The Worst Is Over for Construction Machinery Sector; We Intend to Raise FVEs by 10%-15%
As expected, both Sany and Zoomlion saw notable operating improvement as a domestic infrastructure ramp-up drove the industry turnaround. In addition to robust top-line growth in the range of 40%-70%, both firms registered varying degrees of margin expansion in the first half. Sany’s net income rose at a higher-than-expected 741% year on year to CNY 1.2 billion. The company’s operating margin rose nearly 600 basis points year on year to 8.4%, thanks to robust sales volume across every product ca...
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