增持买入
Given the weak downstream demand growth in 2025 but high growth potential in...全文
Given the weak downstream demand growth in 2025 but high growth potential in VIP panel penetration as the energy standard is effective in 2026, we revise our attributable NP forecasts by -12.02/+8.68/+41.77% to RMB118/185/272mn for 2025/2026/2027 (CAGR: 52.13%), with EPS of RMB0.12/0.18/0.27. We roll our valuation to 2026E as we believe that Zaisheng’s earnings growth could speed up in 2026 with the implementation of the new energy standard. We assign 40x 2026E PE, above its peers’ average of 23x 2026E PE on Wind consensus, considering potential demand growth driven by new energy standard implementation and rising product penetration upon completion of the aforementioned acquisition. Our target price is RMB7.23 (previous: RMB4.04 on 1.1x 2025E PEG). 收起
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增持买入
Given the weak downstream demand growth in 2025 but high growth potential in...全文
Given the weak downstream demand growth in 2025 but high growth potential in VIP panel penetration as the energy standard is effective in 2026, we revise our attributable NP forecasts by -12.02/+8.68/+41.77% to RMB118/185/272mn for 2025/2026/2027 (CAGR: 52.13%), with EPS of RMB0.12/0.18/0.27. We roll our valuation to 2026E as we believe that Zaisheng’s earnings growth could speed up in 2026 with the implementation of the new energy standard. We assign 40x 2026E PE, above its peers’ average of 23x 2026E PE on Wind consensus, considering potential demand growth driven by new energy standard implementation and rising product penetration upon completion of the aforementioned acquisition. Our target price is RMB7.23 (previous: RMB4.04 on 1.1x 2025E PEG). 收起
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