As of April 18, 2026, Sany Heavy Industry’s share price was 20.16 yuan, with a total market value of 185.4 billion yuan.
As a leader in the global construction machinery industry and a benchmark enterprise in domestic equipment manufacturing, it focuses on core areas such as excavation machinery and concrete machinery. Relying on its global layout and technological advantages, it has benefited from the recovery of infrastructure, overseas equipment and new energy transformation, and has strong growth resilience.
Domestic and foreign institutions have predicted the performance of Sany Heavy Industry and given core opinions.
In terms of domestic institutions, CITIC Securities predicts that the net profit attributable to the parent company from 2026 to 2028 will be 10.25 billion yuan, 12.86 billion yuan, and 15.63 billion yuan respectively, with year-on-year growth rates of 21.9%, 25.5%, and 21.5% respectively. Based on the recovery of infrastructure and the high overseas boom, and the increase in new energy products, it has given a “buy” rating with a target price of 28.0 yuan (2026).
Soochow Securities predicts that net profits from 2026 to 2028 will be 10.68 billion yuan, 13.39 billion yuan, and 16.32 billion yuan respectively, with year-on-year growth rates of 27.0%, 25.4%, and 21.9% respectively. It believes that overseas markets will continue to break through, cost reduction and efficiency improvement will be significant, and it will give a “buy” rating with a target price of 29.5 yuan (2026).
Guosheng Securities predicts that the net profit attributable to the parent company from 2026 to 2028 will be 9.87 billion yuan, 12.38 billion yuan, and 15.05 billion yuan respectively, with year-on-year growth rates of 17.4%, 25.4%, and 21.6% respectively. It is optimistic about the recovery of the industry and is wary of the risks of real estate downturn and raw material fluctuations. It gives an “overweight” rating and a target price of 26.8 yuan (2026).
Orient Securities predicts that the net profit attributable to the parent company from 2026 to 2028 will be 11.03 billion yuan, 13.85 billion yuan, and 16.89 billion yuan respectively, with year-on-year growth rates of 31.2%, 25.6%, and 22.0% respectively. It believes that the global leading position is stable and digital + internationalization empowers growth. It gives a “buy” rating and a target price of 30.2 yuan (2026).
In terms of overseas institutions, Goldman Sachs predicts that 2026 –
The net profits attributable to the parent company in 2028 will be 10.08 billion yuan, 12.65 billion yuan, and 15.38 billion yuan respectively, with year-on-year growth rates of 19.9%, 25.5%, and 21.6% respectively. Based on the outbreak of demand in overseas emerging markets and the acceleration of new energy transformation, the “buy” rating is maintained, with an A-share target price of 28.5 yuan (2026) and a long-term target price of 42.0 yuan (2028).
Morgan Stanley predicts that the net profit attributable to the parent company from 2026 to 2028 will be 9.65 billion yuan, 12.12 billion yuan, and 14.87 billion yuan respectively, with year-on-year growth rates of 14.8%, 25.6%, and 22.7% respectively. It believes that cost control and globalization have outstanding advantages and can withstand industry cycle fluctuations. It gives an “overweight” rating and a target price of 26.0 yuan (2026).
Bank of America Securities predicts that net profits from 2026 to 2028 will be 11.35 billion yuan, 14.28 billion yuan, and 17.36 billion yuan respectively, with year-on-year growth rates of 34.9%, 25.9%, and 21.6% respectively. Based on the release of infrastructure policy dividends and strong demand for equipment updates, it gave a “buy” rating with a target price of 31.0 yuan (2026).
UBS Group predicts that net profits from 2026 to 2028 will be 9.52 billion yuan, 11.98 billion yuan, and 14.65 billion yuan respectively, with year-on-year growth rates of 13.2%, 25.8%, and 22.3% respectively. It believes that the leading position is stable and the overseas layout is complete. It needs to pay attention to the risks of geopolitics and raw material price fluctuations. It gives a “buy” rating and a target price of 25.5 yuan (2026).
Sany Heavy Industry’s core business focuses on the research and development, production and sales of construction machinery, forming a diversified layout of “core machinery + new energy + internationalization”.
The core products cover excavating machinery, concrete machinery, hoisting machinery, etc., and are suitable for infrastructure, mining, new energy and other scenarios.
