CMBC International: maintains "buy" rating on SANY INT'L (00631) with target price raised to HK$20.6

China Merchants International released a research report stating that it believes SANY INT'L (00631) mining truck business will continue to make progress, and expects the contribution of this business to total revenue to remain at the level of 15% to 16% between 2026 and 2027. However, large mining trucks with high expected value and good profit margins are expected to maintain high growth. In addition, the bank believes that the revenue growth and profitability improvement of the large port machinery business have a high degree of certainty, as the order backlog exceeds 12 months. The bank has raised its profit forecast for 2026 and 2027 by 3% and 9% respectively, and raised the target price from HK$8.9 to HK$20.6, maintaining a "buy" rating.