Earnings forecasts and valuation
We are optimistic about the sustained upward momentum across all three business segments and revise up our 2026/2027/2028 revenue forecasts by 4/7/8% to RMB17.37/19.18/20.64bn. Considering product mix optimization and lower financial expenses driven by accelerated debt reduction, we raise our earnings forecasts and project 2026/2027/2028 attributable NP at RMB1.01/1.23/1.44bn (+11/+21/+28% vs. our previous estimates), with EPS of RMB1.56/1.90/2.22. We value the stock at 15x 2027E PE, at par with its peers’ average on Wind consensus, with our target price lifted to HKD33.14 (previous: HKD27.55, based on 17x 2026E PE). Maintain BUY.