HK Stock Market Move | SANY INT'L (00631) falls by over 3% again, profit ability in the third quarter has declined slightly, traditional business sectors are under pressure.

SANY INT'L(00631) fell more than 3% again, as of the press release, down 3.46% to HK$4.75 with a turnover of HK$118.701 million. On the news front, recently, SANY INT'L announced its performance for the nine months ending September 30, 2023, with revenue of RMB 15.91 billion, a year-on-year increase of 0.5%; net profit attributable to shareholders was RMB 1.34 billion, a year-on-year decrease of 21.6%. Zheshang believes that the company's net profit attributable to shareholders for the first three quarters decreased by 21.6%, mainly due to the decline in net profit of the mining equipment sector. China Securities Co., Ltd. pointed out that in the third quarter of 2024, the company's traditional businesses all faced different degrees of pressure. The mining machinery sector saw a decline in domestic coal machinery revenue due to a decrease in the domestic coal machinery industry's prosperity, and the logistics equipment sector saw a slowdown in growth due to product delivery issues. Although the emerging business sector is still experiencing losses, the extent of the losses has decreased. Looking ahead, the company's overseas expansion strategy continues to advance, and new products such as large mining trucks and telescopic forklifts have ample room for growth. The company's growth potential is seen as strong in the mature stage of its emerging businesses.