Tianfeng Securities: Initiates coverage on First Tractum (02522.HK) with a "buy" rating and a target price of HK$30.4.

According to the Wisdom Finance APP, TF Securities released a research report stating that it is expected that OneMind Sunshine (02522.HK) will have operating income of 1.05, 1.39, and 1.68 billion yuan from 2025 to 2027, with a year-on-year growth of +38.1%, +32.2%, and +21.2%; net profit of 25, 60, and 105 million yuan, with a year-on-year growth rate of 137.7% and 76.5% in 2026 and 2027, respectively; EBITDA is 2.36, 2.82, and 3.41 billion yuan, with a year-on-year growth of +43.0%, +19.5%, and +20.9%. Taking into account the scarcity of the company as a leader in the Chinese medical imaging industry and the future development space as a medical data asset operator, the bank gives the company a PS ratio of 8 times in 2026, corresponding to a market value of 11.1 billion yuan, equivalent to 121.9 billion Hong Kong dollars (exchange rate on November 17, 2025: 1 RMB is equivalent to about 1.097 HKD), with a target price of 30.4 Hong Kong dollars, first coverage, and a "buy" rating.