【招银国际】3Q25 results first take: SANY Heavy & Zoomlion beat; Weichai in-line; SANYI missed-251031（7页）.pdf

1、 PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE MORE REPORTS FROM BLOOMBERG:RESP CMBR OR http:/.hk 1 31 Oct 2025 CMB International Global Markets|Equity Research|Sector Update Capital Goods Capital Goods-3Q25 results first take:SANY Heavy&Zoomlion beat;Weichai in-line;3

2、Q25 results first take:SANY Heavy&Zoomlion beat;Weichai in-line;SANYI missed Four companies under our coverage reported their 3Q25 results after market close yesterday(30 Oct).SANY Heavy delivered better-than-expected earnings(+48%YoY),driven by decent expense control.Zoomlions profit growth of 36%Y

3、oY is also above our expectation,driven by growth acceleration in overseas and recovery in China.Weichai Powers net profit grew 29%YoY,driven by strong HDT/engines sales,which is largely in-line with expectation.On the contrary,SANYIs earnings growth of only 16%(due to higher expense)is slightly bel

4、ow our expectation.SANY Heavy(600031 CH,BUY,TP:RMB24)Strong operating leverage with decent expense control.Revenue grew 11%YoY to RMB21.3bn in 3Q25.Gross margin slightly contracted 0.4ppts YoY to 28.2%,while S&D expense ratio fell 0.9ppts YoY to 7.4%,representing a net expansion in margin(change in

5、accounting effect eliminated).Administrative expense ratio dropped 0.5ppts YoY to 3%,while R&D expense ratio dropped 0.7ppts YoY to 5.7%(a continuous YoY reduction trend since late 2022).Net profit grew 48%YoY to RMB1.9bn.In 9M25,net profit grew 47%YoY to RMB7.1bn,accounting for 84%of our full-year

6、estimate(run rate in 9M24:81%).We will revise our model to reflect the latest completion of H-share IPO in our next update.SANY will hold a conference call at 10:00 a.m.(HKT)today(31 Oct).Zoomlion(1157 HK,TP:HK$7.4/000157 CH,TP:RMB9.9,BUY)Overseas sales growth accelerated;China sales returned to gro