Group 1 - The core viewpoint of the report is that CICC has raised the profit forecast for Shoucheng Holdings (00697) for 2025 and 2026 by 7% and 6% respectively, reflecting a positive outlook on the company's core business and potential investment gains [1] - The revised net profit estimates for Shoucheng Holdings are 650 million and 750 million yuan, representing year-on-year increases of 58% and 16% respectively [1] - CICC maintains an "outperform" rating for the company and has increased the target price by 5% to HKD 2.73, which corresponds to a price-to-book ratio of 1.8 times and 1.9 times for the next two years [1] Group 2 - In the first half of the year, Shoucheng Holdings reported a revenue increase of 36% and a gross profit increase of 26%, reaching 731 million yuan and 295 million yuan respectively [1] - The net profit attributable to shareholders rose by 30% year-on-year to 339 million yuan, aligning with CICC's expectations [1] - The company declared a special dividend of 768 million yuan on March 26, along with an interim dividend of 271 million yuan, resulting in a total dividend payout of 1.039 billion yuan for the first half of the year, which corresponds to a dividend yield of 5.83% [1]
中金：微升首程控股(00697)目标价至2.73港元 业绩符预期