CLSA: Initiates MECH-MIND ROBOT (09615) with "Outperform" Rating, Target Price HK$100

CLSA issued a research report initiating coverage on MECH-MIND ROBOT (09615) with an "Outperform" rating and a target price of HK$100, based on 9x the forecast price-to-sales ratio for next year. The bank expects that economies of scale and a rising share of overseas sales will drive the company to break even by 2027; it also forecasts a revenue compound annual growth rate of 55% from 2026 to 2028, with gross margin maintained above 60%. The bank's revenue forecasts for the company from 2026 to 2028 are RMB696 million, RMB1.013 billion and RMB1.445 billion, respectively, while net profit is forecast at a loss of RMB131 million, a turnaround to a profit of RMB84 million, and a net profit of RMB265 million, respectively.