Group 1 - The core viewpoint of the report is that Wan Zhou International's (00288) sales in the Chinese packaged meat business are expected to increase by 1% year-on-year in Q2 2025, driven by precise sales strategies, new channel expansion, and regional market recovery [1] - DBS has raised its profit forecasts for 2025 and 2026 by 3% and 2% respectively, reflecting a stronger outlook for the US business, and has increased the target price from HKD 8.7 to HKD 9.6 [1] - The management anticipates that growth momentum will strengthen in the second half of the year, with sales recovery offsetting the weak performance in the first half [1] Group 2 - In the US market, the outlook is positive due to stable hog prices and declining feed costs, with pork demand remaining resilient compared to beef and chicken [1] - Smithfield has raised its full-year operating profit guidance by over 3.8% to USD 1.15 billion to USD 1.35 billion, while continuing to reduce underperforming farms and maintaining a mid-term target of 10 million hogs in production [1] - The company plans to alleviate profit pressure from rising pork prices through price adjustments, product mix optimization, and cost control to support ongoing profit margin expansion in the US business [1] Group 3 - In Europe, the group is focusing on high-margin, high-growth product categories to drive long-term growth [2] - The management intends to fill product gaps through acquisitions, prioritizing pan-European brands [2] - With sales expected to exceed 400,000 tons this year, the group aims to improve profitability per ton to levels close to those in the US and China through product mix and operational improvements [2]

Group 1 - The core viewpoint of the report indicates that WH Group (00288) is expected to see a year-on-year sales growth of 8.9% and a growth in adjusted EBITDA of 4.5% for the first half of 2025, which aligns with market expectations [1] - The report highlights an optimistic outlook for the Chinese market in the second half of 2025, contributing to a projected sales and operating profit growth of 12% and 3% respectively in Q2 2025 [1] - The target price for WH Group has been raised from HKD 8.8 to HKD 9.6, with a rating of "Overweight" [1] Group 2 - The bank estimates that WH Group's full-year sales and profit for 2025 will grow by 3% and 4% year-on-year, indicating a decline of 2% in sales and a growth of 3% in profit for the second half of the year [1] - WH Group's stock price has increased by 42% year-to-date in 2025, outperforming the Hang Seng Index, which has risen by 27%, driven by business recovery and increased dividend payments leading to a 27% valuation re-rating [1] - The bank forecasts a full-year dividend of HKD 0.60 per share for WH Group, resulting in a dividend yield of 7.2% [1]

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。 ...

Core Viewpoint - Citi's report indicates that WH Group (00288) experienced a 3% growth in operating profit for Q2, aligning with the bank's expectations and surpassing market forecasts [1] Financial Performance - The company's net profit decreased by 8% due to increased other expenses and last year's one-time deferred tax asset gains [1] - Despite the decline in net profit, the bank anticipates that it will not impact dividend payments [1] Management Guidance - The management has raised the operating profit guidance for the U.S. market by 4% for this year and expressed increased confidence in the growth performance of the Chinese market for the second half of the year [1] Valuation and Ratings - Citi believes that WH Group's valuation remains attractive and has reiterated a "Buy" rating [1] - The bank has raised its operating profit forecast for the group for 2025 to 2027 by 2%, while lowering the net profit forecast by 4% to reflect increased other expenses and effective tax rates [1] - The target price has been adjusted from HKD 8.2 to HKD 8.6 [1]

花旗发布研报称，万洲国际(00288)第二季经营溢利增长3%，符合该行预期，并胜于市场预测。虽然公 司因其他费用增加和去年一次性递延税款资产收益，令净利润下降8%，但该行预计不会影响股息支 付。公司管理层将美国今年的经营溢利指引上调4%，并对下半年中国市场的增长表现更有信心。该行 认为，万洲国际的估值仍具吸引力，重申"买入"评级。另外，该行上调集团2025至2027年的经营溢利预 测2%，但下调净利润预测4%，以反映其他费用和有效所得税率上升，而目标价则由8.2港元调升至8.6 港元。 ...

Group 1 - The core viewpoint of the report is that WH Group (万洲国际) has slightly exceeded expectations in its Q2 performance, with operating profit increasing by 3% year-on-year and adjusted operating profit rising by 19% [1] - The interim dividend has doubled to 20 HK cents, and the company maintains a payout ratio of at least 50% [1] - Bank of America has raised its earnings per share estimates for WH Group by 3% for the next two years and increased the target price by 4% to 8.5 HKD, reaffirming a "Buy" rating, citing a positive outlook for the second half of the year and a high single-digit dividend yield [1] Group 2 - WH Group's market capitalization in Hong Kong is 102.513 billion HKD, ranking first in the food processing industry [2] - Key performance indicators for WH Group compared to the industry average include: - ROE: 15.68% vs. -0.2% (ranked 4th) - Revenue: 259.41 billion HKD vs. 72.32 billion HKD (ranked 3rd) - Net profit margin: 7.14% vs. -10.31% (ranked 9th) - Gross profit margin: 20.05% vs. 31.0% (ranked 32nd) - Debt ratio: 42.74% vs. 58.11% (ranked 24th) [2]