三一重工- 聚焦削减浪费性支出、提升股东回报;目标价上调至 25 元人民币

A c t i o n | 22 Aug 2025 08:54:19 ET │ 15 pages Sany Heavy Industry (600031.SS) Focus on Reducing Wasteful Spending and Enhancing Shareholders Return; Lift TP to Rmb25 CITI'S TAKE Key takeaways from Sany's 2Q25 results briefing for us were: 1) Sany's cost reduction is mainly to reduce wasteful spending and doesn't mean that it will lower its R&D intensity; 2) in addition to interim dividend, Sany will consider continuing share buybacks to maximize shareholders' return and enhance ROE; and 3) Sany sees L-T ...