【中信里昂证券】Faster GaN industry growth-250522（6页）.pdf

1、InnoScience(Suzhou)HK$34.30-OUTPERFORMFinancialsYear to 31 December23A24A25CL26CL27CLRevenue(Rmbm)5938281,3072,5075,042Net profit(Rmbm)(1,102)(1,046)(782)(260)602EPS(fen)(137.6)(118.9)(89.0)(29.6)68.5EPS growth(%YoY)nmnmnmnmnmPE(x)nmnmnmnm46.2Dividend yield(%)0.00.00.00.00.0FCF yield(%)(3.6)(1.8)(2.

2、0)(5.0)(4.2)PB(x)12.99.412.714.411.0ROE(%)(44.8)(42.4)(30.3)(12.6)27.0Net debt/equity(%)87.913.448.8135.6157.0Source:CLSA and CL Securities Taiwan Co.,Ltd.(“CLST”)do and seek to do business with companies covered in its research reports.As such,investors should be aware that there may be conflicts o

3、f interest which could affect the objectivity of the report.Investors should consider this report as only a single factor in making their investment decisions.For important disclosures please refer to page 3.Tracy C+852 2600 8024Tony Zhang,CFA+852 2600 772622 May 2025ChinaTechnologyReuters2577.HKBlo

4、omberg2577 HKPriced on 21 May 2025HS CEI 8,660.912M hi/loHK$64.90/31.9012M price targetHK$44.80%potential+31%Shares in issue880.8mFree float(est.)2.5%Market capUS$3.9bn3M ADVUS$5.4mForeign sholding41.7%Major shareholdersLUO Weiwei 24.6%Blended ESG Score(%)*Overall61.4Country average53.9GEM sector av

5、erage60.9*Click to visit company page on for detailsStock performance(%)1M3M12MAbsolute(7.9)(47.1)naRelative(16.0)(47.1)naAbs(US$)(8.8)(47.6)naSource:BloombergFaster GaN industry growthNvidias next-gen 800V AI data centre should increase GaN/SiC adoptionNvidia launched its next-generation 800V HVDC

6、data centre power infrastructure,which may increase the adoption of GaN and SiC power semiconductors.We think this new infrastructure will speed the growth of the GaN and SiC industry;InnoScience as the global No.1 GaN provider may be a key beneficiary.Maintain Outperform rating.qInnoSciences stock