CICC: Maintain Faraday Future's outperform rating and target price of HK$36

According to the Securities Times APP, CICC released a research report stating that due to the expectation of normalized demand for yachts caused by macroeconomic headwinds, it has lowered its revenue forecast for Ferretti Group (09638.HK) in 2025 by 3% to 1.29 billion euros, and correspondingly adjusted its EBITDA forecast by 4% to 203 million euros. It has also introduced for the first time a revenue forecast for 2026 of 1.37 billion euros and an adjusted EBITDA forecast of 221 million euros. Due to its high-end positioning, market leadership, profit improvement, and business resilience, the bank maintains an outperform industry rating and a target price of 36 Hong Kong dollars (corresponding to 5.8 times EV/EBITDA for 2025).