1、 Watchlist the stock on Insights Direct to receive prompt updates ed-JS/sa-CS/MH BUYBUY Last Traded Last Traded PricePrice (28 May 202528 May 2025):HKD51.75 (HSIHSI :23,382)Price Target Price Target 1212-mthmth:HKD80.00(55%upside)Analyst Jim Au+852 3668 4172 View our full data-driven analysis and mo

2、re at DBS Insights Direct Whats New 1 1Q2Q25 5 adj.earnings surged 57%y/y,adj.earnings surged 57%y/y,beating consensus by beating consensus by 1717%,drivendriven by by AIoTs AIoTs strongstrong growth and growth and hihig gher gher gross ross marginmargin AIoT gross marginAIoT gross margin expected e

3、xpected to riseto rise from c.20%in FY24 to from c.20%in FY24 to c.c.25%in 25%in FY25,FY25,supportedsupported by by inin-house manufacturinghouse manufacturing IoT IoT strengthstrength toto offset weaker smartphone shipmentsoffset weaker smartphone shipments;FY25 earnings FY25 earnings largely large

4、ly unchangedunchanged Maintain BUY Maintain BUY withwith TPTP HKDHKD8080.0.0 (FY25F PEFY25F PEG G of 1.6of 1.6),supported by supported by strong earnings andstrong earnings and rere-ratingrating potentialpotential towards global tech leaderstowards global tech leaders Price Relative Forecasts and Va

5、luation FY Dec(RMBm)2024A 2025F 2026F 2027F Turnover 365,906 462,634 512,368 591,099 EBITDA 29,770 45,589 56,671 67,775 Pre-tax Profit 28,127 43,045 55,823 68,864 Net Profit 23,658 34,647 44,737 55,166 Net Pft(Pre Ex)(core profit)22,607 33,647 43,737 54,166 Net Profit Gth(Pre-ex)(%)61.8 48.8 30.0 23

6、.8 EPS(RMB)0.95 1.39 1.80 2.22 EPS(HKD)1.03 1.50 1.95 2.40 Core EPS(RMB)0.91 1.35 1.76 2.18 Core EPS(HKD)0.99 1.46 1.90 2.36 EPS Gth(%)35.7 45.4 29.7 23.3 Core EPS Gth(%)62.2 47.8 30.6 23.8 Diluted EPS(HKD)1.00 1.44 1.91 2.36 DPS(HKD)0.00 0.00 0.00 0.00 BV Per Share(HKD)7.94 8.91 10.05 10.05 PE(X)50