In 2025, the revenue will be 89.700 billion yuan, and the net profit attributable to the parent company will be 8.408 billion yuan, a year-on-year increase of 41.2%, leading the world in technological competitiveness.
Its core main business will account for more than 95% of revenue in 2025.
The excavating machinery business is the core profit pillar. In 2025, the revenue will rank first in the industry, the global market share will be at the forefront, the domestic market share will be the first for many years, and new energy products such as electric excavators will continue to increase in volume.
The concrete machinery business is an important growth engine. Revenue will grow steadily in 2025. Its products are firmly ranked as the world’s No. 1 brand. Long-boom pump trucks and other products are technologically advanced, and are tied to large-scale infrastructure customers at home and abroad.
Supporting and auxiliary businesses include hoisting machinery and other businesses. The domestic market share of hoisting machinery, road machinery and other products is firmly at the forefront, and the revenue of pile driving machinery has grown significantly, enriching the product matrix; other auxiliary businesses cover core technology research and development, global production capacity operations, etc., with net cash flow from operating activities reaching 19.975 billion yuan in 2025. It has deployed multiple production bases around the world, and its products are exported to more than 180 countries and regions.
Sany Heavy Industry relies on the “scale leadership + global collaboration” model to build a streamlined and efficient cooperation system.
Core suppliers focus on steel, hydraulic parts and other raw material and core component manufacturers, and cooperate with high-quality domestic and foreign companies to strictly control supply chain costs and ensure production stability and product quality.
Technology and R&D partners cooperate with scientific research institutions and technology companies to focus on digital, intelligent, and low-carbon technology research and development. They have set up R&D centers around the world and will launch 60 new products for the international market in 2025 to promote product iteration and upgrading.
Downstream core customers include domestic and foreign infrastructure companies, mining companies, etc. In 2025, international business revenue will reach 55.86 billion yuan, accounting for 64% of total revenue. Emerging markets such as Africa are growing significantly and customer stickiness is high.
Industrial collaboration organizations collaborate with industry alliances and government departments to benefit from infrastructure policy dividends and promote global production capacity layout; they collaborate with downstream customers to optimize product adaptability to meet the needs of infrastructure recovery and new energy transformation.
Sany Heavy Industry is a leading enterprise in the global construction machinery industry, ranking among the top three in the world.
In the core fields, the domestic market share of excavating machinery and concrete machinery ranks first, the domestic market share of hoisting machinery, piling machinery and other products is leading, the global excavator market share is firmly at the forefront, and new energy engineering machinery is growing rapidly.
Its brand recognition is high, it drives the coordinated development of upstream and downstream industries, and promotes technological iteration and industrial upgrading of the construction machinery industry. It is a core enterprise in the global development of my country’s equipment manufacturing industry.
According to the unanimous expectations of comprehensive institutions and the prosperity of the industry, Sany Heavy Industry will benefit from the recovery of infrastructure, the acceleration of overseas equipment exports, and the transformation of new energy. Its performance will grow steadily, and there is broad room for long-term growth. It is expected to achieve a net profit of more than 24 billion yuan in 2030.
The net profit center in 2026 is 9.52-11.35 billion yuan, PE 16.3-19.5 times, and the reasonable target price is 25.5-31.0 yuan; the net profit in 2027 is 11.98-14.28 billion yuan, the PE 13.0-15.5 times, the reasonable target price is 26.0-32.0 yuan; the net profit in 2028 is 146.5-32.0 yuan.
17.36 billion yuan, PE 10.7-12.6 times, reasonable target price 28.5-42.0 yuan; net profit from 2029-2030 will exceed 24 billion yuan, PE 7.7-9.2 times, reasonable target price 32.0-50.0 yuan.
However, Sany Heavy Industry also faces some risks, such as the risk of infrastructure/real estate investment not being as good as expected, resulting in weakening demand for construction machinery and affecting product sales; the risk of fluctuations in overseas market demand, geopolitical factors affecting overseas business revenue; the risk of raw material price fluctuations,
Price changes in steel, hydraulic parts, etc. affect production costs; there are risks of intensifying competition in the industry, and domestic and foreign manufacturers are squeezing market space; risks of new energy business being less than expected, and electric construction machinery being scaled up behind schedule; risks of exchange rate fluctuations, as overseas businesses account for a high proportion, and exchange rate changes affect profitability.
