Sany Heavy Industry (.SS)_ Cost Discipline with Signs of Improving Non-Excavator in China; Buy with Higher TP

A c t i o n | 31 Oct 2024 05:19:26 ET │ 14 pages Sany Heavy Industry (600031.SS) Cost Discipline with Signs of Improving Non-Excavator in China; Buy with Higher TP CITI'S TAKE Sany delivered faster than peers YoY revenue growth in 3Q24 given its lower revenue exposure to the property-dependent machines (crane and concrete) in China and accelerating overseas revenue growth. Coupled with ongoing cost reduction effort, especially on R&D expense, Sany surprised us on the upside with its 100% YoY earnings growth ...