UBS kept Buy rating for NARI Technology stock

NARI Technology (CNE000001G38) had kept its Buy rating with UBS on September 21, 2026, while the published table listed a CNY 27.00 price target. The rating gives the stock a clear market reference, but the latest operating figures point to a wider question about earnings conversion.

Revenue outpaced profit growth

In the first half of 2026, operating revenue rose 14.54 percent year over year to CNY 27.767 billion, while net profit attributable to shareholders increased 4.08 percent to CNY 3.073 billion, according to Futu on September 24, 2026.

The gap between revenue and profit growth matters because the company expanded faster in businesses with lower margins. Adjusted net profit excluding non-recurring items rose 4.31 percent to CNY 2.925 billion in the same period, keeping the comparison on a like-for-like adjusted basis, according to Futu.

Orders point to expansion

New contracts reached CNY 45.633 billion in the first half of 2026, up 28.79 percent year over year. Overseas revenue rose 196.61 percent to CNY 5.894 billion, while low-carbon energy revenue increased 46.98 percent to CNY 9.614 billion, according to Gawin Research on October 3, 2026.

That mix creates both the growth case and the counterweight. Contract growth was more than twice the 14.54 percent revenue increase, but profit growth remained below revenue growth as overseas expansion and energy storage weighed on the blended margin.

Analyst target sets context

The analyst table lists 15 analysts, including 13 Buy ratings, 2 Holds and 1 Sell. Its average 12-month target is CNY 28.15, compared with a CNY 27.00 UBS target, according to Investing.com on September 21, 2026.

NARI Technology's market capitalization was CNY 183.6 billion as of October 8, 2026. The 52-week range was CNY 21.26 to CNY 32.06, leaving the operating figures and the profit-revenue gap as the main measures for assessing whether contract growth converts into earnings.

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