SANY Heavy (SANY)’s net profit in 1H26 grew 9% YoY to RMB5.7bn, which implies 17% YoY growth of net profit in 2Q26. In terms of EBIT (excluded FX impact), the growth in 2Q26 surged 55% YoY on the back of revenue growth of 24% YoY and stable gross margin. The results are largely in line with our expectations. While FX impact remains a market concern, we see the overall impact manageable and expect the focus will be back to the overseas growth outlook once the RMB rate stabilises. We fine-tune our 2027E/28E earnings growth by -3%/+4%. Maintain BUY rating with new A/H TP of RMB26.2/HK$27.5 (unchanged 24x 2026E P/E for A-share, equivalent to 0.5SD above the average of 20x since 2017, to reflect the earnings upcycle). Our H-share TP is based on 10% H/A discount.