Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 69.5, unchanged from previous assessments [2][10]. Core Insights - The company completed a placement of HKD 120 million on May 21, at a price of HKD 40 per share, to enhance upstream manufacturing capabilities and support general working capital [1][10]. - Revenue growth is projected to be between 27% and 33% from 2025 to 2027, with a gross margin expected to remain between 53% and 54% [2][10]. - The company’s stock price increased by 6.6% to HKD 47.6 as of May 21, following the placement announcement [1]. Financial Summary - Sales Revenue (in million RMB): - FY23A: 464 - FY24A: 579 - FY25E: 770 (33% YoY growth) - FY26E: 1,006 (30.8% YoY growth) - FY27E: 1,284 (27.6% YoY growth) [3][14] - Net Profit (in million RMB): - FY23A: 109.2 - FY24A: 166.6 - FY25E: 216.7 (30.1% YoY growth) - FY26E: 285.1 (31.5% YoY growth) - FY27E: 363.3 (27.4% YoY growth) [3][14] - Gross Margin (%): - FY23A: 55.4 - FY24A: 53.0 - FY25E: 53.8 - FY26E: 53.5 - FY27E: 53.3 [3][14] - Earnings Per Share (in RMB): - FY23A: 2.42 - FY24A: 2.78 - FY25E: 3.61 - FY26E: 4.75 - FY27E: 6.05 [3][14] - Price-to-Earnings Ratio (P/E): - FY25E: 12.9 - FY26E: 9.8 - FY27E: 7.7 [3][14] Market Performance - The company's market capitalization is approximately HKD 3,042 million, with a 52-week high of HKD 51.75 and a low of HKD 23.05 [5][12]. - The stock has shown significant performance, with a 59.4% absolute return over the past three months [7].
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