CMB International has revised its target price for SANY INT'L (00631) from HK$19.5 to HK$18.9, a reduction of 3%, while reiterating its "Buy" investment rating. The firm recently conducted non-deal roadshows for SANY INT'L in Hong Kong, where investor focus centered on the growth outlook for large mining trucks and potential strategies for the solar business. Key highlights from the discussions include: (1) A significant increase in overseas mining truck orders, rising from RMB 3.6 billion in March to RMB 4.5 billion by mid-April; (2) Expected notable improvement in profit margins for large port machinery due to strong order backlogs and higher average selling prices; (3) Management has yet to decide on the future direction of the loss-making solar business, which incurred approximately RMB 300 million in losses, including RMB 200 million in non-cash costs such as depreciation. CMB International has adjusted its profit forecasts for 2026, 2027, and 2028 by -3%, +1%, and +3%, respectively, reflecting upward revisions for mining trucks and telescopic handlers, alongside downward revisions for roadheaders, comprehensive mining equipment, and the solar segment. Although the first fiscal quarter results for 2026, scheduled for release on May 20, may face pressure from weaker performance in new business segments, the firm remains optimistic about SANY INT'L's structural growth prospects, driven by increasing contributions from the large mining truck business.