> **来源：[研报客](https://pc.yanbaoke.cn)** # SANY International (631 HK) Summary ## Core Content SANY International (631 HK) reported its 2Q26 financial results, which showed a positive turnaround in net profit, beating expectations. The company's 1H26 net profit was RMB1.22bn, a slight drop of 6% YoY, but the 2Q26 net profit came in at RMB708mn, up 7% YoY. This marks a recovery from the weak 1Q26 performance and signals improved financial health. The company's total revenue for 1H26 increased by 21% YoY to RMB14.8bn, driven by strong performance in mining equipment (+32% YoY) and logistics equipment (+34% YoY), which offset declines in oil & gas equipment and emerging industries. The blended gross margin for 2Q26 improved slightly to 23.2%, up 0.1ppt YoY and 2.5ppt QoY, indicating resilience in profitability. ## Key Highlights - **1H26 Earnings Summary:** - Total Revenue: RMB14.8bn (+21% YoY) - Net Profit: RMB1.22bn (-6% YoY) - Adjusted Net Profit: RMB1.218bn (-5.9% YoY) - EBIT: RMB1.651bn (-8.1% YoY) - **Regional Breakdown:** - China Revenue: RMB7.9bn (-3% YoY) - Overseas Revenue: RMB6.8bn (+70% YoY) - Asia (ex-China): RMB3.9bn (+170% YoY), the strongest growth region - **Segment EBIT:** - Mining Equipment: RMB1.128bn (+46.8% YoY) - Logistics Machinery: RMB713mn (-3.5% YoY) - Oil & Gas Equipment: RMB67mn (-41.6% YoY) - Emerging Industries: RMB-364mn (vs RMB57mn in 1H25) - **Valuation and Target Price:** - Current Price: HK\$8.75 - Target Price (TP): HK\$17.10 - P/E Ratio (2026E): 10x - P/B Ratio (2026E): 1.7x - Dividend Yield (2026E): 5.4% ## Main Views and Insights - **Positive Outlook for 2Q26:** The company saw a notable improvement in net profit and gross margin in 2Q26, which is a positive sign for restoring investor confidence after a weak 1Q26. - **Strong Overseas Growth:** Revenue from overseas markets surged by 70% YoY, with Asia (ex-China) showing the most significant growth at 170% YoY. - **Segment Performance:** Mining equipment performed well, contributing significantly to revenue and EBIT growth. Logistics equipment showed modest growth, while oil & gas equipment and emerging industries faced challenges. - **Valuation Consideration:** The current valuation (10x 2026E P/E) is considered attractive, especially given the expected upcycle in metals and the company's structural penetration into the global mining truck market. ## Key Risks 1. **Weakening Coal Mining Activities in China:** This could impact revenue from domestic operations. 2. **Emerging Business Losses:** The emerging industries segment reported a loss of RMB364mn in 1H26, which could affect overall profitability. 3. **Cost Inflation:** Elevated commodity prices may lead to higher costs and pressure on margins. ## Financial Performance and Growth Projections | Year | Revenue (RMB mn) | YoY Growth (%) | Adjusted Net Profit (RMB mn) | YoY Growth (%) | |------------|------------------|----------------|------------------------------|----------------| | FY24A | 21,910 | 8.0 | 1,850.9 | 0.1 | | FY25A | 24,334 | 11.1 | 1,851.0 | 29.3 | | FY26E | 31,621 | 29.9 | 2,393.2 | 40.7 | | FY27E | 37,409 | 18.3 | 3,368.1 | 26.0 | | FY28E | 44,013 | 17.7 | 4,243.1 | 26.0 | ## Analyst Recommendation - **Rating:** BUY (Maintain) - **Target Price:** HK\$17.10 - **Upside Potential:** 95.4% from current price - **Analyst:** Wayne FUNG, CFA ## Share Performance - **Market Cap:** HK\$28,283.7 million - **Share Performance (1MTH):** 17.9% (Absolute), 14.8% (Relative) - **Share Performance (3MTH):** -3.4% (Absolute), -3.6% (Relative) - **Share Performance (6MTH):** -44.8% (Absolute), -43.2% (Relative) ## Shareholding Structure - **Free Float:** 64.9% - **Other:** 33.9% - **Source:** HKEx ## Valuation Metrics | Metric | 2023A | 2024A | 2025A | 2026E | 2027E | 2028E | |----------------|------|------|------|------|------|------| | P/E Ratio | 12.4 | 21.8 | 13.6 | 10.2 | 7.2 | 5.7 | | P/B Ratio | 2.1 | 2.0 | 1.8 | 1.7 | 1.5 | 1.3 | | Dividend Yield | 2.3% | 3.6% | 4.3% | 5.4% | 6.9% | 8.7% | ## Profitability Metrics | Metric | 2023A | 2024A | 2025A | 2026E | 2027E | 2028E | |------------------------|------|------|------|------|------|------| | Gross Margin (ppt) | 26.9 | 22.4 | 22.3 | 21.6 | 23.2 | 23.9 | | EBITDA Margin (%) | 13.6 | 10.3 | 13.5 | 12.6 | 14.2 | 14.7 | | Adjusted Net Margin (%)| 9.5 | 8.4 | 7.6 | 7.6 | 9.0 | 9.6 | | ROE (%) | 17.8 | 9.3 | 14.0 | 17.3 | 21.6 | 23.7 | ## Liquidity and Leverage | Metric | 2023A | 2024A | 2025A | 2026E | 2027E | 2028E | |--------------------------|------|------|------|------|------|------| | Net Debt to Equity (x) | 0.2 | 0.2 | 0.1 | 0.1 | 0.0 | 0.0 | | Current Ratio (x) | 1.3 | 1.2 | 1.3 | 1.3 | 1.4 | 1.4 | | Receivable Turnover Days | 132.9| 153.0| 156.6| 145.0| 145.0| 146.0| | Inventory Turnover Days | 82.6 | 91.1 | 105.1| 90.0 | 88.0 | 89.0 | | Payable Turnover Days | 181.4| 207.4| 225.3| 210.0| 210.0| 210.0| ## Analyst Certification The analyst certifies that the views expressed in this report reflect their personal views and that no compensation is directly or indirectly related to the specific views in the report. The analyst also confirms that they have not traded in the covered stocks within 30 days prior to the report's release and will not trade within 3 business days after release. ## CMBIGM Ratings - **BUY:** Potential return of over 15% over next 12 months - **HOLD:** Potential return of +15% to -10% over next 12 months - **SELL:** Potential loss of over 10% over next 12 months - **NOT RATED:** Stock not rated - **OUTPERFORM:** Industry expected to outperform the market - **MARKET-PERFORM:** Industry expected to perform in-line with the market - **UNDERPERFORM:** Industry expected to underperform the market ## Important Disclosures - **Risk Disclaimer:** Investing in securities involves risk, and past performance does not guarantee future results. - **No Investment Advice:** This report is not tailored to individual investors and does not constitute investment advice. - **Liability Disclaimer:** CMBIGM is not liable for any losses incurred due to reliance on the report. - **Use at Own Risk:** Users of this report do so at their own risk. - **Information Accuracy:** The information is based on publicly available data and is not guaranteed to be accurate or complete.