Core Viewpoint - The report from DBS indicates that SOTON (02498) exceeded expectations in its second-quarter performance, achieving a gross margin of 28%, surpassing the target of 25% due to the mass production of the MX series and cost control measures [1] Financial Performance - SOTON's gross margin reached 28%, which is higher than the expected 25% [1] - The management has adopted a more optimistic outlook and reaffirmed the goal of achieving breakeven by the second half of 2025 [1] Growth Drivers - Anticipated growth drivers for 2026 include the mass production of the EM platform, expansion of BYD-related businesses, acquisition of new clients, and orders in the robotics business [1] Earnings Forecast - Based on the revised gross margin predictions, the earnings forecasts for 2025 and 2026 have been increased by 22% and 16% respectively [1] - The target price has been raised from HKD 45 to HKD 50 while maintaining a "Buy" rating [1]
星展：升速腾聚创(02498)目标价至50港元 次季业绩胜预期