External broker reports(aggregated public sources), CMB International

CMB International

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>Road header (above our expectation): Sales volume in 9M22 grew &gt;50%. ASP is on the rise (currently RMB3.4mn/unit), driven by larger-size and more intelligent machines.</li><li>The segment revenue grew ~67% YoY to RMB2.28bn in 9M22. SANYI targets to achieve RMB3.2bn for the full year.</li><li>We estimate the segment revenue grew ~70% YoY to RMB2.2bn, driven by strong growth of hydraulic support product. SANYI targets to achieve RMB2.6bn/3.0bn in 2022E/23E.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Road header (above our expectation): Sales volume in 9M22 grew &gt;50%. ASP is on the rise (currently RMB3.4mn/unit), driven by larger-size and more intelligent machines.The segment revenue grew ~67% YoY to RMB2.28bn in 9M22. SANYI targets to achieve RMB3.2bn for the full year.We estimate the segment revenue grew ~70% YoY to RMB2.2bn, driven by strong growth of hydraulic support product. SANYI targets to achieve RMB2.6bn/3.0bn in 2022E/23E.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

SANY International (631 HK) – Key Takeaways from Post-Results Call and NDR

Sany Heavy Equipment

SANY International (631 HK) – Key Takeaways from Post-Results Call and NDR