Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 69.5, unchanged from previous assessments [2][10]. Core Insights - The company completed a placement of HKD 120 million on May 21, at a price of HKD 40 per share, to enhance upstream manufacturing capabilities and support general working capital [1][10]. - Revenue growth is projected to be between 27% and 33% from 2025 to 2027, with a gross margin expected to remain between 53% and 54% [2][10]. - The company’s stock price increased by 6.6% to HKD 47.6 as of May 21 [1]. Financial Summary - **Revenue Forecast**: - FY23A: RMB 464 million - FY24A: RMB 579 million - FY25E: RMB 770 million (33% YoY growth) - FY26E: RMB 1,006 million (30.8% YoY growth) - FY27E: RMB 1,284 million (27.6% YoY growth) [3][14] - **Gross Margin**: - FY23A: 55.4% - FY24A: 53.0% - FY25E: 53.8% - FY26E: 53.5% - FY27E: 53.3% [3][14] - **Net Profit Forecast**: - FY23A: RMB 109.2 million - FY24A: RMB 166.6 million - FY25E: RMB 216.7 million (30.1% YoY growth) - FY26E: RMB 285.1 million (31.5% YoY growth) - FY27E: RMB 363.3 million (27.4% YoY growth) [3][14] - **Earnings Per Share (EPS)**: - FY23A: RMB 2.42 - FY24A: RMB 2.78 - FY25E: RMB 3.61 - FY26E: RMB 4.75 - FY27E: RMB 6.05 [3][14] - **Valuation Metrics**: - FY25E P/E ratio: 12.9x - FY26E P/E ratio: 9.8x [10][12] Shareholder Structure - Major shareholders include Li Zhen with 53.5% and Zhang Guangping with 39.5% [6]. Market Performance - The company's market capitalization is approximately HKD 3,042 million, with a 52-week high of HKD 51.75 and a low of HKD 23.05 [5]. - The stock has shown significant performance, with a 59.4% return over the past three months [7].