Investment Rating - The investment rating for H&H International Holdings is "Buy" (maintained) [3]. Core Views - H&H International Holdings reported a revenue of 6.692 billion HKD in H1 2024, a year-on-year decrease of 4.1%, with adjusted net profit at 347 million HKD, down 32.4% year-on-year [4]. - The adult health segment (Swisse) showed growth despite high base effects, achieving a revenue of 3.276 billion HKD in H1 2024, up 11.5% year-on-year, while the infant formula segment faced challenges with an 18.8% decline in revenue [4]. - The company is adjusting its revenue forecasts for 2024-2026, projecting revenues of 14.265 billion HKD, 14.985 billion HKD, and 15.969 billion HKD, with respective year-on-year growth rates of 2.43%, 5.05%, and 6.57% [4]. Summary by Sections Financial Data - Total shares outstanding: 645.56 million - Market capitalization: 5,732.58 million HKD - Book value per share: 10.96 HKD - Debt-to-asset ratio: 68.23% [3]. Revenue and Profitability - H&H's revenue for H1 2024 was 6.692 billion HKD, down 4.1% year-on-year - Adjusted net profit was 347 million HKD, a decrease of 32.4% year-on-year - Adult health revenue increased by 11.5% to 3.276 billion HKD, while infant formula revenue decreased by 18.8% [4]. Future Projections - Revenue projections for 2024-2026 are adjusted to 14.265 billion HKD, 14.985 billion HKD, and 15.969 billion HKD, with growth rates of 2.43%, 5.05%, and 6.57% respectively - Net profit projections for the same period are 637 million HKD, 842 million HKD, and 1,030 million HKD, with growth rates of 9.54%, 32.12%, and 22.28% respectively [4].
H&H国际控股：成人保健逆势增长，婴童业务仍有影响