【中信里昂证券】Watt’s future-250425（40页）.pdf

1、InnoScience(Suzhou)HK$38.60-OUTPERFORMFinancialsYear to 31 December23A24A25CL26CL27CLRevenue(Rmbm)5938281,3072,5075,042Net profit(Rmbm)(1,102)(1,046)(782)(260)602EPS(fen)(137.6)(118.9)(89.0)(29.6)68.5EPS growth(%YoY)nmnmnmnmnmPE(x)nmnmnmnm52.0Dividend yield(%)0.00.00.00.00.0FCF yield(%)(3.2)(1.6)(1.

2、7)(4.5)(3.7)P/Sales(x)48.137.824.012.56.2ROE(%)(44.8)(42.4)(30.3)(12.6)27.0Net debt/equity(%)87.913.448.8135.6157.0Source:CLSA and CL Securities Taiwan Co.,Ltd.(“CLST”)do and seek to do business with companies covered in its research reports.As such,investors should be aware that there may be confli

3、cts of interest which could affect the objectivity of the report.Investors should consider this report as only a single factor in making their investment decisions.For important disclosures please refer to page 36.Tracy C+852 2600 8024Tony Zhang,CFA+852 2600 7726Fan Hou+852 2600 775125 April 2025Chi

4、naTechnologyReuters2577.HKBloomberg2577 HKPriced on 24 April 2025HS CEI 8,056.912M hi/loHK$64.90/31.9012M price targetHK$44.80%potential+16%Shares in issue880.8mFree float(est.)2.5%Market capUS$4.4bn3M ADVUS$4.6mForeign sholding41.7%Major shareholdersLUO Weiwei 24.6%Blended ESG Score(%)*Overall61.4C

5、ountry average53.8GEM sector average60.8*Click to visit company page on for detailsStock performance(%)1M3M12MAbsolute(28.8)nanaRelative(21.8)nanaAbs(US$)(28.7)nanaSource:Bloomberg.Trading from Feb-25.Watts futureGlobal No.1 GaN company with fast progress in NEVs and AI serversPenetration of gallium

6、 nitride(GaN)may rapidly increase from 0.5%of power semiconductors in 2023 to 10.1%in 28E to TAM of Rmb50bn.InnoScience is the largest GaN player globally with pioneering technology.It cooperates with leading power IDMs.It has made fast progress in NEVs,AI servers and other non-consumer electronics