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

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

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

Pre-IPO Shenzhen Longsys Electronics (A/H Listing) - Sustainability of the Upward Trend Is Uncertain

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

Pre-IPO Zhejiang Taotao Vehicles (A/H Listing) - The Concerns Behind the High Growth

Equity Capital Markets

Shenzhen Longsys Electronics / Equity Capital Markets

<ul>
<li>The reason for Longsys' 26H1 "astonishing" performance was the reversal of storage industry cycle and the simultaneous increase in both quantity and price, behind which, however, lies fundamental structural challenges</li>
<li>2027 will be the turning point for the price trend. The benefit from low-priced raw materials will be exhausted by 26Q4.Longsys’ performance is likely to peak briefly by 2026 year-end.</li>
<li>Hong Kong usually offer a discount on cyclical stocks.Based on 2026 forecast, conservative scenario could be 6-7x PE. Neutral scenario could be 7-9x PE. Optimistic scenario could be 9-10x PE.</li>
</ul>


The reason for Longsys' 26H1 "astonishing" performance was the reversal of storage industry cycle and the simultaneous increase in both quantity and price, behind which, however, lies fundamental structural challenges
2027 will be the turning point for the price trend. The benefit from low-priced raw materials will be exhausted by 26Q4.Longsys’ performance is likely to peak briefly by 2026 year-end.
Hong Kong usually offer a discount on cyclical stocks.Based on 2026 forecast, conservative scenario could be 6-7x PE. Neutral scenario could be 7-9x PE. Optimistic scenario could be 9-10x PE.


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