The Zhitong Finance App learned that CMB International released a research report stating that it reiterated the “buy” rating of Sany International (00631). The profit forecast remained unchanged, and the target price was lowered to HK$13.2 to reflect recent changes in exchange rates. The company provided positive guidance in a performance conference call yesterday, including: (1) sufficient orders on hand, reaching 8.8 billion yuan (26% increase from August); (2) gross margin for the fourth quarter of 2022 is likely to improve month-on-month, benefiting from increased efficiency and lower sea freight rates. The bank believes that Sany International will continue to benefit from (1) the coal mining industry's capital expenditure expansion cycle, (2) the transformation of products to intelligence and electrification, and (3) continued strong overseas demand.