HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Over 15 years' experience in both finance and healthcare, covering clinic operations, investment and equity research in both China and overseas.

Pre-IPO Shenzhen Longsys Electronics (PHIP Updates) - Some Points Worth the Attention

Pre-IPO Ligent Technologies - About the Business and the Outlook

Pre-IPO Transwarp Technology (PHIP Updates) - Some Points Worth the Attention

Pre-IPO Guangdong Topstar Technology (A/H Listing) - Deep Dive the Business Model, Concerns, Outlook

Equity Capital Markets

Ligent Technologies / Equity Capital Markets

<ul>
<li>In 26H1, Ligent achieved impressive results, and there is a high certainty for the high growth of the entire 2026. However, upon closer analysis, three structural contradictions are particularly prominent. </li>
<li>We updated three-year forecast.Future revenue growth will further slow down, reflecting industry's transition from explosive phase to growth phase, but net profit margin is expected to rise to above 12%.</li>
<li>Since Ligent has obvious discount factors in terms of profitability, customer structure, and governance transparency, we think valuation would be lower than peers. A neutral scenario could be 15x P/E  </li>
</ul>


In 26H1, Ligent achieved impressive results, and there is a high certainty for the high growth of the entire 2026. However, upon closer analysis, three structural contradictions are particularly prominent. 
We updated three-year forecast.Future revenue growth will further slow down, reflecting industry's transition from explosive phase to growth phase, but net profit margin is expected to rise to above 12%.
Since Ligent has obvious discount factors in terms of profitability, customer structure, and governance transparency, we think valuation would be lower than peers. A neutral scenario could be 15x P/E  


Pre-IPO Ligent Technologies (PHIP Updates) - Some Points Worth the Attention