Core Viewpoint - The report from Zhongyin International indicates that Blooko (00325) requires time to demonstrate its ability to deliver stable profits, but its strong IP portfolio is expected to provide high competitiveness in both domestic and international markets. The "Buy" rating is maintained, with the target price adjusted from HKD 174.1 to HKD 132.7, and earnings estimates for fiscal years 2025 to 2027 are reduced by 24%, 20%, and 17% respectively [1] Group 1 - Blooko's revenue for the first half of the year increased by 28% year-on-year, but the adjusted net profit only rose by 10%, falling short of market expectations [1] - The delay in product launches has negatively impacted revenue during the period, along with the company's advance expenditures, which may affect short-term profitability [1] - As the company prepares to launch more products, revenue growth in the second half is expected to accelerate to 70% to 80% year-on-year [1]
中银国际：降布鲁可(00325)目标价至132.7港元 维持“买入”评级