Core Viewpoint - The report indicates that COFCO Joycome turned a profit in the first half of the year, but its performance was below expectations due to declining pig prices and pressure on feed business profit margins [1] Group 1: Financial Performance - COFCO Joycome achieved profitability in the first half of the year after previously incurring losses [1] - The company is expected to further reduce costs and increase efficiency in the second half of the year to support profit margin expansion [1] Group 2: Market Outlook - Due to weak pig prices, the bank has lowered its earnings forecasts for 2025 and 2026 by 25% and 6% respectively [1] - Despite the adjustments, the bank maintains a "buy" rating based on stable production expansion and gradual improvement in profit margins [1] Group 3: Price Target Adjustment - The long-term profit margin outlook has been raised, leading to an increase in the target price from HKD 1.89 to HKD 2.28 [1]
大行评级｜星展：上调中粮家佳康目标价至2.28港元 维持“买入”评级