12 January 2026 | 7:34PM HKT Equity Research Hongfa Technology (600885.SS) Raise TP on likely rising contribution of 800V DC relay with dominant share 600885.SS 12m Price Target: Rmb36.40 Price: Rmb31.62 Upside: 15.1% We raise Hongfa TP to Rmb36.4 (+18% vs. Rmb30.8 previously) and revise up our 2025E-30E sales/net income forecasts by 1%~22 /1%~22% respectively to reflect rising contribution of 800V DC relay, AIDC application for general relay as well as ESS relay. The company has recorded AIDC-related reven ...