Group 1 - The core viewpoint of the report is that CICC maintains the profit forecast for Skyworth Group (00751) for 2025 and 2026, while introducing a profit forecast of 918 million yuan for 2027, and raises the target price by 100% to 8 HKD, indicating a 12% upside potential from the current stock price [1] - The company plans to distribute all its shares in Skyworth Solar to shareholders, with Skyworth Solar set to list on the main board of the Stock Exchange through an introduction, without a public offering of new shares, while also conducting a share buyback for privatization [2] - The split listing of the solar segment is expected to highlight the intrinsic value of the renewable energy business, with the distribution ratio set at 0.37 shares of Skyworth Solar for every share of Skyworth Group held [3] Group 2 - As a leading distributed solar development company, Skyworth Solar has constructed 800,000 power stations with an operational capacity exceeding 27 GW as of the first half of 2025, and is expected to transform into a global energy service provider [4] - The company is projected to seize opportunities in the solar storage market, with an expected installation capacity of 50 GW for distributed household and commercial use in China by 2026, as the mechanism electricity price becomes clearer [4]
中金：维持创维集团(00751)跑赢行业评级 上调目标价至8港元