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Likes ReceivedChangjiang Securities Jingtai Research Report: Platformization "Buy" under the most conservative revenue forecast
I. Key Differences Between Changjiang Securities' (April 27, 2026 Research Report) and Other Brokers' Research/Forecasts on Jingtai Holdings
• Most conservative revenue forecast, being the lowest/most conservative among mainstream brokers in 2026;
• Coverage timing and business upgrade interpretation, emphasizing the official upgrade of its 2025 business from "intelligent solutions" to the AI4S smart solution (full-process, multi-domain closed-loop platform), and optimistic about the non-pharmaceutical sector (new materials, energy) opening a second growth curve;
• Risk and growth driver focus, placing greater emphasis on continuous order fulfillment, downstream demand fluctuations, and technology execution risks. It adopts an organic growth perspective after excluding the impact of large orders (DoveTree's potential $5.99 billion), with an overall cautious tone.
II. 2026 Broker Research Report Data
Changjiang Securities (2026/4/27)
• 2026–2028 Revenue Forecast: 9/12/16 billion yuan
• Year-on-Year Growth: 16%/29%/32%
• Corresponding Current P/S Ratio: 35/27/21x
• Initiated coverage with a "Buy" rating
Soochow Securities (2026/4/19)
• 2026–2028 Revenue Forecast: 11/15/20.1 billion yuan
• Corresponding Current P/S Ratio: 37/27/19x
• Maintained "Buy" rating
GF Securities (2026/3/26)
• 2026–2028 Revenue Forecast: 11.4/15.4/20.3 billion yuan
• Year-on-Year Growth: 42%/35%/32%
• Corresponding Current P/S Ratio: 50x
• Issued a "Buy" rating
Guolian Minsheng Securities (2026/3/9)
• 2025–2027 Revenue Forecast: 7.85/10.87/14.85 billion yuan
• Year-on-Year Growth: 194.5%/38.5%/36.6%
• Net Profit Attributable to Parent: 1.16/0.05/1.6 billion yuan
• Corresponding EPS: 0.03/0.00/0.04 yuan
• Corresponding Current P/S Ratio: 50/36/26x
• Maintained "Recommend" rating
Southwest Securities (2026/3/3)
• 2025–2027 Revenue Forecast: 7.8/10.1/13.6 billion yuan
• Corresponding Current P/S Ratio: 46/36/27x
• Initiated coverage, actively monitoring
Zhongyou Securities (2026/1/11)
• 2025–2027 Revenue Forecast: 7.87/9.98/14.65 billion yuan
• Year-on-Year Growth: 195.3%/26.8%/46.7%
• Net Profit Attributable to Parent: -1.56/-0.96/1.96 billion yuan
• Year-on-Year Growth: 89.7%/38.6%/304.3%
• Corresponding Current P/S Ratio: 46/36/27x
• Initiated coverage with an "Add" rating
Thoughts: The key characteristics of Changjiang Securities' report are the most conservative revenue forecast (cautious treatment of large order impacts), the most prominent interpretation of the business upgrade (AI4S platformization), and a moderate to cautious acceptance of the P/S ratio. Compared to other early/annual report commentary reports, it focuses more on organic growth and long-term technological moats, rather than short-term order explosions or high growth elasticity.
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