Sany International: Electrification as gateway to overseas mining truck market: New Buy, HK$13 PO

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Sany International: Electrification as gateway to overseas mining truck market: New Buy, HK$13 PO

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Sany International

Electrification as gateway to overseas

mining truck market: New Buy, HK$13 PO

Initiating Coverage: BUY | PO: 13.00 HKD | Price: 9.04 HKD

Breakthrough in O/S RDT market as a new growth engine 26 May 2026

We initiate Sany International, a leading mining/logistics/oil & gas equipment OEM, with Equity

a Buy rating and a PO of HK$13. It ranks No. 4 among China’s mining equipment OEMs

and is breaking into the overseas rigid dump truck (RDT) market, which has higher entry Summer Wang, CFA >> Research Analyst

barriers, market size, and margin. We expect it to benefit from 1) accelerating Merrill Lynch (Hong Kong)

electrification in mining equipment (lower TCO, ESG friendly, suitability for autonomous +852summer.wang@bofa.com3508 4351

driving), esp. after the recent energy disruptions; and 2) solid demand (replacement Ming Hsun Lee, CFA >>

cycle, supportive policies on energy resilience etc.). Currently, the company’s new-energy Research Analyst

Merrill Lynch (Hong Kong)

rigid dump trucks (saves >30% of energy & maintenance costs) have started to receive minghsun.lee@bofa.com

high client interest from overseas markets (orders surged since 2H25). We estimate RDT Yikai Liu, CFA >>

(mainly export) to be its largest revenue growth driver over 2025-28E (CAGR of 113%). Research Analyst

We also estimate its share in O/S mining equipment market to reach 2.4% in 2030 (vs. yikai.liu@bofa.com

0.8% in 2025) given its edge in new-energy products & improving after-market services. Fiona Liang >>

Research Analyst

Improving revenue mix & customer base Merrillfiona.liang3@bofa.comLynch (Hong Kong)