CMB International: Raises target price of INNOSCIENCE (02577) to HK$75, maintains "buy" rating.

Guosen Securities International released a research report stating that the target price of INNOSCIENCE (02577) has been significantly raised by 53.1%, from 49 Hong Kong dollars to 75 Hong Kong dollars, maintaining a "buy" rating. The firm pointed out that INNOSCIENCE released its financial performance for the 2025 fiscal year. Revenue increased by 46.4% year-on-year to 1.2 billion RMB, and the gross profit margin turned positive to 7.3%; adjusted EBITDA also turned positive, marking the company's first significant operational turning point. Profit improvement is mainly attributed to continuous expansion of production capacity, with wafer monthly capacity reaching 20,000 pieces by 2025, while capacity utilization and yield have also increased simultaneously. In addition to financial performance, the 2025 fiscal year is also an important year for the company's commercialization progress, including: 1) deeper cooperation with leading AI customers such as NVIDIA Corporation (NVDA.US) and Alphabet Inc. Class C (GOOG.US) in the 800VDC power architecture area; 2) preliminary expansion into the humanoid Siasun Robot & Automation field through the integration of 100V GaN drivers for joint modules; 3) solid progress in the automotive business, advancing from bulk shipments of OBC/DC-DC to the initial verification stage of main drive inverters.