Citibank: Chizicheng Technology (09911)'s revenue for the first three quarters beat expectations, reaffirming the “buy” rating and target price of HK$13

The Zhitong Finance App learned that Citibank released a research report saying that Chizicheng Technology (09911)'s total revenue forecast for the first nine months of 2026 is between 927 million and 948 million US dollars, an increase of 33.8% to 36.8% over the previous year, which is higher than the bank's forecast. The bank reconfirmed its “buy” rating in the face of recent sector fluctuations, with a target price of HK$13. Based on this estimate, Citi estimates that Chizicheng Technology's third-quarter revenue was about US$320 million to US$341 million, an increase of 28% to 36% over the previous year.

The bank pointed out that according to the current annual guidelines and the bank's exchange rate assumptions, the total revenue for the fourth quarter is estimated to be about US$323 million to US$352 million, an increase of 11% to 20% year-on-year and 0.9% to 3% month-on-month. The bank believes that this forecast is slightly conservative. Given the high seasonality and the strengthening of the Sugo/TopTop geographical layout, there is room for growth in revenue.