三一国际：Expect an improving trend after a weak 1Q24

M N 20 May 2024 CMB International Global Markets | Equity Research | Company Update SANY International (631 HK) Expect an improving trend after a weak 1Q24 SANYI’s 1Q24 net profit decline (-21% YoY) was more than our expectation of Target Price HK$7.90 -15% YoY, as the growth of logistics equipment was offset by the weakness of (Previous TP HK$8.00) mining equipment and emerging industries. Looking forward, we see an Up/Downside 13.0% improving trend given (1) the reduction of loss after the disposal of rob ...