HK Stock Market Move | CHERVON (02285) increased by over 8% again, the company raised its revenue growth expectations, and the current valuation price ratio is further highlighted.

CHEVRON(02285) rose by over 8%, as of the time of writing, up by 8.56% to 20.3 Hong Kong dollars, with a turnover of 104.548 million Hong Kong dollars. On the news front, recently, CHEVRON released a profit announcement, expecting a net profit of about 110-120 million US dollars in 2024, while a net loss of about 37.2 million US dollars in 2023. Adjusted net profit (excluding non-recurring costs related to the relocation of the group's headquarters in Stuttgart, Germany) is expected to be around 135-145 million US dollars. Caitong released a research report pointing out that the company expects a revenue growth of 25%-30% for the whole year, significantly exceeding the previous target of 20%. According to the annual target, the company is expected to achieve a full-year revenue of 17.2-17.9 billion US dollars, with H2 revenue expected to reach 9.0-9.7 billion US dollars, an increase of about 42-53%. The accelerated revenue growth of the company is mainly attributed to the strong performance of the flagship brand, EGO terminal sales, the low base of the same period in 2023, and the recovery of orders due to the replenishment of inventory after channel destocking. The bank believes that the company's annual performance forecast is in line with expectations, and there is sufficient upward elasticity in the OPE industry. The bank has adjusted its profit forecast based on the announcement, and the current valuation price ratio is further highlighted.