CICC: Lowered the target price for Sanhua Intelligent Control to 40 Hong Kong dollars, maintaining the "outperform" rating.

CICC said in a research report that Sanyou Intelligent Control's full-year revenue in 2025 is expected to be 31.01 billion yuan, an annual increase of 11%; the net profit attributable to the parent company is expected to be 4.06 billion yuan, an annual increase of 31%, in line with previous performance forecasts. CICC maintains the group's profit forecast for 2026 unchanged, and introduces a net profit forecast for 2027 for the first time at 5.6 billion yuan; due to the downward shift in the valuation center of Hong Kong stocks, the target price is lowered by 20% to 40 Hong Kong dollars, and maintains a "outperform industry" rating.