Investment Rating - The report maintains a "Buy" rating for SANY Heavy Industry [1] Core Views - SANY Heavy Industry reported a significant increase in net profit attributable to shareholders for Q3 2025, with a year-on-year growth of 46.58% [5] - The company achieved a revenue of 661.04 billion yuan for the first three quarters of 2025, reflecting a year-on-year increase of 13.56% [5] - The industry is experiencing sustained growth, driven by high demand for excavators, with cumulative sales increasing by 18.09% year-on-year [5] - The company's overseas revenue continues to grow, accounting for 59.16% of total revenue in H1 2025, with a year-on-year increase of 11.59% [5] - SANY is focusing on the electrification of its products, launching over 30 new energy products in H1 2025 [5] Summary by Sections Financial Performance - For the first three quarters of 2025, SANY Heavy Industry's revenue was 661.04 billion yuan, with a net profit of 71.36 billion yuan [5] - The gross margin was 27.62%, a decrease of 0.65 percentage points year-on-year, while the net margin improved by 2.41 percentage points to 11.01% [5] - The company forecasts EPS of 0.95 yuan, 1.18 yuan, and 1.39 yuan for 2025-2027, with corresponding PE ratios of 23x, 19x, and 16x [5][6] Market Dynamics - The excavator market is experiencing high demand, with domestic and international sales growing by 21.55% and 14.61% respectively [5] - The report anticipates continued high demand in Q4 2025 due to the commencement of major national projects and sustained overseas demand [5] Strategic Initiatives - SANY is actively pursuing internationalization, which has led to significant growth in overseas markets [5] - The company is committed to the electrification of its product lineup, focusing on pure electric, hybrid, and hydrogen fuel technologies [5]