Core Viewpoint - 中粮家佳康 (01610) reported a turnaround to profitability in the first half of the year, but performance fell short of expectations due to declining pig prices and pressure on feed business margins [1] Group 1: Financial Performance - The company achieved profitability in the first half of the year after previously incurring losses [1] - Despite the weak pig prices, the company plans to further reduce costs and improve efficiency in the second half of the year to support margin expansion [1] Group 2: Profit Forecast Adjustments - Due to the weak pig prices, the profit forecasts for 2025 and 2026 have been revised downwards by 25% and 6% respectively [1] Group 3: Investment Rating and Target Price - The investment rating remains "Buy" due to steady production expansion and gradual improvement in profit margins [1] - The target price has been raised from HKD 1.89 to HKD 2.28 based on an improved long-term profit outlook [1]
星展：升中粮家佳康目标价至2.28港元 降盈利预测仍吁“买入”