China Construction Machinery_2025 Outlook_ Opportunity Emerging
China Securities·2024-12-10 02:48
7 December 2024 China Construction Machinery Equities Machinery 2025 Outlook: Opportunity Emerging China ◆ Export sees solid demand in B&R regions and provides higher margins, albeit tariffs are a downside risk ◆ Domestic sees limited downside and some signs of recovery; we expect mild growth in 2025 and stimulus brings upside ◆ We like Sany and Zoomlion-H; adjust Zoomlion H/A TP to HKD6.2/RMB7.9 (from HKD5.7/RMB8.0), ratings unchanged Looking into 1Q25e, we see investment opportunities emerging, as: 1) Exp ...