CITIC Securities: Target price of HK$4.5 for Eddycon Holdings (09860) downgraded to “increase holdings”

The Zhitong Finance App learned that CITIC Securities released a research report stating that it will give Adicom Holdings (09860) 30 times PE in 2026, with a target market value of HK$3.3 billion, corresponding to a target price of HK$4.5 billion, and downgraded the rating to “increase holdings.”

The bank said that the company's revenue has returned to positive profit growth, and the inflection point has been reached. The gross margin increased significantly, and the core business entered a growth channel. Addicon's five-year plan targets revenue of 6 billion yuan in 2031, and there is uncertainty about the acquisition of Coronary Biotech.

The bank predicts that the company's revenue for 2026-2028 will be RMB 28.05/30.42/RMB 3.301 billion, respectively, up 6%-9% from the same period last year; net profit of RMB 0.99/1.66/ 201 million yuan, respectively, up 435%/69%/21% year on year, corresponding to the 2026-2028 earnings forecast per share of HK$0.15/0.25/0.30.