Group 1 - The core viewpoint of the article is that COFCO Joycome (01610) has turned a profit in the first half of the year, but its performance fell short of expectations due to declining pig prices and pressure on feed business profit margins [1] - Despite weak pig prices, the company plans to further reduce costs and increase efficiency in the second half of the year to support profit margin expansion [1] - Based on the weak pig prices, the bank has lowered its earnings forecasts for 2025 and 2026 by 25% and 6% respectively; however, it maintains a "buy" rating due to steady production expansion and improving profit margins [1] Group 2 - The target price for COFCO Joycome has been raised from HKD 1.89 to HKD 2.28 based on an upward adjustment of long-term profit margin outlook [1]
星展：升中粮家佳康(01610)目标价至2.28港元 降盈利预测仍吁“买入”