Bank of America Securities issued a report pointing out that the first-quarter results of Mingchuang Products were slightly higher than the bank's expectations. Revenue and non-IFRS net profit increased by 26% and 28% respectively year-on-year, which means that the net profit margin increased by 20 basis points year-on-year to 16.bestandroidnftgame.6%。The bank raised its forecast for Mingchuang Products this year and next by 3% and 5%, and raised its target price from HK$56.9 to HK$59.3. It believed that the company had stabilized and normalized revenue growth and continued to expand profit margins, and reiterated its "Buy" rating.
The bank said that its brand positioning is driven from cost performance to interestbestandroidnftgameThe shift in same-store sales has led to a more than expected recovery; profits continue to benefit from brand upgrades and user experience optimization, mainly in overseas markets; leveraging China's status as the world's factory, the company strengthens its supply chain and further meets growing consumer demand in the long run. The current price of the stock is equivalent to 19 times this year's forecast P/E ratio, corresponding to a compound average annual growth rate of 22% for earnings per share from 2023 to 2026. The valuation does not seem high.
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