CLSA says Innoscience (02577.HK) posted H1 revenue up 51% YoY to RMB 834m; gross margin rose 4.8ppt to 11.6%, the third consecutive half-year improvement. GaN penetration and the company’s global position drove chip shipments to AI servers, autos and humanoid robots up 183%, 103% and 50% YoY, respectively. CLSA leaves this year’s revenue forecast unchanged but trims 2027 and 2028 revenue forecasts by 6% each. Using a 16x 2028 price-to-sales multiple, CLSA lowers its PT to HK$112 from HK$113.6 an

CLSA says Innoscience (02577.HK) posted H1 revenue up 51% YoY to RMB 834m; gross margin rose 4.8ppt to 11.6%, the third consecutive half-year improvement. GaN penetration and the company’s global position drove chip shipments to AI servers, autos and humanoid robots up 183%, 103% and 50% YoY, respectively. CLSA leaves this year’s revenue forecast unchanged but trims 2027 and 2028 revenue forecasts by 6% each. Using a 16x 2028 price-to-sales multiple, CLSA lowers its PT to HK$112 from HK$113.6 and maintains an OUTPERFORM rating.