The Zhitong Finance App learned that Sany International (00631) fell by more than 4% in early trading. As of press release, it was down 3.58% to HK$6.46, with a turnover of HK$22.593 million.

According to the news, Sany International announced results for the first quarter of 2024. The consolidated revenue was about RMB 5.13 billion, down about 5.7% year on year; gross profit was about RMB 1,277.5 billion, down about 4.0% year on year; profit attributable to parent company owners was about RMB 516 million, down about 20.7% year on year.

According to a report issued by CMB International, due to weakness in mining equipment and emerging industries offsetting the growth of the logistics equipment business, Sany International's net profit for the first quarter fell 21% year-on-year, less than the 15% decline expected by the bank. Looking ahead, the bank believes the trend will improve due to reduced losses after selling the robotics business; wide-body trucks, large mining trucks, and logistics equipment are still strong in overseas markets; and port equipment orders may accelerate in the second half of this year, driven by the government's equipment upgrade policy.