风险回报更新

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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.

Morgan Stanley does and seeks to do business with

companies covered in Morgan Stanley Research. As a result,

investors should be aware that the firm may have a conflict of

interest that could affect the objectivity of Morgan Stanley

Research. Investors should consider Morgan Stanley

Research as only a single factor in making their investment

decision.