Zhi Tong Cai Jing·2025-11-03 08:17Core Viewpoint - Bank of America Securities has raised the target price for Times Electric (03898) to HKD 45, despite the company's third-quarter performance falling short of expectations [1] Financial Performance - Times Electric reported third-quarter revenue of RMB 6.6 billion, representing a year-on-year increase of 10% but a quarter-on-quarter decline of 14%, which was 3% lower than the bank's expectations [1] - The net profit for the period was RMB 1 billion, showing a year-on-year growth of 8% and a quarter-on-quarter increase of 1%, but was 11% below the bank's forecast due to a reduction in government subsidies [1] Target Price Adjustment - Based on the downward revision of sales forecasts and government subsidy income, the bank has adjusted its earnings estimates for 2025 to 2027 down by 3% each year [1] - The target price for H-shares has been increased from HKD 43 to HKD 45, while the target price for A-shares has been raised from RMB 53 to RMB 60 [1] - The bank maintains a "Neutral" rating on the stock [1]