三一重工-盈利回顾：2025 年第三季度业绩符合预期；维持中性评级

1 November 2025 | 9:48AM HKT Equity Research Sany Heavy (600031.SS) Earnings Review: 3Q25 results inline; maintain Neutral 600031.SS 12m Price Target: Rmb22.00 Price: Rmb22.14 Downside: 0.6% Sany reported 3Q25 results after market close on Oct 30 and held an analyst briefing call on Oct 31. 3Q25 NP of Rmb1.92bn (+48% yoy) was largely inline with GSe, with lower-than-expected topline (+10% yoy) - due to the miss in domestic sales, offset by better-than-expected GPM realization (+0.6ppt yoy) and expenses cont ...