Group 1 - The core viewpoint of the report is that 瑞浦兰钧 (00666) is expected to benefit from the recovery in ESS battery demand, leading to an increase in profit forecasts [1] - The net profit forecast for the company has been raised to 102 million RMB for this year [1] - The net profit forecasts for 2026 and 2027 have been adjusted to 724 million RMB and 1.3 billion RMB, respectively [1] Group 2 - The rating for 瑞浦兰钧 has been maintained at "outperform" [1] - The valuation method has been changed from discounted cash flow to a sum-of-the-parts approach [1] - The target price has been increased from 14 HKD to 19 HKD, which corresponds to an enterprise value to EBITDA ratio of approximately 12 times for the forecasted year 2027 [1]

Core Viewpoint - The report from Credit Lyonnais indicates that Ruipulan Jun is expected to benefit from the recovery in ESS battery demand, leading to an upward revision of the company's profit forecasts for the coming years [1] Financial Projections - The net profit forecast for Ruipulan Jun for this year has been raised to 102 million [1] - The net profit projections for 2026 and 2027 have been adjusted to 724 million and 1.3 billion respectively [1] Rating and Valuation - Credit Lyonnais maintains a "Outperform" rating for Ruipulan Jun [1] - The valuation method has been changed from discounted cash flow to a sum-of-the-parts approach, with the target price increased from 14 HKD to 19 HKD [1] - This new target price corresponds to an estimated enterprise value to EBITDA ratio of approximately 12 times for 2027 [1]