特海国际（09658）：点评报告：让利策略致经营利润短期承压，多元品牌助力新增长

研究报告 Research Report 27 Aug 2025 特海国际 Super Hi International Holding (9658 HK) 点评报告：让利策略致经营利润短期承压，多元品牌助力新增长 Review Report: Profit-sharing Strategy Leads to Short-Term Pressure on Operating Profit, While Diversified Brands Drive New Growth [Table_yemei1] 观点聚焦 Investment Focus [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$15.34 目标价 HK$18.50 HTI ESG 4.0-4.5-4.5 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$9.98bn / US$1.28bn 日交易额 (3 个月均值) US$1.30mn 发行股票数目 650.30mn 自由流通股 ( ...