欧洲业务：我们预计2Q25 利润延续同比增长趋势。我们预计肉制品业务保持持续增长，主要系内部提 效和产品结构优化。我们预计2Q25 猪肉业务整体与去年同期盈利情况同比平稳。 盈利预测与估值 我们保持25/26 年核心归母净利润16.14/16.83 亿美元。公司交易在8.1/7.8 倍25/26 年P/E；维持目标价 8.56 港币/股，对应8.7/8.4 倍25/26年P/E和近7.8%上行空间，维持跑赢行业评级。 风险 机构：中金公司 研究员：王文丹/陈文博/武雨欣 我们预计公司2Q25 可比口径营业利润同比低双位数增长我们预计万洲国际可比口径下2Q24 经营利润同 比有望低双位数增长（即剔除2Q24 美国业务中政府补助影响），符合市场预期。 关注要点 中国业务：我们预计2Q25 肉制品销量同比回稳，养殖业务减亏较明显。 1）肉制品：我们预计2Q25 销量同比回稳、吨利受益于成本下降有望同比有所提高。据全国商超数据 2025 年4-5 月份肉制品行业GMV同比-3%，其中双汇GMV同比-1%。2）养殖业务：我们预估1H25 国内 养殖业务进一步减亏，主因饲料成本的下降以及内部提效。3）屠宰：我们预计2Q2 ...

Group 1 - The core viewpoint of the articles highlights Samsung Heavy Industries' significant financial performance improvements in Q1 2023, with notable increases in revenue, operating profit, and net profit compared to the same period last year [2][3]. - In Q1 2023, Samsung Heavy Industries achieved operating revenue of 24,943 billion KRW (approximately 17.36 billion USD), a year-on-year increase of 6.2% [2]. - The operating profit for Q1 2023 was 1,231 billion KRW (approximately 85.67 million USD), reflecting a substantial year-on-year growth of 58% [2]. - The net profit for Q1 2023 reached 901 billion KRW (approximately 62.7 million USD), marking an impressive year-on-year increase of 1,055.1% [2]. - The company reported an operating profit margin of 4.9% in Q1 2023, up 1.6 percentage points from the previous year [2]. Group 2 - For the entire year of 2022, Samsung Heavy Industries recorded an operating revenue of 99,031 billion KRW (approximately 7.3 billion USD), representing a year-on-year growth of 23.6% [3]. - The operating profit for 2022 was 5,027 billion KRW (approximately 3.7 billion USD), which is a significant year-on-year increase of 115.5% [3]. - The company has secured 16 new ship orders worth 2.2 billion USD (approximately 138.8 billion KRW) in 2023, achieving 22% of its annual order target of 9.8 billion USD [3]. - Samsung Heavy Industries aims for a 6% operating profit margin in 2023, up from 2.9% in 2022, with a target of 5.1% in 2024 [3]. Group 3 - The company has set a target for 2025, aiming for an operating revenue of 105 trillion KRW (approximately 72.7 billion USD) and an operating profit of 6.3 trillion KRW (approximately 4.36 billion USD) [4]. - Samsung Heavy Industries plans to focus on profitable LNG ships and FLNG projects to build a sustainable growth foundation and maximize long-term profitability [4].