CICC: Cuts Zhuzhou CRRC Times Electric (03898.HK) target price by 20% to HK$35, maintains "Outperform" rating.

Zhitong Finance APP has learned that CICC has issued a research report stating that it maintains an "Outperform Industry" rating on CRRC Times Electric (03898.HK). Considering the decline in the industry valuation center, it has lowered the target price by 20% to HK$35, corresponding to P/E ratios of 9.1x and 8.1x for 2026 and 2027 respectively, implying a potential upside of 36%. The bank maintains the company's profit forecasts for 2026 and 2027 unchanged at RMB 4.411 billion and RMB 4.817 billion. In the first three quarters of 2026, the company achieved revenue of RMB 20.818 billion, up 10.56% year on year, and net profit attributable to shareholders of RMB 2.805 billion, up 3.11% year on year, with results in line with the bank's expectations.