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<Research>M Stanley Elevates SHANGHAI FUDAN (01385.HK) TP to $47.3, Anticipates Continued Growth in FPGA Sector
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In 1-3Q25, programmable chip (FPGA) companies showed solid performance, with SHANGHAI FUDAN (01385.HK) and UNIGROUP GUO MICROELECTRONICS (002049.SZ) reporting revenue YoY increases of 13% and 15% each, according to Morgan Stanley's research report. With the 15th Five-Year Plan set to begin next year, emphasizing the intelligentization of specialty equipment, the broker estimated the growth momentum in the specialized FPGA sector to continue, with order visibility likely to improve in 1Q26. Therefore, Morgan Stanley kept rating at Overweight for SHANGHAI FUDAN, and elevated its target price from $32.8 to $47.3. The broker also lowered its 2025 EPS forecast by 38%, mainly due to inventory impairment, meanwhile raising its 2026/ 2027 forecasts by 1%/ 4% each, based on stronger FPGA sales. Moreover, Morgan Stanley kept rating at Underweight for UNIGROUP GUO MICROELECTRONICS, believing that it will benefit from favorable policies next year, although its aerospace-grade FPGA technology still lags behind SHANGHAI FUDAN, with relatively limited market opportunities. The broker lifted its target price from RMB50 to RMB57. AASTOCKS Financial News Website: www.aastocks.com |
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