展望未来，管理层预计2Q26收入约人民币240亿元，non-GAAP经营利润率约12%，净利润率约9-10%；3Q/4Q26方面，管理层指引non-GAAP净利润率7-8%，该机构测算隐含FY26 non-GAAP净利润在人民币70-77亿元区间，non-GAAP净利润率在7.9-8.7%，显著高于之前指引的7%，意味着FY26盈利预测显著上修。除此之外，考虑到新业务利润贡献渐入佳境，该机构将基于SOTP的目标价上调至24.0美元（自前值23.0美元上调4%），以反映超预期的盈利改善轨迹。新目标价对应25.6 x 2026E non-GAAP PE。维持“买入”评级。
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