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1、 Watchlist the stock on Insights Direct to receive prompt updates ed-PJ/sa-CS/AH BUYBUY Last Traded PriceLast Traded Price (19 Aug 202519 Aug 2025):HKD52.40 (HSIHSI:25,123)Price Target Price Target 1212-mthmth:HKD80.00(53%upside)Analyst Jim Au+852 3668 4172 View our full data-driven analysis and mor

2、e at DBS Insights Direct Whats New 2Q25 adj.earnings 2Q25 adj.earnings rose rose 75%y/y,driven by AIoT strength and 75%y/y,driven by AIoT strength and ongoing premiumisation,largely in line ongoing premiumisation,largely in line FY25F/FY26F earnings forecast trimmed by 3%/9%as FY25F/FY26F earnings f

3、orecast trimmed by 3%/9%as incorporating incorporating lower shipment growth guidancelower shipment growth guidance InIn-house SoC premiumisation,AIoT margin gains,and EV growth house SoC premiumisation,AIoT margin gains,and EV growth to offset sluggish smartphones growth to offset sluggish smartpho

4、nes growth from FY26 onwardsfrom FY26 onwards Maintain BUY;Maintain BUY;unchangedunchanged TP TP ofof HKDHKD8 80 0.0.0 as we as we rollroll forward forward benchmark benchmark to FY26Fto FY26F onon a an n valuation of 1.5valuation of 1.5x FY26F Px FY26F PEG,EG,aligned aligned with global peer averag

5、ewith global peer average Price Relative Forecasts and Valuation FY Dec(RMB mn)2024A 2025F 2026F 2027F Turnover 365,906 483,271 535,380 616,864 EBITDA 29,770 44,397 51,557 62,738 Pre-tax Profit 28,127 41,835 50,604 63,572 Net Profit 23,658 33,676 40,563 50,934 Net Pft(Pre Ex)(core profit)22,607 32,6

6、76 39,563 49,934 Net Profit Gth(Pre-ex)(%)61.8 44.5 21.1 26.2 EPS(RMB)0.95 1.35 1.63 2.05 EPS(HKD)1.04 1.47 1.78 2.24 Core EPS(RMB)0.91 1.31 1.59 2.01 Core EPS(HKD)1.00 1.43 1.74 2.19 EPS Gth(%)35.7 41.3 21.0 25.6 Core EPS Gth(%)62.2 43.5 21.6 26.2 Diluted EPS(HKD)1.01 1.42 1.75 2.20 DPS(HKD)0.00 0.