Group 1 - The core viewpoint of the article is that Bank of America Securities has adjusted its core net profit forecasts for Hengan International (01044) down by 3% and 1% for 2025 and 2026 respectively, while raising the target price by 18% to HKD 30 based on improved industry competition dynamics [1] - The company is expected to see a 1% year-on-year revenue growth in the second half of 2025, reaching RMB 10.9 billion, driven by improvements across its three main business segments [1] - Tissue sales are projected to grow by 5% year-on-year, accelerating from 3% growth in the first half of the year [1] Group 2 - The gross margin for the second half of 2025 is anticipated to improve to 33.1%, primarily due to better product mix and normalization of raw material costs in the tissue business [1] - The core net profit for the second half of 2025 is expected to increase by 8% to RMB 1 billion [1] - Despite the lack of long-term growth drivers, the company offers a considerable dividend yield, and the rating remains "Neutral" [1]
美银证券：升恒安国际(01044)目标价至30港元 料去年下半年核心净利润升8%