BMO分析师约翰·麦克纳尔蒂指出，关键大宗商品市场的基本面恶化程度已超出此前预期，限制了该公 司在2026或2027年实现实质性盈利复苏的可能性。分析师补充称，尽管管理层努力改善资产负债表，但 这些状况可能继续对利安德巴塞尔的股价构成压力。 智通财经APP获悉，BMO Capital Markets将其对利安德巴赛尔(LYB.US)的股票评级由"与大盘持平"下调 至"跑输大盘"，并警告称不断加剧的大宗商品和财务压力可能持续拖累这家化工集团直至2026年。 BMO对该股的目标价由48美元下调至36美元，并表示该估值反映了与大宗商品需求疲软、利润率承压 以及短期缺乏改善催化剂相关的持续挑战。 据悉，利安德巴赛尔成立于2000年，是全球最大的聚丙烯生产商和聚烯烃工艺领导者，产品涵盖环氧丙 烷衍生物、生物燃料及聚丙烯化合物，广泛应用于汽车、电子电器、包装和医疗等领域。 管理层近期采取了更为保守的财务立场，BMO认为这为潜在股息削减提供了支持，旨在增强自由现金 流并改善信用指标。但分析师同时指出，这些防御性措施可能难以抵消该业务面临的更广泛结构性阻 力。 ...

Core Viewpoint - Credit Lyonnais has lowered the target price for Meituan to HKD 185 due to profit margin pressures from competition in the food delivery sector and global expansion efforts [1] Financial Performance - Meituan's Q1 2025 performance exceeded expectations, with total revenue and adjusted EBITDA increasing by 18% and 62% year-on-year, reaching RMB 86.6 billion and RMB 11.2 billion, respectively, surpassing Credit Lyonnais's estimates by 1% and 12% [1] - The company anticipates a slowdown in core local commerce revenue growth and a year-on-year decline in profits for Q2 2025, as it prioritizes competitive responses and faces increased losses from new business ventures due to global expansion [1] Revenue and Profit Forecasts - Credit Lyonnais projects a 13% year-on-year increase in total revenue for Q2 2025, while adjusted EBITDA is expected to decline by 21% [1] - Core local commerce revenue is forecasted to grow by 10% year-on-year, with adjusted EBITDA anticipated to decrease by 12% [1] Adjustments to Profit Predictions - The firm has revised its adjusted net profit forecasts for Meituan downwards by 7% and 6% for the next two years, leading to a reduction in the target price from HKD 195 to HKD 185 [1]