Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to benefit from a rebound in performance in H1 2025, driven by both volume and price increases, while the sustainability of performance in H2 2025 remains to be monitored [4][5] - The forecast for net profit for 2025-2026 has been revised down from HKD 27.0 billion and HKD 29.0 billion to HKD 19.8 billion and HKD 22.1 billion respectively, with a new forecast for 2027 at HKD 30.3 billion, representing year-on-year growth of 48.3%, 11.8%, and 36.9% [4] - The current market capitalization corresponds to a PE ratio of 11.3, 10.2, and 7.4 for 2025-2027 [4] Financial Summary and Valuation Metrics - Revenue (million HKD): 2023A: 16,750, 2024A: 18,541, 2025E: 20,261, 2026E: 21,112, 2027E: 23,916 with year-on-year growth rates of -25.1%, 10.7%, 9.3%, 4.2%, and 13.3% respectively [7] - Net Profit (million HKD): 2023A: 907, 2024A: 1,326, 2025E: 1,977, 2026E: 2,210, 2027E: 3,027 with year-on-year growth rates of -64.5%, 45.5%, 48.3%, 11.8%, and 36.9% respectively [7] - Gross Margin (%): 2023A: 16.0, 2024A: 15.7, 2025E: 19.8, 2026E: 20.5, 2027E: 22.5 [7] - Net Margin (%): 2023A: 5.4, 2024A: 7.2, 2025E: 9.8, 2026E: 10.5, 2027E: 12.7 [7] - ROE (%): 2023A: 6.1, 2024A: 8.7, 2025E: 14.0, 2026E: 15.0, 2027E: 19.4 [7] - EPS (diluted/HKD): 2023A: 0.29, 2024A: 0.43, 2025E: 0.63, 2026E: 0.71, 2027E: 0.97 [7] - P/E (times): 2023A: 24.7, 2024A: 16.9, 2025E: 11.3, 2026E: 10.2, 2027E: 7.4 [7]