Core Viewpoint - Mingyin International has initiated coverage on Crystal International (02232.HK) with a "Buy" rating and a target price of HKD 8.6, projecting revenue growth and profitability improvements from 2025 to 2027 [1] Financial Projections - Expected revenues for Crystal International from 2025E to 2027E are HKD 27.4 billion, HKD 30.0 billion, and HKD 33.0 billion, representing year-on-year growth of +10.8%, +9.5%, and +10.2% respectively [1] - Projected gross margins for the same period are 19.9%, 20.1%, and 20.2% [1] - Forecasted net profits attributable to shareholders are HKD 2.3 billion, HKD 2.6 billion, and HKD 2.9 billion, with year-on-year growth rates of +14.7%, +12.8%, and +11.1% [1] Market Performance - As of November 11, 2025, Crystal International's stock closed at HKD 6.7, up 1.82%, with a trading volume of 2.5231 million shares and a turnover of HKD 16.8393 million [1] - In the past 90 days, 10 investment banks have issued "Buy" ratings for the stock, with an average target price of HKD 7.44 [1] Institutional Ratings - Various investment banks have provided ratings for Crystal International, with notable mentions including: - Changjiang Securities: "Buy" [1] - CITIC Securities: "Buy" with a target price of HKD 7.50 [1] - Huatai Securities: "Buy" with a target price of HKD 7.38 [1] Industry Position - Crystal International has a market capitalization of HKD 18.772 billion, ranking 6th in the apparel and home textile industry [2] - Key performance indicators compared to industry averages: - ROE: 14.13% vs. industry average of -2.96% [2] - Market capitalization: HKD 18.772 billion vs. industry average of HKD 8.262 billion [2] - Revenue: HKD 2.605 billion vs. industry average of HKD 3.856 billion [2] - Net profit margin: 8.0% vs. industry average of -14.23% [2] - Gross margin: 19.73% vs. industry average of 36.81% [2] - Debt ratio: 34.11% vs. industry average of 47.56% [2]
民银国际发布研报称，首次覆盖晶苑国际(02232.HK)并给予买入评级，目标价8.6港元