2026年第三季度简报：海外增长前景乐观

3Q overseas revenue grew +20% yoy, driven by all major regions except Russia, while Africa's growth moderated off a tougher comp; domestic revenue grew +12% yoy, outperforming the wider industry. Management expects 2027 overseas revenue growth momentum to remain similar to 2026, more optimistic than consensus. Africa will remain the key growth driver next year, given strong mining demand, with management expecting Africa's overall industry to grow ~30-40%. Longer-term (3-5 years), management targets >Rmb10bn in revenue from the US (vs Rmb5.2bn in 9M26) with 10% market share, and >Rmb20bn from Africa (vs Rmb8bn in 9M26). The keys to Sany's success are a full product offering meeting large customers' diversified needs, a full ecosystem built through years of investment, and brand recognition in certain markets. Production capacity is ample for the next 2-3 years. Domestically, electrification is the structural growth opportunity;