24 February 2026 | 9:55PM HKT Equity Research CHINA INDUSTRIAL TECH Cost inflation pressures 1Q26 margins; export-aligned names poised for better recovery ahead We revise our sector FY25-FY28E EPS by -27% to +4% and TP forecasts by -8% to +4% (-3% on average). Our changes primarily reflect the impact of raw material cost trends, partially offset by delayed pricing pass-through to customers and those with a higher sales mix from developed markets (DM). Specifically, we have cut 1-2Q26E EPS by up to -18% for ...