大摩：微降海天味业目标价至40港元 评级“增持”

Core Viewpoint - Morgan Stanley has downgraded the revenue and profit forecasts for Haitian Flavor Industry (603288) (03288) for the years 2025 to 2027 by 1% and approximately 3% respectively [1] Revenue and Profit Forecasts - The revenue forecast for the fourth quarter of last year has been revised from a high single-digit growth to a mid single-digit growth due to macroeconomic slowdown and weak dining demand [1] - The company is expected to achieve high single-digit revenue and profit growth in 2026 and 2027, supported by gradual macroeconomic recovery and pipeline expansion [1] Target Price and Rating - The target price for the company has been slightly reduced from HKD 41 to HKD 40, while maintaining a rating of "Overweight" [1]