Group 1 - The core viewpoint of the report is that Jefferies has downgraded its revenue forecasts for Jinxin Reproductive (01951) for 2025 to 2027 by 12% to 20% and net profit forecasts by 27% to 31%, anticipating a net loss in 2025 due to cautious outlook and performance in the first half of 2025 [1] - Jinxin Reproductive reported an 11% decline in revenue for the first half of the year, resulting in a net loss of 1 billion RMB, primarily due to impairment of overseas assets [1] - The company believes that all headwinds have dissipated in the first half of the year and expects improvement in the second half compared to the first half [1] Group 2 - Jefferies maintains a neutral outlook for Jinxin in 2025 but expects the company to return to positive growth in 2026 and 2027 [1] - According to the revised forecasts, Jefferies anticipates Jinxin's revenue to decline by 4% in 2025, followed by a recovery of 10% in 2026 and a further increase of 14% in 2027 [1] - The target price for Jinxin has been adjusted from 3.8 HKD to 3.5 HKD based on the revised forecasts and a higher target price-to-earnings ratio [1]
里昂：降锦欣生殖目标价至3.5港元 料明后两年将重回正轨