Haitong Securities released a research report stating that Yudashi (01405.HK) has an “superior to the market” rating. The revenue for 2024-26 is expected to be RMB 4.09 billion, RMB 5.22 billion, and RMB 6.58 billion, respectively, up 34%, 28%, and 26% year on year; adjusted net profit is 40 million yuan, 120 million yuan, and 260 million yuan respectively, up 389%, 177%, and 122%, respectively. The adjusted net interest rates are 1.1%, 2.3%, and 4%, with a reasonable value of HK$68.0-74.8 per share.