Zhi Tong Cai Jing·2026-02-27 06:31Group 1 - Goldman Sachs downgraded the rating of Times Electric (03898) H-shares from "Buy" to "Neutral" based on valuation considerations [1] - The target price was raised from HKD 35.1 to HKD 43.9, while the 20% holding company discount was removed [1] - Times Electric's stock price has increased by 18% year-to-date and is currently trading at a projected price-to-earnings ratio of 11 times for 2026 [1] Group 2 - For the fiscal year 2025, Times Electric reported preliminary results that met expectations, with revenue and net profit reaching RMB 28.761 billion and RMB 4.105 billion, respectively, representing year-on-year growth of 15% and 11% [1] - The reported figures were 1% lower than Goldman Sachs' expectations for revenue and 3% higher for net profit [1] - The compound annual growth rate for earnings per share is projected to be 7% from 2026 to 2030 [1]