CICC: Initiate coverage on Suteng Juchuang (02498.HK) with an outperform rating, target price of HKD 47.

According to the Wisdom Finance app, Zhongjin released a research report stating that it is expected that the revenue of Tungsen-Juchen (02498.HK) in 2025/2026 will be 2.085 billion yuan / 3.002 billion yuan. The current stock price corresponds to a P/S multiple of 8.2 times / 5.6 times in 2025/2026. Tungsen-Juchen was first covered, given an industry outperformance rating, based on a 10.0 times P/S multiple in 2025, giving the company a target market value of 22.8 billion Hong Kong dollars, corresponding to a target price of 47.00 Hong Kong dollars and 22% of upside potential. The bank is optimistic about the long-term market space for in-car LiDAR and the company's competitiveness, while also believing that the expansion of the robot business is expected to inject long-term growth momentum into the company. The bank believes that the company is expected to achieve high performance growth through comprehensive and efficient technological layout and continuous customer expansion.