Investment Rating - The report assigns a "Buy" rating to the company with a target price of HK$ 0.95 [1]. Core Insights - The company's performance in the first half of the fiscal year was disappointing, with total revenue of approximately 340 million Malaysian Ringgit, showing a year-on-year decline of 12.8% and 13.5% in net profit for the first half and second quarter respectively [1]. - The revenue contribution from major medical clients remained stable, with 160 million Malaysian Ringgit generated from the medical segment, despite a downward adjustment in financial forecasts for these clients [1]. - The semiconductor and automotive segments experienced significant declines, with year-on-year drops of 63.2% and 51.8% respectively, impacting overall financial performance [1]. - The company is expected to benefit from new products like KGD testing instruments and single-use medical devices, which may contribute to revenue in the fiscal year 2025 [1]. Financial Summary - Total revenue projections for the upcoming years are as follows: 691.9 million in 2023, 738.8 million in 2024, 931.4 million in 2025, and 1,026.5 million in 2026, indicating a growth rate of 15.2% in 2023 and 6.8% in 2024 [5]. - Gross profit is projected to be 209.6 million in 2025 and 310.5 million in 2026, with gross margins expected to stabilize around 30.3% [5]. - Net profit is forecasted to reach 142.2 million in 2025 and 195.3 million in 2026, with a year-on-year growth of 32.5% in 2025 [5]. Market Comparison - The company has a market capitalization of approximately 1.56 billion Hong Kong dollars, with a price-to-earnings ratio of 6.7 and a projected price-to-earnings ratio of 5.1 [2]. - The average gross margin for comparable companies in the industry is around 46.4%, while the company’s gross margin stands at 30.3% [2].
槟杰科达：复苏受制于宏观因素