Movement Alert|INNOSCIENCE Rises 5.17% in Regular Trading, Semiconductor Sector Strengthens as Major Banks Back GaN Outlook

Market Focus09-18

On September 18, INNOSCIENCE rose 5.17% in regular trading, trading at 43.74 HKD/share, with turnover of approximately 27.17 million HKD. The rally was driven by broad strength across the semiconductor sector and concentrated bullish coverage from multiple major investment banks on the GaN (gallium nitride) power semiconductor space.

Goldman Sachs maintained a \"Buy\" rating on INNOSCIENCE with a target price of 114 HKD, based on a discounted 2030 EV/EBITDA valuation, citing the company's comprehensive GaN product portfolio covering 15V to 1200V applications. Daiwa also initiated coverage with a \"Buy\" rating, projecting that 800V AI data center buildouts could generate USD 540 million to USD 4.5 billion in GaN power device demand between 2027 and 2030. CLSA set a target price of 112 HKD with an \"Outperform\" rating.

The company's H1 results showed revenue of 834 million yuan, up 50.6% year-on-year, with gross profit surging 156.5% and operating net cash flow turning positive at 169 million yuan for the first time. Management disclosed accelerated GaN capacity expansion targeting 70,000 wafers per month to capture automotive and data center demand.

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