LONGSYS

Longsys opened higher in the Hong Kong morning session, closing at HKD 220.8, still 6.4% below its IPO price of HKD 236, but recovering from its post-listing low of HKD 207.4. The stock started at HKD 212.0, quickly surged to an intraday high of HKD 222.0, and then traded in a high range. Turnover was about HKD 59.23 million on 272,500 shares. The company's latest Q2 revenue reached HKD 16.37 billion, up 151.8% YoY, while net profit soared 4,150% YoY to HKD 7.75 billion, with EPS of HKD 18.25 and net profit margin of 47.4%; ROE was exceptionally high at 174.6%. However, the stock remains below its 20-day and 60-day moving averages (both around HKD 221.5), and the YTD decline of 5.5% and distance of 6.7% from the 52-week high of HKD 236.6 indicate the market is still absorbing the initial valuation pressure.

江波龙（9976.HK）今日上市次日低开低走，收跌 3.0% 报 226.6 港元，创上市以来新低，主因是打新投资者迅速获利了结，同时首批卖空盘与二级市场止损盘叠加打压股价。该股昨日以 236 港元 IPO 价格挂牌即破发，今日跳空低开至 233.4 港元后一路下行，下午盘一度触及 226.2 港元全日低点，距 52 周高点 236.6 港元已回落 4.23%。今日成交额 10.8 亿港元、换手率 1.85%，交投活跃表明筹码快速交换。基本面来看，公司 Q2 2026 营收 163.65 亿港元同比增 151.75%，净利 77.50 亿港元同比飙升 4150.4%，净利率达 47.35%，强劲盈利改善与股价创新低形成反差——目前股价仍低于 20 日及 60 日移动平均线（均为 230.1 港元），说明市场对存储芯片行业周期库存消化的担忧压过了短期业绩亮眼。不过，公司市盈率仅 7.55 倍、股息率 0.17%，估值水平或吸引部分价值型资金关注。