Ge Long Hui A P P·2026-02-27 07:52Group 1 - The core viewpoint of the report is that Haitai's growth corresponds to a reasonable valuation, with future ROE driving PB valuation increases [1] - After experiencing high valuations for growth stocks, there has been a correction, leading to a stabilization of valuations as fundamentals improve [1] - The report highlights that Haitai has a relatively high and stable ROE among consumer goods, with expectations for recovery [1] Group 2 - Haitai's net profit growth is projected to exceed 10%, which aligns with a reasonable current valuation [1] - Future ROE is expected to drive PB valuation increases, with PE valuations likely fluctuating between 25 to 30 times [1] - The report assigns a reasonable value of 40.15 CNY per share based on a 30 times PE valuation for 2026, and a reasonable value of 38.45 HKD per share for H shares, both receiving a "buy" rating [1]