 6-7 million units domestically, with a market share of 30% in the domestic new energy vehicle market [6] Industry Analysis - The semiconductor industry is witnessing strong performance, with Broadcom reporting record revenue of USD 15 billion for Q2 2025, a year-on-year increase of 20.2% [4] - The revenue guidance for Q3 2025 is set at USD 15.8 billion, with semiconductor business expected to grow by 25% to USD 9.1 billion, driven by AI semiconductor and software infrastructure [4] - The Asian markets are experiencing a resurgence in foreign investment, with net inflows of USD 10.65 billion in May, the highest monthly net inflow since February of the previous year [3]