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招银国际:重申三一国际目标价8.7港元 增长趋势明确
Zhi Tong Cai Jing· 2025-08-12 06:18
Core Viewpoint - 招银国际 reaffirms "Buy" rating for SANY International (00631) based on a 2025 P/E ratio of 11 times, maintaining a target price of HKD 8.7 [1] Financial Performance - SANY International announced a profit warning, forecasting a 25-35% year-on-year increase in net profit for the first half of 2025, amounting to RMB 1.23-1.33 billion [1] - The expected net profit growth rate for the second quarter of 2025 is projected to be between 16-35%, aligning with the expectations of 招银国际 [1] Market Drivers - The positive performance is attributed to strong growth in large port equipment and stable demand for tunneling machines and domestic mining trucks, indicating that SANY International is returning to a growth trajectory this year [1] Earnings Forecast - 招银国际 maintains its earnings forecast for SANY International for the years 2025-2027 but acknowledges potential for upward adjustments in the current profit predictions [1]