Group 1 - The core viewpoint is that CICC maintains a "outperforming the industry" rating for Bruker (00325) but has lowered the target price by 29% to HKD 135, indicating a potential upside of 15% based on adjusted earnings forecasts for the next two years [1] - Bruker's revenue for the first half of the year reached RMB 1.34 billion, representing a year-on-year growth of 27.9%, while the adjusted net profit was RMB 320 million, a 10% increase, which was below expectations due to the impact of new product launches and increased promotional spending [1] - CICC has adjusted its forecasts for Bruker's adjusted net profit for 2025 and 2026 down by 27% and 28% to RMB 800 million and RMB 1.05 billion, respectively, considering the impacts of future product launches, IP fluctuations, and promotional investments [1]
中金：降布鲁可目标价至135港元 因考虑到IP波动等影响