Bank of America Securities initiates coverage on INNOSCIENCE with a "Buy" rating and a target price of 108 yuan

AASTOCKS
2025.11.14 01:54

Bank of America Securities released a report, initiating coverage on INNOSCIENCE (02577.HK) with a rating of "Buy" and a target price of 108 HKD.

INNOSCIENCE is a leading company in gallium nitride (GaN) power semiconductors, holding a 30% global market share by revenue last year, making it the largest. Bank of America Securities is optimistic about INNOSCIENCE's long-term growth prospects, citing reasons such as the global GaN power semiconductor market growing rapidly at a 63% compound annual growth rate (CAGR) from 2024 to 2028; economies of scale and technological innovation leading to continuous improvement in profitability; and collaboration with NVIDIA to develop an 800V HVDC architecture, which is expected to bring revenue growth potential starting in 2027.

Bank of America Securities forecasts a 72% CAGR for INNOSCIENCE's revenue from 2024 to 2027, with a projected net profit margin of 12.1% in 2027, while it is expected to be negative 126.2% in 2024

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