The Zhitong Finance App learned that Morgan Stanley released a research report stating that it gave Jingyuan International (02232) an “increase in holdings” rating. It is believed that its stock price will rise in the next 60 days, with a target price of HK$3.3. Damo believes that Jingyuan will benefit from the resumption of orders from major customers in 2024 (lifestyle and sportswear). In addition to sharing revenue opportunities after sharing, the industry has already gone through supply-side integration. After years of production/execution and cost control efforts, the bank believes that the company can see an upward profit cycle this year. Considering the lower valuation, Damo finds the current valuation attractive.