Citigroup: It is expected that the stock price of Jianwei Building Material Co., Ltd. will be under short-term pressure after the parent company reduces its holdings. The "buy" rating is maintained.

Citigroup published a report stating that regarding the announcement of the issuance of Jiantao laminated board, the controlling shareholder Jiantao Group will issue up to 78.5 million shares of Jiantao laminated board at a price of HK$10 per share, a discount of 7.75% from the previous day's closing price. After completion, the shareholding of Jiantao Group in Jiantao laminated board will decrease from 73.76% to 71.25%. The bank predicts that the aforementioned transaction will put pressure on the stock price of Jiantao laminated board in the short term. The bank points out that it has recently switched its investment preference from Jiantao laminated board to Sen Yue Electronics, and Jiantao laminated board will be given the lowest priority as Sen Yue Electronics is relatively lagging behind and has larger business exposure in the field of artificial intelligence. Citigroup expects only AI-related infrastructure sectors to perform well, followed by the automobile industry. Other sectors such as communication equipment, home appliances, smartphones, and industrial automation may face moderate declines to slight growth. The bank estimates that Jiantao laminated board's performance in the first half of 2025 is expected to only achieve moderate growth, due to its high base and almost no AI business, maintaining a "buy" rating with a target price of HK$14, expecting the stock price to undergo adjustments.