Core Viewpoint - The report from Credit Lyonnais indicates that WH Group (00288) is expected to see a 10.4% year-on-year increase in operating profit for the first half of 2025, with an operating profit margin improvement of 1.4 percentage points. Sales revenue is projected to grow by 8.9%, marking the best performance since the second half of 2020 [1] Group 1 - The increase in operating profit is significantly driven by the rise in pork prices in the US and Mexico, with profit per ton reaching historical highs [1] - The second quarter of 2025 is expected to show positive growth in the sales volume of packaged meat products [1] - Credit Lyonnais maintains a "highly confident outperform" rating for WH Group and raises the target price to HKD 9.26 [1] Group 2 - In the Chinese market, there is optimism regarding the company's specialized category management, expansion into low-penetration areas, and reforms in the sales channels for packaged meat products [1] - Management has raised the operating profit guidance for the US business in 2025, anticipating continued improvement in the sales volume of packaged meat products in China [1]
里昂:万洲国际上半年营运改善步伐加快 升目标价至9.26港元