Shenwan Hongyuan: It is expected that the net profit attributable to the parent company of different technologies in the years 2026-2028 will be 1.98, 2.59, and 3.25 billion yuan, respectively.

According to Shenwan Hongyuan, it is estimated that the company's net profit attributable to its parent in different groups will be 198 million, 259 million, and 325 million respectively from 2026 to 2028, with year-on-year growth of 45.8%, 31.0%, and 25.5% respectively. The corresponding PEs are 15, 11, and 9 times. Using the comparable company valuation method, and based on comparable companies, we give the target market value of different groups in 2026 a PE ratio of 38 times, with a target market value of 8.4 billion Hong Kong dollars. As this is our first coverage, we give a "buy" rating.