Group 1 - The core viewpoint of the report is that CICC has raised the profit forecasts for Yihai International (01579) for 2025 and 2026 by 3% and 5% respectively, to RMB 840 million and RMB 930 million, and has introduced a profit forecast of RMB 1.01 billion for 2027 [1] - CICC maintains a target price of HKD 18 and an "outperform" rating for Yihai International, citing sufficient industry competition [1] - The firm expects Yihai International's revenue and net profit for 2025 to increase by 0.7% and 13.9% year-on-year, reaching RMB 6.58 billion and RMB 840 million respectively, with the second half of 2025 projected to see revenue and net profit growth of 1.2% and 23.5% year-on-year [1] Group 2 - The anticipated profit may exceed market expectations, primarily due to improved gross margins in the second half of 2025, benefiting from efficiency enhancements [1]
中金：预计颐海国际去年净利润胜市场预期 目标价18港元