建银国际发布研报称，维持迈富时(02556)"跑赢大市"评级，因其强劲的盈利增长前景，其目标价相当 于预测2026年整体市销率6.3倍。将目标价从61港元上调至69.8港元。 迈富时今年上半年表现可观，总收入同比增长26%至9.28亿元人民币(下同)，受人工智能及软件即服务 (SaaS)业务稳定、精准营销服务25%增长以及新业务(即人工智能代理和一体化设备)贡献1.1亿元的推 动。建银国际保持公司2025至2027年预测收入基本不变，但将2025年至2027年盈利预测，分别上调 27%、7%、6%，以反映2025年上半年业绩和更好的营运杠杆。 ...

Company Overview - Sains Environmental Co., Ltd. is a specialized "little giant" enterprise focused on heavy metal pollution prevention, aiming to become a leader in the global heavy metal pollution control field [2] - The company provides comprehensive solutions for heavy metal pollution prevention, including product sales (environmental agents, copper extractants, integrated equipment, and customized products) and operational services [2] - The business strategy is based on core technology, utilizing comprehensive solutions as a vehicle, and focusing on product sales and operational services to provide all-around heavy metal pollution prevention services [2] Strategic Direction - The company has established a strategic direction of "environmental protection + resource recovery + new materials," focusing on heavy metal pollution control while expanding into resource recovery and new materials markets [3] - Future plans include optimizing the existing business structure, expanding operational scale, and enhancing market position through strategic investments and acquisitions [3] Financial Performance - In Q1 2025, the company achieved sales revenue of 170 million, a year-on-year increase of 63%, while the net profit attributable to shareholders was 17.72 million, a decrease of 77.68% [4][6] - The lower growth rate of net profit compared to revenue is attributed to credit impairment losses and increased sales, management, and R&D expenses [4] - The company reported a gross margin of 36.21% and a debt ratio of 39.12% [6] Future Collaborations - The company sees potential for closer collaboration with Zijin Mining, an important shareholder and a major player in the non-ferrous metals industry, particularly in environmental governance [5] Market Sentiment - In the last 90 days, five institutions have rated the stock, with four buy ratings and one hold rating, and the average target price is 39.18 [7] Profit Forecast - Various institutions have provided profit forecasts for 2025, with estimates ranging from 196 million to 223 million [8] - The company is expected to see continued growth in its operational services and product sales, which are projected to be key areas for future development [3]