Broker│ Rating│ TP (HKD)
HSBC Global Research│ Buy│73.5->76.6
BOCI│ Buy (Top pick)│75.25
Citi│ Buy│73.5
Daiwa│ Buy│65->70
CLSA│ High Conviction Outperform│69
BofA Securities│ Buy│63->66
Goldman Sachs│ Buy│62->65
Morgan Stanley│ Overweight│62
JPMorgan│ Neutral│60

Broker│ Opinion
HSBC Global Research│ Profit margin is expected to continue to grow in the future
BOCI│ IoT and EV sales growth drove 1Q revenue growth to a new high of 47%; July launch of YU7 is projected to become new catalyst
Citi│ Outstanding 1Q gross profit margin performance has a positive impact on full-year profitability, with YU7 order growth and the launch of AI smart glasses as new catalysts
Daiwa│ 1Q EPS hit new high, implying strong growth; upcoming Investor Day (3 June) and YU7 launch in July are expected to become key catalysts
CLSA│ Large home appliances and EV continued to drive strong earnings growth, with focus on YU7 launch and sales volume in July
BofA Securities│ 1Q results beat expectations, with solid fundamentals
Goldman Sachs│ IoT and EV sales growth were surprise; 2025-2027 revenue and earnings growth forecasts were raised
Morgan Stanley│ Cost synergies boosted 1Q profit forecast by 33%, while planned YU7 launch in July will become key catalyst
JPMorgan│ Strong earnings growth in IoT and EV boosted 1Q gross profit margin; IoT expected to drive 2Q earnings performance

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