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On September 7, CLSA released a research report stating that Innoscience (02577.HK) saw a 51% year-on-year increase in revenue for the first half of the year, reaching RMB 834 million, with a gross profit margin improving by 4.8% year-on-year to 11.6%, marking the third consecutive half-year improvement. Driven by increased GaN penetration and the company's global leadership, chip shipments for AI servers, automotive, and humanoid robots surged by 183%, 103%, and 50% year-on-year, respectively, in the first half. CLSA maintains its revenue forecast for Innoscience for this year unchanged but lowers its forecasts for 2027 and 2028 by 6% each. Based on a 16x price-to-sales ratio for 2028, the target price is adjusted down from HK$113.6 to HK$112, with an Outperform rating retained.
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