Core Viewpoint - CICC maintains an "outperform" rating for Sensong International (02155) and raises the target price by 50% to HKD 12.00, reflecting a 22.0% upside potential from the current stock price, driven by industry valuation increases and the company's long-term growth prospects in global manufacturing and high-tech sectors [2]. Financial Performance - For the first half of 2025, the company's revenue was HKD 2.687 billion, down 22.7% year-on-year, with a net profit of HKD 340 million, down 10.1% year-on-year, aligning with market expectations [3]. - The gross margin for the first half of the year was 29.4%, a slight decrease of 0.2 percentage points year-on-year, while the net profit margin improved to 12.6%, an increase of 1.8 percentage points year-on-year, indicating robust profitability [4]. Order and Backlog Performance - New orders in the first half of 2025 reached HKD 5.996 billion, a significant increase of 89.5% year-on-year, with pharmaceutical orders surging by 642% to HKD 4.372 billion [5]. - The backlog of orders reached a historical high of HKD 10.566 billion, up 20.4% year-on-year, with overseas orders accounting for 92.8% of new orders [5]. Strategic Positioning - The company is making significant strides in high-tech sectors such as AI, semiconductors, and pharmaceuticals, with increasing global demand for MNC and CXO capacities in the pharmaceutical field [6]. - The modular data center in the AI sector is expected to enter a new growth cycle, while the demand for advanced electronic chemicals is driven by the evolution of advanced processes and the growth of new energy needs [6].
中金：维持森松国际(02155)跑赢行业评级 升目标价至12港元