Core Viewpoint - Zhongyin International's report indicates that China Resources Vientiane Life (01209) achieved a 6.5% year-on-year revenue growth to 8.5 billion RMB, meeting expectations [1] - The gross margin increased by 3.1 percentage points to 37.1%, surpassing the bank's forecast [1] - Core net profit rose by 15% to 2 billion RMB, which was below expectations [1] Financial Performance - Revenue for the first half of the year reached 8.5 billion RMB, reflecting a 6.5% increase compared to the previous year [1] - Gross margin improved to 37.1%, an increase of 3.1 percentage points [1] - Core net profit was reported at 2 billion RMB, marking a 15% growth but falling short of expectations [1] Forecast Adjustments - The company plans to lower its earnings per share forecast for 2025 to 2027 by 5.2% to 8.2% [1] - The target price has been revised down from 45.87 HKD to 42.91 HKD, a decrease of 6.5% [1] - Despite the adjustments, the rating remains "Buy," reflecting confidence in the strong position of China Resources Vientiane City in the commercial sector and its high gross margin [1]
中银国际：降华润万象生活目标价至42.91港元 评级“买入”