Performance Review - Company reported 1Q25 financial data: revenue of 5.876 billion yuan, a year-on-year increase of 14.6%, gross profit of 1.428 billion yuan, a year-on-year increase of 11.8%, and net profit attributable to shareholders of 635 million yuan, a year-on-year increase of 23.2%, meeting expectations [1]. Development Trends Mining Equipment - Domestic demand remains resilient, with positive outlook for overseas expansion of mining trucks. Domestic coal prices are in a downward trend due to weak demand. Current demand for tunneling machines and wide-body trucks is strong, while hydraulic support prices are under intense competition. The company expects good growth for overseas wide-body trucks and large mining trucks, driven by product upgrades and reduced overall user costs, indicating significant long-term growth potential in large mining trucks and related aftermarket [1]. Logistics Equipment - Demand for port machinery is on the rise, with expansion of new products overseas. Starting in 2023, global demand for port equipment is recovering, with full orders for large port machinery and gradually strengthening order profitability. Exports of small port machinery products remain robust in Asia, Africa, and Latin America. Over the past three years, the company has aggressively expanded new products like telescopic forklifts in the European and American markets, currently producing in India to address tariff issues. The company is optimistic about the trend towards electrification of small port machinery and the continued expansion of new products overseas [1]. Oil and Gas Equipment - Demand and profitability are expected to recover. In 2024, revenue and profitability declined due to major clients' cost-cutting measures. The company anticipates marginal recovery in industry demand in 2025, with strengthened internal management to restore market share [2]. New Industries - Focus on cost reduction and efficiency improvement, expanding overseas application scenarios. In 2024, the company will enhance management reforms for new industries, readjusting businesses with intense competition and limited profitability. It is expected that operating losses in new industries will significantly narrow in 2025, optimizing the efficiency and return rate of existing assets [2]. Profit Forecast and Valuation - The company maintains the 2025 EPS forecast at 0.70 yuan and introduces the 2026 EPS forecast at 0.81 yuan. The current stock price corresponds to 7.9x/6.7x P/E for 2025/2026. Considering the improvement prospects in new industry profitability, the target price is raised by 25% to 7.10 HKD, corresponding to 9.5x/8.1x P/E for 2025/2026, indicating a 21% upside potential, maintaining an outperform rating [2].

Core Viewpoint - CICC maintains the EPS forecast for SANY International (00631) at 0.70 HKD for 2025 and introduces a new EPS forecast of 0.81 HKD for 2026, raising the target price by 25% to 7.10 HKD, indicating a 21% upside potential based on improved profitability in new industries [1] Financial Performance - The company reported Q1 2025 financial data with revenue of 5.876 billion HKD, a year-on-year increase of 14.6%, gross profit of 1.428 billion HKD, up 11.8%, and net profit attributable to shareholders of 635 million HKD, reflecting a 23.2% year-on-year growth, aligning with CICC's expectations [2] Mining Equipment - Domestic demand remains resilient, with strong demand for tunneling machines and wide-body trucks, despite weak coal prices. The company is expected to see good growth in overseas wide-body trucks and large mining trucks, supported by product upgrades and reduced overall user costs, indicating significant long-term growth potential [3] Logistics Equipment - Global demand for port equipment is recovering, with a full order book for large port machines and improving order profitability. The company has successfully expanded its small port machine exports in Asia, Africa, and Latin America, and has introduced new products like telescopic forklifts in the European and American markets, produced in India to mitigate tariff issues. The trend towards electrification of small port machines is viewed positively [4] Oil and Gas Equipment - In 2024, revenue and profitability are expected to decline due to cost-cutting measures from major clients. However, a marginal recovery in industry demand is anticipated in 2025, with the company focusing on internal management improvements to regain market share [5] New Industries - In 2024, the company is enhancing management reforms in new industries to improve efficiency and reduce costs. A significant narrowing of operational losses in new industries is expected in 2025, along with better utilization and return rates of existing assets [6]

尽管短期内面临一定压力，但是船舶行业基本面仍被业内人士普遍看好。中关村物联网产业联盟副秘书 长袁帅在接受《证券日报》记者采访时表示，船舶市场受全球经济贸易形势和航运市场波动影响较大， 但从长期来看，随着海洋经济的深入发展，市场仍具备较大潜力。 与此同时，杭齿前进在新能源相关领域的布局也不断提速，尤其在风电产品板块取得了突破性进展。 2024年，公司风电产品实现营业收入11.77亿元，同比增长91.18%。面对大兆瓦风电加速发展的市场趋 势，公司紧抓机遇，持续优化与主机厂之间的商务协同，推动6.X兆瓦及以上机型齿轮箱产品销售显著 增长。在研发方面，公司推进产品技术持续演进，完成部分6.X兆瓦以上机型的滑动轴承验证，并推进 7.X兆瓦与10兆瓦新型结构产品的设计开发。 中国投资协会上市公司投资专业委员会副会长支培元表示，风电产业的快速发展以及全球对清洁能源的 日益重视，促进了风电装机规模的持续扩大。特别是海上风电的迅猛发展，带动了对高性能、高可靠性 齿轮传动设备的强劲需求。虽然行业竞争日益激烈，但技术创新推动了产品的不断升级，杭齿前进这类 具备技术实力的企业能够借此契机，提升市场竞争力，进一步抢占发展先机。 除了 ...