Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 3.18 per share [5]. Core Insights - The company is leveraging AI technology to enhance its core business operations, aiming for high-quality and efficient growth [1][2]. - The deployment of the proprietary "Li Hong AI System" is expected to improve operational efficiency and customer service customization [2]. - The company has shown strong performance in overseas markets, with significant revenue growth, particularly in the overseas segment [3]. Financial Summary - The company reported a revenue of HKD 944.01 million for FY2022, with projected revenues of HKD 1,368.11 million for FY2024 and HKD 2,049.96 million for FY2026, reflecting a growth rate of 15.3% in FY2022 and an expected 23.0% in FY2026 [4][10]. - The net profit for FY2022 was HKD 69.40 million, with projections of HKD 89.05 million for FY2024 and HKD 162.88 million for FY2026, indicating a growth rate of 16.9% in FY2022 and an expected 35.5% in FY2026 [4][10]. - The company’s gross margin is projected to be around 42.6% by FY2026, with a net profit margin of 7.9% [4][10]. - The price-to-earnings (P/E) ratio is expected to decrease from 10.90 in FY2022 to 4.76 in FY2026, indicating increasing earnings relative to the stock price [4][10]. Business Performance - The company achieved a revenue of HKD 340 million in the Greater China region for H1 2024, a year-on-year increase of 5.8%, while overseas revenue reached HKD 270 million, a significant increase of 47.2% [3]. - The overseas business now accounts for 47% of total revenue, highlighting the company's successful expansion strategy [3]. - The company is focusing on enhancing its brand recognition in overseas markets, particularly in Singapore, where it has seen rapid growth [3].
力鸿检验：关键业务进行AI赋能，提质增效高速高质发展-20250315