三一重工_业绩回顾_强劲自由现金流为提升股东回报留空间；短期周期性格局更有利；上调至中性评级

24 August 2025 | 11:33PM HKT Sany Heavy (600031.SS) Earnings Review: Strong FCF generation leaves room for shareholder return enhancement; near-term cyclical setup more favorable; up to Neutral | | | We upgrade Sany Heavy to Neutral from Sell, post its 2Q25 results (see our first take note here) which revealed Sany's much improved FCF generation capability sustained so far in this cycle (1.5-2x net profit vs. historical mid-cycle average of 1.2x) and better-than-expected improvement in operational efficienc ...