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]

Core Viewpoint - UBS reports that Laopu Gold is expected to announce significant year-on-year increases in revenue, net profit, and adjusted net profit for the first half of the year, with respective growth rates of 2.65 times, 2.85 times, and 2.96 times, reaching 12.9 billion, 2.3 billion, and 2.4 billion RMB [1] Group 1: Financial Performance - Revenue is projected to increase to 12.9 billion RMB, representing a 2.65 times year-on-year growth [1] - Net profit is expected to reach 2.3 billion RMB, reflecting a 2.85 times increase compared to the previous year [1] - Adjusted net profit is forecasted at 2.4 billion RMB, which is a 2.96 times increase year-on-year [1] Group 2: Market Outlook - UBS believes that the market's expectation for Laopu Gold's full-year net profit of 5.5 billion RMB is still too high, indicating potential downside risks if gold prices slow or stagnate [1] - The company plans to open 4 new stores in the first half and 5 in the second half of the year, with improved quality compared to previous years [1] Group 3: Store Performance and Valuation - The new high-end stores are estimated to have a production capacity 2 to 4 times that of regular stores, which may enhance overall performance [1] - UBS has raised the target price for Laopu Gold from 900 HKD to 980 HKD, based on discounted cash flow valuation, corresponding to projected price-to-earnings ratios of 33 times and 25 times for the next two years [1] - Earnings per share forecasts for 2025 to 2027 have been increased by 25% to 35% [1]