里昂：升瑞浦兰钧目标价至19港元 维持“跑赢大市”评级

Group 1 - The core viewpoint of the report is that 瑞浦兰钧 (00666) is expected to benefit from the recovery in ESS battery demand, leading to an increase in profit forecasts [1] - The net profit forecast for the company has been raised to 102 million RMB for this year [1] - The net profit forecasts for 2026 and 2027 have been adjusted to 724 million RMB and 1.3 billion RMB, respectively [1] Group 2 - The rating for 瑞浦兰钧 has been maintained at "outperform" [1] - The valuation method has been changed from discounted cash flow to a sum-of-the-parts approach [1] - The target price has been increased from 14 HKD to 19 HKD, which corresponds to an enterprise value to EBITDA ratio of approximately 12 times for the forecasted year 2027 [1]