招银证券9月16日发布公告。Maintain BUY and fine tune TP to HK$ 31.58. We fine-tuned FY24E/ 25E/ 26E net profit forecasts by +1%/ -1%/ -1%, in order to factor in slower-than-expected sales growth but better-than-expected operating leverage and efficiency gains in both China and the EU. Our new TP is still based on 14x FY24E P/E (unchanged). It is trading at 11x FY24E P/E, still far below its 5-year average of 15x.