Group 1 - The core viewpoint of the report is that SANY International (00631) is given a target price of HKD 11 and an outperform rating by Credit Lyonnais [1] - The company is expected to achieve a profit of RMB 2.5 billion in 2025, with a compound annual growth rate (CAGR) of 54%, reaching RMB 4 billion by 2027 [1] - The CAGR for the truck and port equipment segments is projected to be 30% and 25%, respectively [1] Group 2 - SANY International focuses on the mining and port equipment industry [1] - The trend towards electrification and breakthroughs in hybrid technology for electric mining trucks are driving mining companies to seek new truck suppliers due to significant advantages in fuel efficiency and maintenance requirements [1] - The company's order-to-bill ratio has reached record highs, driven by the recovery of global trade and supply chain disruptions post-pandemic [1]

该行指，三一国际专注于矿业与港口设备行业。该行留意到，电动化趋势加上电动矿车方面的混合动力 技术突破，正推动矿业企业寻找新的矿车供应商，因其在燃油效益及维护需求方面有较显著优势。而港 口业务方面，疫情后全球贸易复苏与供应链中断现象，推动公司的订单出货比(Book-to-billRatio)升至纪 录高位。 智通财经APP获悉，里昂发布研报称，首予三一国际(00631)目标价11港元及跑赢大市评级。该行料公司 2025年的盈利为25亿元人民币，并以年均复合增长率54%的增长速度，升至2027年的40亿元人民币，其 中卡车及港口设备的年均复合增长率分别达30%及25%。 ...

Core Viewpoint - Credit Suisse has set a target price of HKD 11 for SANY International with an "Outperform" rating, highlighting the company's focus on the mining and port equipment sectors, driven by trends in electrification and hybrid technology breakthroughs in electric mining trucks [1] Group 1: Company Performance - SANY International is benefiting from the electrification trend and advancements in hybrid technology for electric mining trucks, which are prompting mining companies to seek new truck suppliers due to significant advantages in fuel efficiency and maintenance requirements [1] - The company's order-to-delivery ratio has reached a record high, driven by the recovery of global trade post-pandemic and disruptions in supply chains [1] Group 2: Financial Projections - The company is expected to achieve a profit of HKD 2.5 billion by 2025, increasing to HKD 4 billion by 2027, representing a compound annual growth rate (CAGR) of 54% [1] - The CAGR for truck and port equipment is projected to be 30% and 25% respectively [1]