Guangda Securities: Shanghai Fudan (01385.HK) 25Q3 revenue and profit grew significantly year-on-year, maintaining a "hold" rating.

According to the Zhixin Finance APP, Guotai Junan Securities released a research report stating that Shanghai Fudan (01385.HK) has high reliability in the field of storage and the demand is recovering. Furthermore, the company is actively expanding into new areas such as automotive regulations and industrial sectors. However, considering the fierce competition in some markets and the impact of the company's asset impairment losses over the past 25 years, the adjusted net profit forecast for 2025-2027 is 530 million/976 million/1.191 billion yuan (compared to previous forecasts, -26.4%/-1.1%/+7.2%), with corresponding year-on-year growth rates of -7%/+84%/+22%. The current closing price is 39.5 Hong Kong dollars, corresponding to forecast P/E ratios of 56x/30x for 2025/2026. Considering the accelerated domestic substitution of FPGA chips and the recovery of demand in the storage business, the rating is maintained as "Hold".