UBS Rates Zoomlion (01157) and Lonking (03339) as "Neutral," More Optimistic on China's Construction Machinery Sector

Stock News2025-11-17

UBS has released a research report expressing a more optimistic outlook on China's construction machinery sector compared to market consensus. The bank believes the current industry upcycle will peak in 2029, rather than the widely expected 2028-2029 period. Growth potential in mining-related businesses and strong earnings resilience have not yet been fully reflected in stock prices.

UBS estimates that Chinese equipment manufacturers will capture over 20% of the global market share for mining trucks and excavators by 2030, with mining-related operations likely becoming a new growth driver. The bank maintains a "Neutral" rating on Zoomlion (01157) and Lonking (03339), raising their 2025-2026 EPS growth forecasts to 49%/27% and 21%/17%, respectively.

XCMG (000425.SZ) is listed as the top sector pick with a "Buy" rating, favored for its higher mining business exposure, robust growth, and attractive valuation. UBS also raised price targets for Zoomlion and Lonking from HK$6.4 and HK$2.2 to HK$7.8 and HK$3.2, respectively.

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