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.

MiniMax (100 HK) Vs Zhipu AI (2513 HK) - Thoughts on Valuation and the Outlook

Pre-IPO Zhejiang Taotao Vehicles (PHIP Updates) - Some Points Worth the Attention

SHEIN Global Holdings (625 HK) - The Decline in Valuation May Not Have Ended Yet

Pre-IPO Shenzhen Forms Syntron Information (PHIP Updates) - Some Points Worth the Attention

Pre-IPO Triapex Laboratories - Future Performance Will Lack Stability

Pre-IPO Shenzhen Kinwong Electronic (A/H Listing) - About the Business, the Concerns and the Outlook

Pre-IPO Jiangsu BBL Home Technology - About the Business Model and the Outlook

Equity Capital Markets

Shenzhen Kinwong Electronic / Equity Capital Markets

<ul>
<li>Kinwong is hard to earn decent profit margin in traditional business. If raw material prices remain high or the downstream price war continues, the gross margin may face further pressure.</li>
<li>Considering the decline in Kinwong's profits, the low level of gross margin, and the rapid increase in financial leverage, current stock price of Kinwong A-share has deviated from its fundamentals.</li>
<li>A neutral scenario could be P/E of 32-38x based on 2026 forecast. A conservative scenario could be P/E of 25-30x, and an optimistic scenario could be P/E of 38-45x.</li>
</ul>


Kinwong is hard to earn decent profit margin in traditional business. If raw material prices remain high or the downstream price war continues, the gross margin may face further pressure.
Considering the decline in Kinwong's profits, the low level of gross margin, and the rapid increase in financial leverage, current stock price of Kinwong A-share has deviated from its fundamentals.
A neutral scenario could be P/E of 32-38x based on 2026 forecast. A conservative scenario could be P/E of 25-30x, and an optimistic scenario could be P/E of 38-45x.


Wus Printed Circuit (Kunshan) Co,Ltd. (002463 CH)

Pre-IPO Shenzhen Kinwong Electronic (PHIP Updates) - Some Points Worth the Attention