Gelonghui, June 20, 丨 Goldman Sachs Research Report downgraded Hongteng Precision's (6088.HK) rating from “neutral” to “sell-sale” to reflect the increase in net group's R&D and sales expenses, leading to a decline in profit and target price-earnings ratio forecasts. At the same time, the target price was lowered from HK$1.86 to HK$1.13. According to the report, although it remains optimistic about the Group's product portfolio upgrade and the upward trend in gross margin, it has also raised its R&D and sales cost forecast for the next 3 years. It is believed that its operating expenditure ratio will remain at a high level to meet the expansion of its product line and investment in diversified production bases and automation in 2025. The stock is currently reported at HK$135, with a total market value of HK$9.8 billion.