Eacon (7687.HK) Deep-Dive: Autonomous Mining Truck Leader, Asset-Light Transition Taps Domestic and Overseas Mining Opportunities
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Key Views
Driverless haulage cuts labor costs by 80%, pure-electric trucks cut energy use 70-80%, and availability exceeds 95%. China's autonomous mining truck sales penetration is projected to reach 55.4% by 2030, with a US$4.2 billion Chinese market and over US$8.1 billion globally. Eacon ended 2025 with 2,580 active driverless vehicles-55.5% share by units and 37.6% by revenue, both industry firsts. Asset-light ATaaS reached 1,709 vehicles (over 66% of the fleet; about 57% of revenue). In 2026, six Komatsu HD1500 trucks entered production at the Havana gold mine in Kalgoorlie, Western Australia-the first Chinese autonomous mining trucks in Australia's mature mining system.
Outlook
China Post forecasts 2026-2028 revenue of RMB1.917/2.553/3.29 billion (+34%/+33%/+29%), implying PS of 5.4x/4.1x/3.2x; net profit turns positive at RMB44 million in 2027 and reaches RMB422 million in 2028. Key risks: weaker truck sales, slower policy support and penetration shortfalls.
Recommended Securities
Eacon (7687.HK) - Buy (initiation); no target price given.