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Express News | Guosen: The acquisition of 96.08% equity of Wanhua Securities has been approved by the Shenzhen State-owned Assets Supervision and Administration Commission.
Express News | Guosen's Wang Kai: Rebalancing supply and demand is the main theme of the A-shares market trend and industry allocation in 2025.
Guosen: Maintains TOPSPORTS 'Outperform Market' rating, with a reasonable valuation of 3.8-4 Hong Kong dollars.
Guosen released a research report stating that it maintains the profit forecast for TOPSPORTS (06110), expecting Net income for the fiscal years 2025 to 2027 to be 1.44/1.79/1.92 billion yuan, a year-on-year change of -35.1%/+24.5%/+7.6%. The reasonable valuation Range is 3.8-4 Hong Kong dollars, maintaining the 'outperform the market' rating. In the third quarter of the fiscal year 2025, the total sales amount of the group's retail and wholesale Business recorded a mid-single-digit decline year-on-year. As of November 30, 2024, the gross sales area of directly-operated stores decreased by 2.1% compared to the end of the previous quarter and decreased by 4.4% compared to the same period last year.
Express News | Guosen Securities: New technologies such as sodium batteries and Solid State Batteries are thriving.
Express News | Guosen: It is expected that the bidding for Ultra High Pressure/main network equipment will remain high in 2024, with a continued high prosperity trend in 2025-2026.
Guosen: Assigns LEAPMOTOR an "Outperform the Market" rating with a Target Price of 35.92-40.41 HKD.
Guosen released a research report stating that LEAPMOTOR (09863) is in a high-speed growth phase for the next three years, with expected revenue for 2024-2026 being 31.4/56.1/81.4 billion yuan respectively. Using the PS valuation method, the company's reasonable Market Cap for 2025 is estimated to be between 44.9-50.5 billion yuan, corresponding to a stock price of 35.92-40.41 HKD. This is the first coverage in the last year, with a "buy" rating. Guosen's main points are as follows: The domestic business of LEAPMOTOR is growing rapidly, partnering with international giants to expand overseas. LEAPMOTOR is a leading intelligent electric vehicle company in China, maintaining revenue growth in recent years.