SINOTRUK (03808) rose more than 5% again. As of the time of writing, the stock was up 4.67% to HK$36.32, with a turnover of HK$371 million. On the news front, a Kaiyuan Securities research report pointed out that China's heavy truck exports performed impressively in 2025, with annual exports reaching approximately 330,000 units, setting a new historical record. Currently, the overseas expansion of heavy trucks has shifted from simple trade models to direct investment and localized operations. Infrastructure demand in countries along the "Belt and Road" continues, with the proportion of non-Russian markets such as Southeast Asia, the Middle East, and Africa increasing significantly, indicating the industry has embarked on a long-term globalization growth trajectory.

A UBS research report stated that SINOTRUK's export business is performing strongly, with its product mix continuously optimizing, and it will become the main driver of profit growth in 2026. The report cited the company's management, stating that SINOTRUK achieved double-digit year-on-year sales growth in the fourth quarter of 2025, with exports accounting for over 50% of sales, becoming the core business. Notably, the per-unit profit for exported fuel-powered heavy trucks is the highest, with gross margins 2 to 4 percentage points higher than for domestic sales. The company currently has a full order book, and production lines have switched to a two-shift system to meet demand.

Based on the strong momentum of the export business, UBS raised its revenue forecasts for SINOTRUK for 2026 and 2027 by 7% and 8% respectively, and increased its net profit forecasts by 6% and 15% respectively.