CICC has issued a research report maintaining its earnings forecasts for SINOTRUK (03808) for this year and next largely unchanged, while introducing a 2026 profit forecast for the first time at RMB 8.76 billion. The target price has been raised by 75.3% to HK$47.7, with an "Outperform" rating.

Heavy truck exports saw substantial growth in 2025, and this momentum is expected to continue this year. According to data from China's General Administration of Customs, heavy truck exports increased by 12.5% year-on-year in 2025 to 371,000 units. The report notes strong infrastructure demand, including real estate and highways in regions such as Vietnam, as well as robust mining investment demand in areas like Indonesia, Congo, and Tanzania. CICC believes that the growth potential for heavy truck demand in Asia, Africa, and Latin America is sustainable.

The firm expresses optimism regarding the long-term opportunities for Chinese heavy trucks expanding overseas, projecting that exports will grow by 5% to 20% year-on-year in 2026, reaching 350,000 to 400,000 units.