Core Viewpoint - The report from CICC indicates an upward adjustment of the target price for Sensong International (02155) by 50% to HKD 12, rating it as "outperforming the industry" due to rising industry valuation and long-term growth potential from global manufacturing shifts and AI development [1] Financial Performance - Sensong International reported a revenue of RMB 2.687 billion for the first half of the year, representing a year-on-year decline of 22.7% [1] - The net profit attributable to the parent company was RMB 340 million, down 10.1% year-on-year [1] - The performance for the first half of the year met market expectations [1] Order and Delivery Insights - The company faces a confirmed order cycle of approximately 9 to 14 months, with new orders signed last year decreasing by 23% and backlog orders down by 10% [1] - The revenue recognition was also impacted by the suspension of certain local projects in China [1] Profit Forecast Adjustments - Due to the time required for the delivery of certain projects, the company's net profit forecast for this year has been revised down by 27.7% to RMB 740 million [1] - The company has introduced a net profit forecast of RMB 937 million for the next year [1]

Group 1 - The core viewpoint of the article is that due to the upward shift in industry valuation and the long-term growth potential from the global manufacturing shift and AI development, the target price for Sensong International (02155) has been raised by 50% to HKD 12, with a rating of "outperforming the industry" [1] - Sensong International reported a revenue of RMB 2.687 billion for the first half of the year, a year-on-year decrease of 22.7%, and a net profit attributable to shareholders of RMB 340 million, down 10.1% year-on-year [1] - The performance in the first half of the year met market expectations, primarily due to a longer order confirmation cycle of approximately 9 to 14 months, a 23% decline in new orders signed last year, and a 10% decrease in orders on hand, along with the impact of certain local project suspensions in China [1] Group 2 - The company has adjusted its net profit forecast for the year down by 27.7% to RMB 740 million, and has introduced a net profit estimate of RMB 937 million for next year [1]