Group 1 - The core viewpoint of the report is that Weisheng Holdings (03393) has seen a stock price increase of 124.5% since the initial coverage, and there is still significant upside potential, with target price raised from HKD 17.40 to HKD 21.75, reflecting a 30.4% upside [1] - The company is expected to see substantial growth in new orders from AIDC clients, with FY25 new orders projected at approximately RMB 2.3 billion, and FY26 new orders expected to reach around RMB 3.6 billion, a year-on-year increase of 56.5% [1] - The company is expanding its development foundation from traditional industrial sectors to advanced technology sectors, supporting a higher valuation [1] Group 2 - The smart distribution business is anticipated to maintain high growth, with a compound annual growth rate (CAGR) of 25.4% for revenue and 27.9% for gross profit from FY24 to FY27, surpassing the overall company growth rates of 19.8% and 21.8% respectively [2] - The proportion of smart distribution revenue and gross profit is expected to increase from 33.3% and 24.9% in FY24 to 38.1% and 27.6% in FY27 [2]
中泰国际证券：重申威胜控股“买入”评级 上调目标价至21.75港元