大行评级丨交银国际：首予海天味业H股“买入”评级及目标价39.1港元 行业龙头地位稳固

Core Viewpoint - The report from CMB International initiates a "Buy" rating for Haitian Flavor Industry's H-shares with a target price of HKD 39.1, highlighting the company's strong position in the Chinese condiment industry and potential for overseas expansion [1] Group 1: Company Overview - Haitian Flavor Industry is recognized as a leader in the Chinese condiment market [1] - The company's overseas business is still in its early stages but is expected to benefit from the trend of Chinese restaurant brands expanding internationally [1] Group 2: Financial Projections - CMB International estimates that Haitian's overseas revenue could achieve double-digit compound growth over the next three years, leading to an increase in the proportion of overseas revenue [1] - The forecasted compound annual growth rate (CAGR) for Haitian's revenue from 2024 to 2027 is approximately 8%, while net profit is expected to maintain a growth rate of around 10% [1]