CMB International: Lower SANY INT'L (00631) target price to 19.5 Hong Kong dollars, maintain "buy" rating.

China Merchants International released a research report stating that SANY INT'L (00631) reported a net profit (including minority interests) of 1.78 billion RMB, within the previously announced profit range (1.6 billion to 1.85 billion RMB). Adjusted net profit, excluding one-off impairment losses, was 1.85 billion RMB, unchanged from the same period last year. The bank continues to be optimistic about SANY INT'L's growth strategy through continued business diversification. The "buy" rating is maintained, with the target price lowered from 20.6 Hong Kong dollars to 19.5 Hong Kong dollars. During the earnings conference call, management mentioned that large mining trucks, microgrids, and lithium batteries are the main growth areas for the coming years. The bank has lowered its profit forecast for 2026 by 6%, mainly due to the adjustment of assumptions for tunneling machine sales.