The Zhitong Finance App learned that CMB International released a research report stating that it reiterated the “buy” rating of Sany International (00631), which is the first choice in the equipment manufacturing sector. The profit forecast for 2023-25 was raised by 22%-43% by incorporating the strong demand for hybrid mining cards and coal mining machines, and the contribution of the acquisition business of lithium battery equipment and petroleum equipment was included in the model. It is also expected that its 2023E-25E earnings compound annual growth rate will be 33%, and the target price will be raised to HK$16.2.

The bank said it investigated Sany International's headquarters and mining equipment smart factory in Shenyang, Liaoning last week. At the same time, in-depth discussions were held with senior management and plant managers, which once again confirmed their optimistic stance on the company. CMB International continues to be optimistic that Sany International will achieve business growth through strategic expansion in various fields and continuous introduction of new products.