Fangzheng Securities: First Securities gives First Journey Holdings (00697.HK) a "recommended" rating. The robot business is blossoming on all fronts.

According to the Zhixin Finance and Economics APP, Fangzheng Securities released a research report stating that First Travel Holdings (00697.HK) is leveraging the "asset operation + financing" model to make multiple breakthroughs. The bank predicts that the company's revenue for 2025-2027 will reach HKD 1.664 billion / 2.069 billion / 2.636 billion, with net profit attributable to the parent company of HKD 529 million / 705 million / 1.017 billion, corresponding to PE multiples of 31.25X / 23.43X / 16.24X. The bank selected Quzhou Development (600208.SH), Zhangjiang High-Tech (600895.SH), and Shanghai Lingang (600848.SH) as comparable companies that have transformed local state-owned enterprises into "investment + asset operation". First Travel Holdings' PE valuation for 2025-2027 is lower than the average of comparable companies, giving it a valuation advantage. First coverage, with a "recommended" rating.