智通财经网·2026-02-27 06:31Core Viewpoint - Goldman Sachs downgraded the rating of Times Electric (03898) H-shares from "Buy" to "Neutral" based on valuation considerations, while raising the target price from HKD 35.1 to HKD 43.9 [1] Group 1: Valuation and Performance - Times Electric's current valuation is considered reasonable, with the stock price having increased by 18% year-to-date [1] - The stock is currently trading at an expected price-to-earnings ratio of 11 times for 2026, with a projected compound annual growth rate of earnings per share of 7% from 2026 to 2030 [1] Group 2: Financial Results - On February 6, Times Electric released preliminary results for the fiscal year 2025, reporting revenue and net profit of RMB 28.761 billion and RMB 4.105 billion, respectively, representing year-on-year increases of 15% and 11% [1] - The reported figures were 1% lower than Goldman Sachs' expectations for revenue and 3% higher for net profit [1]