Hong Kong Stock Movement | PATEO (02889) Surges Over 5% Intraday to Hit Record High, Institutions Bullish on Stable Rise in High-End Domain Control Product Share

Stock News01-08

PATEO (02889) saw its shares surge more than 5% during the trading session, reaching a high of HK$239.8 to set a new record since its listing. As of the time of writing, the stock was up 4.24%, trading at HK$236.2, with a turnover of HK$13.318 million.

A research report from Soochow Securities highlighted that PATEO is a leading provider of smart cockpit solutions in the industry, with its integrated hardware-software-cloud approach revolutionizing its core competitiveness. The firm expressed optimism about the company's steadily increasing proportion of high-end domain control products, continuous improvement in profitability, and a growth rate that outpaces the industry. Initiating coverage with a "Buy" rating, the report underscores confidence in the company's trajectory.

Everbright Securities believes the company has the potential to enter the overseas OEM supply chain through international clients such as Porsche, with overseas revenue poised to become a second growth driver. The company possesses a degree of scarcity as an investment target and room for valuation premium.

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