SANY INT'L (00631) surged more than 5% once again. As of the time of writing, the stock was up 4.48%, trading at HK$10.97 with a turnover of HK$146 million. Recently, SANY Group successfully delivered the first SET150S hybrid mining water truck to the global iron ore giant Vale. This delivery not only signifies a new level in the collaboration between the two parties but also represents another key milestone for SANY's efficient and sustainable mining solutions in deepening its presence in the Brazilian market. Since their partnership began in 2021, SANY has supplied Vale with over 30 units of equipment, including excavators and mining trucks. A research report from CLSA stated that SANY INT'L continues to secure a large volume of mining equipment orders, and it is projected that the order book will triple by 2028 compared to last year's scale of approximately RMB 5 billion. Growth in after-sales service revenue is also expected to contribute to this expansion. The order-to-delivery ratio for its port machinery business has reached a record high, with order visibility extending into 2027. Overall, CLSA forecasts that SANY INT'L's adjusted net profit will quadruple between 2024 and 2027, with over 50% of this growth originating from overseas markets.