Guotai Junan Securities: Harmonious Automobile (03836.HK) receives initial "buy" rating with a reasonable price range of HK$3.61 to HK$4.52 per share.

According to the Wise Financial APP, China Galaxy Securities released a research report stating that it is covering Harmony Auto (03836.HK) for the first time, giving it a "recommendation" rating. It is expected that the company will achieve revenues of 28.103 billion yuan, 38.488 billion yuan, and 44.961 billion yuan respectively from 2025 to 2027, achieving net profits attributable to shareholders of 61 million yuan, 243 million yuan, and 416 million yuan, with corresponding EPS of 0.04 yuan, 0.16 yuan, and 0.27 yuan. Taking into consideration absolute valuation and relative valuation, the company's reasonable price per share range is 3.28 yuan-4.11 yuan (3.61 Hong Kong dollars-4.52 Hong Kong dollars), corresponding to a market value range of 4.993 billion yuan-6.257 billion yuan (5.492 billion Hong Kong dollars-6.882 billion Hong Kong dollars).