Risk Reward Update

Research evidence excerpt

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M

Update

August 17, 2026 03:36 PM GMT

Wangsu Science & Technology | Asia Pacific

Morgan Stanley Asia Limited+

Yang Liu

Equity Analyst

Risk Reward Update

What’s Changed

Wangsu Science & Technology (300017.SZ)

From

To

Price Target

Rmb7.30

Rmb8.20

Bull Case

Rmb19.60

Rmb19.70

Base Case

Rmb7.30

Rmb8.20

Wangsu Science & Technology (300017.SZ, 300017 CS)

Updated Components

Greater China IT Services and Software | China

EPS

Stock Rating

Industry View

Price target

Shr price, close (Aug 17, 2026)

52-Week Range

Bull Base Bear Scenarios

Risk Reward for Wangsu Science & Technology (300017.SZ) has

been updated

Reason for change

We reduced our revenue forecasts by 2.4% and 3.2% for 2026-27, respectively, after

incorporating the 1H26 results, but our operating profit was reduced by 4% in

Fiscal Year Ending

EPS (Rmb)**

Prior EPS (Rmb)**

Underweight

In-Line

Rmb8.20

Rmb17.57

Rmb24.10-9.66

12/25 12/26e 12/27e 12/28e

0.19

0.26

0.27

0.33

0.41

0.39

Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare

framework

** = Based on consensus methodology

e = Morgan Stanley Research estimates

2026E but increased by 1.1% in 2027E mainly due to opex control. As a result, our

EPS for 2026E reduces by 3.7% but for 2027E increases by 1%.

Our PT increases by 12% to Rmb8.20. Other than the changes in EBITDA, we have

also increased our EV/EBITDA multiple to 13x, now in line with the US peer Akamai.

Our new bull-case value is Rmb19.70 and bear case is unchanged at Rmb5.80 as our

multiples are unchanged.

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