First Berlin Equity Research on 10/09/26 initiated coverage on QNA Technology S.A. (ISIN: PLQNTHL00017). Analyst Alexander Rihane placed a BUY rating on the stock, with a PLN 51.00 price target.

Abstract
QNA Technology SA is a cutting edge technology company at the forefront of Cadmium-free blue quantum dot (QD) production. QDs are nanomaterial semiconductors which, due to their favourable optical properties, are used in several industries, of which the >USD 150bn display industry is the largest and most promising. QNA has developed excellent relations in the display industry, to which it plans to sell its blue QDs. Blue QDs are the last missing puzzle piece for constructing next generation QDEL displays. Once commercialised, QDEL displays have the potential to completely replace OLED displays (>USD 50bn) over a 10 – 20 year time frame. As one of only three players globally working at the frontier of Cadmium-free blue QD production, QNA is virtually guaranteed a spot in the QDEL supply chain, once their QDs are optimised for their clients’ display environments. We expect a strong increase in QNA’s top line in the years leading up to a launch of QDEL displays (Nanosys estimate: 2029; FBe: 2030), with a positive net profit from 2029E onwards. We initiate coverage on QNA Technology with a Buy rating and a PLN 51 price target (upside: 43%).