Group 1 - The core viewpoint of the report is that Guohua International maintains a "buy" rating for Universal New Materials (06616), with adjusted profit forecasts for 2025, 2026, and 2027 being 270 million, 510 million, and 650 million RMB respectively, which reflects a positive outlook for the company's growth [1] - The target price for the stock has been slightly raised from 5.4 HKD to 5.5 HKD, indicating a potential upside of 17% from the current stock price based on DCF and comparable company valuation methods [1] - In the first half of 2025, the company achieved operating revenue of 910 million RMB, representing a year-on-year growth of 17.7%, while operating profit increased by 29.1% to 292 million RMB, although the net profit attributable to shareholders decreased by 41.9% to 62 million RMB [1] Group 2 - The report notes that the merger with Merck's Susonity business will be consolidated in the second half of 2025, leading to adjustments in profit forecasts due to anticipated increases in financial expenses [1] - Despite the expected rise in financial costs from the merger, the main business segments such as pearlescent pigments and synthetic mica are expected to maintain good cash flow and continue to grow [1]
国证国际：维持环球新材(06616)“买入”评级 目标价上调至5.5港元