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招银证券3月16日发布公告。Recent correction overdone; Maintain BUY with new TP of HK$2.46. The stock slumped over 10% post earnings given soft guidance in our view. We recommend to accumulate on recent weakness given our positive view on EV client wins and potential order wins in audio projects. Our new TP of HK$2.46 is based on rollover 11x FY24E P/E (33% below 5-year hist. avg.). Trading at 10.1x/8.1x FY23E/24E P/E, we think softer FY23E has been priced in. Upcoming catalysts include Prettl acquisition deal progress, TWS order wins and global manufacturing expansion.

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