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2026-09-01 16:28:31 Guotai Haitong Securities issued a research report initiating coverage on KINGBOARD HLDG (00148.HK) with an "Overweight" rating. The broker forecast the company's EPS for 2026 to 2028 at HKD8.04, HKD8.7 and HKD9.25 respectively, representing growth rates of 104.8%, 8.2% and 6.4%. Considering the industry's average valuation, it assigned a target price of HKD80.4 based on 10x projected 2026 P/E ratio. The report noted that with the rapid development of high-end sectors such as artificial intelligence, demand for emerging electronic products related to AI concepts has remained strong. In 1H26, prices of copper clad laminates and upstream materials were raised multiple times, including electronic glass fiber yarn, electronic glass fiber cloth and copper foil, with the pace of price increases accelerating in 2Q. Sales volume of copper clad laminates recorded growth compared with the same period in 2025, while segment profit increased significantly YoY. Taking into account the substantial increase in product prices and sales growth, the broker expected revenue from the copper clad laminate business to reach RMB31.03 billion, RMB33.22 billion and RMB34.969 billion for 2026 to 2028 respectively, with gross margin maintained at 41%; Considering YoY increases in product prices, the broker expected revenue from the chemicals business to reach RMB13.826 billion, RMB14.2 billion and RMB14.5 billion for 2026 to 2028 respectively, with gross margin maintained at 14%. Taking into account overseas capacity expansion in the PCB business, the broker expected revenue from the manufacturing and sales of circuit board business to reach RMB15.98 billion, RMB18.85 billion and RMB21.681 billion for 2026 to 2028 respectively. Due to higher depreciation after production commencement, gross margins were forecast at 16%, 15% and 15%. Property, investment and other businesses were expected to remain broadly stable. (ha/j)~ AASTOCKS Financial News Website: www.aastocks.com This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. | |