中金发表研究报告指，万洲国际今年次季收入68.33亿美元，按年增长11.8%；经营利润6.61亿美元，按 年增长3.4%；考虑到去年同期美国子公司收到政府补助8700万美元，假设剔除此影响，核心归母净利 润按年升18%；期内利润符合市场预期。 该行指，中国市场次季肉制品销量按年增长，新兴渠道增长较明显，下半年销量增速有望逐季提高，全 年销量和吨利均有望轻微增长。至于北美市场，次季肉制品销量按年轻微增长且吨利保持高位，预计生 猪养殖业务下半年仍较乐观。该行维持对其"跑赢行业"评级，考虑到近期高派息板块估值均有提升，上 调目标价约11%至9.5港元。 ...

Core Viewpoint - The company's 2Q25 financial results met market expectations, with revenue and operating profit showing positive growth, while core net profit experienced a decline due to previous government subsidies impacting year-over-year comparisons [1][2]. Financial Performance - 2Q25 revenue reached $6.833 billion, representing a year-over-year increase of 11.8% - Operating profit for 2Q25 was $661 million, up 3.4% year-over-year - Core net profit attributable to shareholders, excluding biological asset value changes, was $361 million, down 8.1% year-over-year; adjusting for a $87 million government subsidy in 2Q24, the core net profit would have increased by 18% year-over-year [1]. Development Trends China Region - The company anticipates a year-over-year increase in meat product sales for 2Q25, with significant growth in emerging channels - Sales growth is expected to improve quarter by quarter in the second half of the year, with slight increases in both annual sales and profit per ton - The company plans to increase slaughter volume and expand customer and outlet coverage, although profit margins may be pressured due to increased competition and market investments [1]. North America Region - In 2Q25, meat product sales showed slight year-over-year growth, maintaining high profit per ton levels - The company expects optimistic conditions for its pig farming business in the second half of the year, driven by rising pig prices and low feed costs - The subsidiary Smithfield has raised its full-year operating profit guidance for pig farming to between $0-100 million [1]. Profit Forecast and Valuation - The company maintains its net profit forecasts for 2025 and 2026, with the current stock price corresponding to 8.5 and 8.2 times the P/E ratios for 2025 and 2026, respectively - The target price has been raised by approximately 11% to HKD 9.5 per share, reflecting an upside potential of about 13.6% from the current stock price [2].

星展发布研报称，万洲国际(00288)中国包装肉品业务销售在2025年第二季同比升1%，主要受惠于精准 的销售策略、新渠道拓展及区域市场复苏。该行将2025及26年盈利预测上调3%及2%，主要反映美国业 务前景更强劲，目标价由8.7港元升至9.6港元;预期中国业务下半年收入与利润率将改善。当前估值偏低 且股息率吸引，维持"买入"评级。 管理层预期增长动能将于下半年强化，销量回升可抵消上半年的疲弱表现。虽然营销及人力成本上升， 该行预期猪肉价格下跌及营运效率提升可支持盈利创新高(料每吨达4,700元人民币)，下半年销售与利润 率将逐渐改善。 美国市场方面，基于生猪价格平稳及饲料成本下降，市场展现稳健动能且前景向好。相较于牛肉与鸡 肉，猪肉需求仍具韧性。随着生猪养殖业务改善，旗下Smithfield将全年经营利润指引上调逾3.8%至 11.5亿至13.5亿美元。同时，Smithfield持续削减表现不好的养殖场，并维持中期1,000万头生猪的产能目 标。虽然包装肉品可能因猪肉价格上涨而面临利润压力，但管理层计划透过价格调整、产品组合优化及 成本控制纾缓压力，支持美国业务利润率持续扩张。 而欧洲方面，集团聚焦高毛利 ...

管理层预期增长动能将于下半年强化，销量回升可抵消上半年的疲弱表现。虽然营销及人力成本上升， 该行预期猪肉价格下跌及营运效率提升可支持盈利创新高(料每吨达4,700元人民币)，下半年销售与利润 率将逐渐改善。 而欧洲方面，集团聚焦高毛利、高增长类别产品，以推动长期增长。管理层拟透过并购填补产品组合缺 口，优先考虑泛欧品牌。随着今年销量有望突破40万吨，集团目标是通过产品组合与运营改善，将每吨 盈利提升至接近中美市场水平。 美国市场方面，基于生猪价格平稳及饲料成本下降，市场展现稳健动能且前景向好。相较于牛肉与鸡 肉，猪肉需求仍具韧性。随着生猪养殖业务改善，旗下Smithfield将全年经营利润指引上调逾3.8%至 11.5亿至13.5亿美元。同时，Smithfield持续削减表现不好的养殖场，并维持中期1,000万头生猪的产能目 标。虽然包装肉品可能因猪肉价格上涨而面临利润压力，但管理层计划透过价格调整、产品组合优化及 成本控制纾缓压力，支持美国业务利润率持续扩张。 智通财经APP获悉，星展发布研报称，万洲国际(00288)中国包装肉品业务销售在2025年第二季同比升 1%，主要受惠于精准的销售策略、新渠道拓展及 ...

