Investment Rating - The report maintains a BUY rating for Zenergy, with a target price of HK$18.00, indicating a potential upside of 103.4% from the current price of HK$8.85 [3][6]. Core Insights - Zenergy's FY25E net profit forecast has been revised up by 4% to RMB591 million due to a better product mix and expected revenue growth from GAC Toyota, which is anticipated to become the largest revenue contributor [1][6]. - The FY26E net profit forecast has also been increased by 4% to RMB1.36 billion, driven by improved client mix and potential battery price hikes [1][6]. - The company is expected to achieve solid earnings visibility in the second half of FY25, with a projected operating profit of RMB302 million and a net profit of RMB370 million for that period [6][7]. Financial Summary - Revenue projections for FY25E are set at RMB8.2 billion, reflecting a year-on-year growth of 59.8%, while FY26E revenue is expected to reach RMB14.6 billion, a growth of 77.6% [2][10]. - Gross margin is projected to improve from 18.0% in FY25E to 18.5% in FY26E, supported by a better product mix and higher average selling prices [2][8]. - The company is expected to achieve a net profit of RMB1.88 billion by FY27E, with a corresponding EPS of 72.27 RMB cents [2][10]. Earnings Revision - The revenue forecast for FY25E has been increased by 6.9% to RMB8.2 billion, while FY26E revenue has been revised up by 8% to RMB14.6 billion [8][9]. - The net profit estimates for FY25E and FY26E have been adjusted upwards by 3.8% and 3.9% respectively, reflecting the positive outlook for the company's performance [8][9]. Market Performance - Zenergy's market capitalization stands at HK$22.61 billion, with an average turnover of HK$20.2 million over the past three months [4]. - The stock has shown a 7.0% increase over the past month, although it has declined by 13.2% over the past six months [5].

Group 1: DRAM Industry Insights - The DRAM industry revenue for Q3 2025 increased by 30.9% quarter-over-quarter, reaching $41.4 billion, driven by rising contract prices and increased shipment volumes of conventional DRAM and HBM [2][3] Group 2: Company Performance - SK hynix led the market with a revenue of $13.75 billion in Q3 2025, marking a 12.4% increase from Q2 2025, capturing a market share of 33.2% [3] - Samsung followed closely with a revenue of $13.5 billion, a 30.4% increase from the previous quarter, holding a market share of 32.6% [3] - Micron experienced the highest growth rate of 53.2%, with revenue reaching $10.65 billion and a market share of 25.7% [3] - Nanya and Winbond also showed significant growth, with Nanya's revenue increasing by 84% and Winbond's by 21.4% [3] Group 3: Electric Vehicle Market - Global sales of new energy vehicles (NEVs) reached 5.39 million units in Q3 2025, representing a year-on-year increase of 31%, with battery electric vehicles (BEVs) accounting for 3.71 million units sold, up 48% [8] - BYD led the BEV market with a 15.4% market share, while Tesla held 13.4% [9] Group 4: AR Display Technology Trends - The competition in AR display technology is intensifying, with projections indicating that the penetration rate of LEDoS technology will reach 65% by 2030, up from 37% in 2025 [12]

Group 1 - The core viewpoint of the article highlights the significant growth in the sales of new energy vehicles (NEVs), with a projected 30% year-on-year increase in global sales for the second quarter of 2025, reaching 4.868 million units for BEVs, PHEVs, and hydrogen fuel cell vehicles [2] - Including hybrid electric vehicles (HEVs), total electric vehicle (EV) sales are expected to reach 6.456 million units, accounting for 29% of global automobile sales [2] Group 2 - In the BEV market, BYD leads with an 18.3% market share, followed by Tesla at 11.7% and Geely at 6.4% [3] - For PHEVs, BYD also holds the top position with a 28.9% market share, while Li Auto and AITO follow with 7.4% and 6.2% respectively [3] Group 3 - The article discusses the anticipated increase in the penetration rate of foldable phones, expected to rise from 1.6% in 2025 to over 3% by 2027, driven by Apple's entry into the market [4] - The evolution of hinge technology and materials is noted as a key factor in making foldable phones lighter and thinner, becoming a competitive focal point [5] Group 4 - The article mentions the expected growth of liquid cooling technology in AI data centers, with penetration rates projected to increase from 14% in 2024 to 33% in 2025, driven by the release of NVIDIA's GB200 NVL72 servers [7]