Guotai Haitong Securities: Muyu AI drives transformation, core business stabilizes and rebounds, maintain "Overweight" rating on NetDragon (00777.HK)

Guotai Haitong Securities issued a research report stating that NetDragon (00777.HK) has made key progress in its AI-native transformation, with organizational efficiency improvements delivered, game business stabilization and recovery, and a significant reduction in Mynd.ai's losses. It assigns a 13x PE for 26E, with a target price of HK$10.4, maintaining an "Outperform" rating.