CICC: Raising the target price of Sinotruk (03808) to HK$57.11, the first half of the year's results beat expectations

The Zhitong Finance App learned that CICC released a research report saying that Sinotruk (03808)'s performance in the first half of the year beat expectations. Revenue increased 39.2% year over year to 70.84 billion yuan, and net profit to mother increased 26.2% year over year to 4.33 billion yuan. The increase in revenue and net profit due to structural optimization was superior to that forecast, and the profit after the exchange was restored exceeded the forecast. Considering the high increase in the company's heavy truck sales and exports in the first half of the year, and the bank's expectation that the company's new energy heavy truck will reverse losses in the second half of the year, the company's 2026 and 27 net profit forecasts were raised by 6.9% and 10.2% to 8.481 billion yuan and 9.658 billion yuan. Maintaining the “outperforming industry” rating, increasing profit forecasts at the same time, and increasing the company's valuation by 19.7% to HK$57.11 due to continued strong exports and new energy heavy trucks.