First Shanghai: Maintaining a "buy" rating on BURU(00325.HK) with high overseas market revenue growth.

According to the Wise Finance and Economics APP, First Shanghai has released a research report stating that it maintains a "buy" rating for Buruco (00325.HK), with an estimated Non-GAAP net profit attributable to shareholders for the years 2025-2027 of 7.25/9.98/12.68 billion yuan respectively. Therefore, the target price is set at 123.6 Hong Kong dollars, which is equivalent to a 40 times PE ratio for the 2025 fiscal year profit forecast, representing a 30.1% increase from the current stock price. In the first half of 2025, the company achieved revenue of 13.48 billion yuan, a year-on-year increase of 27.9%, and a net profit of 2.97 billion yuan, a year-on-year turning positive. Adjusted net profit was 3.20 billion yuan, a year-on-year increase of 9.6%, and adjusted net profit margin was 23.9%, a year-on-year decrease of 4.0 percentage points.