Naruyama Urabayashi (1809.HK): Overseas production capacity layout and steady improvement in profit quality

Profit forecasting

Profit forecast and investment rating: We estimate that Pulin Chengshan's net profit for 24-26 will be 1.252, 1.407 billion yuan, and 1.01 billion yuan, respectively. Based on the valuations of comparable companies in the same industry, and considering the lower valuation of Hong Kong stocks compared to A shares, we gave the 2024 PE valuation to Pulin Chengshan 4.3. Based on the HKD to RMB 0.9 exchange rate, the corresponding target price was HK$9.43, giving it an investment rating of “superior to the market”.

Risk warning

macro-environmental risks;

foreign exchange risk;

Tariff risk.

The translation is provided by third-party software.

The above content is for informational or educational purposes only and does not constitute any investment advice related to Futu. Although we strive to ensure the truthfulness, accuracy, and originality of all such content, we cannot guarantee it.

浦林成山(1809.HK)：海外产能布局成形 盈利质量稳步提升

Naruyama Urabayashi (1809.HK): Overseas production capacity layout and steady improvement in profit quality

Risk Disclaimer

Statement

浦林成山(1809.HK)：海外产能布局成形盈利质量稳步提升