CICC has reiterated its earnings forecast for ONEWO (02602), maintaining an Outperform rating and a target price of HK$27.5 per share. This implies a 12x 2025 core P/E multiple and 41.5% upside potential. The stock currently trades at 8.2x 2025 core P/E with a projected 9.8% dividend yield (assuming 80% payout of 2025 core net profit).

Key highlights from CICC's analysis include: ONEWO showcased its third-generation Lingshi product at the inaugural Vision Conference. Building on Chairman Zhu Baoquan's theme of "Assets, AI, Low-Carbon," the company presented Lingshi 3.0 as an intelligent control brain for real estate configuration under the concept "Smart Driving for Vehicles, Smart Control for Buildings."

The evolution of Lingshi products: - Lingshi 1.0 initially utilized camera clusters and algorithms for work order dispatch - Lingshi 2.0 expanded to connect energy hardware clusters, enabling smart control of HVAC, elevators, and lighting while establishing microgrids for energy storage, photovoltaics, and load management - Lingshi 3.0 now deploys distillation models, creating edge-side Lingshi embedded in cleaning robots and patrol vehicles, forming a comprehensive ecosystem covering software, robotics, low-carbon solutions, and value-added services

Commercialization progress: Lingshi has achieved commercialization across 44 scenarios, deployed in over 800 external projects including Chengdu Tianhui City, Sun Yat-sen University Shenzhen Campus, Changsha Wanbo Hui, and Shanghai International Media Port. At Tianhui City commercial complex, Lingshi reduced inspection labor costs by 20% and energy consumption by 19.6%.

Pricing strategy: The full-featured version is priced between RMB13,000-29,000/month across different scenarios, with contract terms spanning 3-10 years. ONEWO plans to accelerate product promotion to further drive business growth momentum.