GLONGHUI, Feb. 22 | Citigroup released a report raising its 2024 and 2025 profit forecasts by 9% and 11% respectively, reflecting strong overseas revenue growth. At the same time, the target price was raised by about 19% from HK$5.4 to HK$6.4, giving it a “buy” rating. According to the report, the management of Zhonglian Heavy Industries said that due to recent participation in overseas exhibitions, overseas orders have reached about 5 billion yuan so far this year. Management expects overseas orders to double in the first quarter, that is, from 3 billion yuan in the first quarter of last year to 6 billion yuan in the first quarter of this year. The bank's 2024 revenue and profit forecasts for Zoomlion Heavy Industries were 6% and 10% higher than market expectations, respectively. It believes that management's positive comments on overseas business may trigger market adjustments. The bank added that in terms of a distribution ratio of 65%, even though the bank's dividend forecast for Zoomlion Heavy Industries last year was 27 points, which is 21 points higher than market expectations, it believes there is room for an upward trend in dividends. Since the company's average distribution ratio reached 73% between 2020 and 2022, its main shareholder, the Changsha Municipal Government, as one of the decision makers, also has incentives to maintain a high distribution ratio.