Core Viewpoint - CICC reports that Yihai International (01579) achieved a slight revenue growth of 0.02% year-on-year in the first half of the year, with a net profit increase of 0.4%, and a payout ratio of 89%, overall performance in line with expectations [1] Group 1: Financial Performance - Revenue from B-end catering clients surged by 131.7% year-on-year [1] - Overseas business revenue increased by 34%, with expectations for overseas third-party business growth exceeding 50% [1] - The group’s profit forecast for the year has been raised by 3% to 820 million RMB, and the target price has been increased by 20% to 18 HKD, maintaining an "outperform" rating [1] Group 2: Future Outlook - Yihai International's third-party revenue is expected to accelerate in the second half of the year, potentially achieving double-digit growth for the full year [1] - The company benefits from the sustained strong performance of B-end and overseas businesses, along with new products driving overall revenue [1] - The establishment of the B-end base material team in the second quarter is anticipated to contribute significantly in the second half [1] - With stable raw material prices and ongoing improvements in selling, general, and administrative expenses, the net profit margin is expected to remain stable for the year [1]
中金：升颐海国际目标价至18港元 中期业绩符预期