Sinotruk (03808) rose more than 4% before midday, reaching an intraday high of HK$46.38, a new record. By the time of writing, the stock was up 3.66% at HK$45.86, with a turnover of HK$253 million. Goldman Sachs released a research report stating that Sinotruk continues to expand its share in the export market, accounting for 45% of China's heavy-duty truck exports in 2025. Management has expressed confidence in achieving the company's 2026 performance targets, forecasting a 15% year-on-year revenue increase to RMB 125.5 billion and a pre-tax profit margin of 8.5%. The investment bank raised its earnings per share forecasts for Sinotruk for 2026 to 2027 by between 28% and 33%, reflecting the strength of the company's export business. Goldman Sachs believes that with continued robust export performance and a potential upcycle in the domestic market expected by 2027, the company's valuation is likely to be reassessed. Orient Securities indicated that exports for the heavy-duty truck industry reached 340,900 units in 2025, a year-on-year increase of 17.4%, with Sinotruk's export share continuing to grow, accounting for nearly half of its total annual overseas sales. The company has deepened its presence in key markets such as Africa, Southeast Asia, Central Asia, and the Middle East, while also making breakthroughs in emerging markets like South America and Australia. Overseas markets are expected to maintain strong growth momentum in 2026, contributing further to the company's performance.