Maintain BUY and target price of RMB50.30
We believe the company is entering a harvest stage, with stronger cost discipline supporting profit realization in 2025. We maintain our 2025/2026/2027E revenue forecasts of RMB955/1,204/1,503mn and attributable NP forecasts of RMB9/75/ 155mn. We value the stock at 7.5x 2025E PS, in line with its peers’ average on Wind consensus, for our unchanged target price of RMB50.30. Maintain BUY.