小摩发布研报称，万洲国际(00288)2025年上半年销售额/生物公允价值调整前盈利同比增长8.9%/4.5%， 基本符合市场预期。这意味着2025年第二季销售额/营运利润同比增长12%/3%。业绩惊喜主要来自对中 国市场下半年的乐观展望以及中期股息上调。将目标价从8.8港元上调至9.6港元，评级增持。 该行估计集团2025年全年销售额/盈利同比分别增长3%/4%，意味着下半年分别下跌2%/增长3%。2025 年至今，万洲股价上涨42%，相较恒生指数上涨27%，得益于业务复苏和股息支付增加带来的27%估值 重估。该行预测万洲全年每股股息为60港仙，股息率为7.2%。 ...

该行估计集团2025年全年销售额/盈利同比分别增长3%/4%，意味着下半年分别下跌2%/增长3%。2025 年至今，万洲股价上涨42%，相较恒生指数上涨27%，得益于业务复苏和股息支付增加带来的27%估值 重估。该行预测万洲全年每股股息为60港仙，股息率为7.2%。 智通财经APP获悉，小摩发布研报称，万洲国际(00288)2025年上半年销售额/生物公允价值调整前盈利 同比增长8.9%/4.5%，基本符合市场预期。这意味着2025年第二季销售额/营运利润同比增长12%/3%。 业绩惊喜主要来自对中国市场下半年的乐观展望以及中期股息上调。将目标价从8.8港元上调至9.6港 元，评级增持。 （原标题：小摩：升万洲国际(00288)目标价至9.6港元 评级"增持"） ...

Core Viewpoint - Morgan Stanley's report indicates that WH Group's sales and adjusted EBITDA for the first half of the year grew by 8.9% and 4.5% year-on-year, respectively, aligning with market expectations [1] Group 1: Financial Performance - The report suggests that by Q2 2025, sales and operating profit are expected to grow by 12% and 3% year-on-year [1] - The main driver for the positive performance is the optimistic outlook for the Chinese market in the second half of the year and an increase in the interim dividend [1] - For the full year 2025, sales and profit are projected to grow by 3% and 4%, respectively, indicating a decline of 2% in sales and a growth of 3% in profit for the second half of the year [1] Group 2: Stock Performance - WH Group's stock price has increased by 42% year-to-date, outperforming the Hang Seng Index, which rose by 27%, attributed to business recovery and increased dividend payments leading to a 27% valuation re-rating [1] - The forecast for the full year indicates a dividend of 60 Hong Kong cents per share, resulting in a dividend yield of 7.2% [1] - The target price has been raised from HKD 8.8 to HKD 9.6, with a rating of "Overweight" [1]

Core Viewpoint - CICC maintains the profit forecast for WH Group (00288) for 2025/2026, with the current stock price corresponding to 8.5/8.2 times the P/E ratio for 2025/2026. The target price is raised by approximately 11% to HKD 9.5 per share, indicating an upside potential of about 13.6% compared to the current stock price [1]. Group 1 - In Q2 2025, revenue reached USD 6.833 billion, a year-on-year increase of 11.8%; operating profit was USD 661 million, up 3.4%; core net profit attributable to shareholders (excluding biological asset value changes) was USD 361 million, down 8.1%. Adjusting for a government subsidy of USD 87 million received by the U.S. subsidiary in Q2 2024, the core net profit would show a year-on-year increase of 18% [2]. - The company expects a year-on-year increase in meat product sales in China for Q2 2025, with significant growth in emerging channels. Sales growth is anticipated to improve quarter by quarter in the second half of the year, with slight increases expected in both annual sales and profit per ton [2]. - The company’s slaughtering volume is expected to increase, along with customer and outlet coverage. However, due to increased competition and market investments, per capita profit is expected to be under pressure [2]. Group 2 - In the North American region, Q2 2025 meat product sales showed a slight year-on-year increase, with profit per ton remaining high. The pig farming business is expected to remain optimistic in the second half of the year. The company estimates that Q2 2025 sales volume for meat products returned to positive growth, maintaining high profit levels [2]. - The company anticipates that the upstream farming profitability in Q2 2025 will improve year-on-year, primarily due to rising pig prices and low feed costs. Overall profitability in pig farming is expected to continue to show a good trend in the second half of the year, with the subsidiary Smithfield raising its full-year pig farming profit guidance to USD 0-100 million [2].

智通财经APP获悉，瑞银发布研报称，以万洲国际(00288)中绩计，估算其次季销售及经营溢利分别同比 升12%及4%，而净利润则跌8%。该行指出，万洲次季经营溢利胜于预期，而净利润则大致符合市场预 期。管理层相信，由于集团扩展渠道和产品组合多样化，内地市场的包装肉类销量将在第三季和第四季 同比持续增长。该行上调万洲国际今明两年的净利润预测2%和3%，将目标价由7.6港元上调至8.5港 元，维持"买入"评级。 该信息由智通财经网提供 ...

瑞银发布研报称，以万洲国际(00288)中绩计，估算其次季销售及经营溢利分别同比升12%及4%，而净 利润则跌8%。该行指出，万洲次季经营溢利胜于预期，而净利润则大致符合市场预期。管理层相信， 由于集团扩展渠道和产品组合多样化，内地市场的包装肉类销量将在第三季和第四季同比持续增长。该 行上调万洲国际今明两年的净利润预测2%和3%，将目标价由7.6港元上调至8.5港元，维持"买入"评 级。 ...