Maintain HOLD and lower TP to RMB96.6 We think Shennan is doing its
best to navigate through macro uncertainties. However, we maintain our
cautious outlook for PCB segment and lowered our FY22/23E EPS forecasts
by 9%/12%. TP cut to RMB96.6, equal to 23x FY23E P/E, ~1SD below avg.
2-yr historical forward P/E. Potential upside: 1) stronger recovery in consumer
demand, 2) resumed 5G deployment and Eagle steam platform upgrade.