近日，国际权威指数机构明晟（MSCI）公布了恒安国际集团有限公司（股份代号：1044.HK）2025年度最新环境、社会及治理（ESG）评级结果。凭借 在可持续发展方面的优异表现，恒安国际的评级由"BBB"级跃升至"A"级，在中国家庭及个人用品行业位列第一，标志着集团可持续发展能力获得国际权 威认可。 登录新浪财经APP 搜索【信披】查看更多考评等级 转自：新华财经 恒安国际的MSCI ESG评级表现近年来持续保持稳定上升。2025年评级结果显示，本集团在产品碳足迹、原材料采购、化学品安全等各项议题的分数均获 得大幅提升，且均高于行业平均水平，充分体现公司在多个ESG领域的卓越表现。 在产品碳足迹方面，恒安国际将绿色低碳理念全面融入公司运营之中，并从产品全生命周期的角度开展节能减碳行动，通过优选低碳供货商、生产环节革 新、物流环节优化以及仓储环节提效等多方面的降碳举措，结合碳排放权的有效管理，致力于实现集团的价值链减碳目标。 在化学品安全方面，本集团严格依据国际、国家、行业相关标准以及内部标准，以高标准建设上游原材料管控。2025年5月，恒安国际主动发布《关于产 品禁用化学品和成分披露的承诺》，全面披露化学品采 ...

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 56.57 CNY [4][10]. Core Insights - The company focuses on big product lines and streamlining its main brand SKU strategy to drive continuous improvement in gross margin. However, the significant decline in offline channels in 1H25 has impacted main brand growth. There are expectations for new products to expand the consumer base and improve operational efficiency on platforms like Douyin [2][10]. - In 1H25, the company reported total revenue of 2.372 billion CNY, a year-on-year decline of 15.43%, and a net profit attributable to the parent company of 247 million CNY, down 49.0% year-on-year. The gross margin improved to 76.0%, up 3.42 percentage points, attributed to a focus on big products and reduced promotions [10][11]. - The company has adjusted its EPS forecasts for 2025 and 2026 to 1.12 CNY and 1.49 CNY, respectively, reflecting the impact of short-term offline channel adjustments and product line streamlining [10][11]. Financial Summary - For 2023A, the total revenue is projected at 5.522 billion CNY, with a year-on-year growth of 10.1%. The net profit attributable to the parent company is expected to be 757 million CNY, down 28.0% [3][11]. - The company’s gross margin is expected to improve to 75.3% in 2025E, with a net profit margin of 8.6% [11]. - The company’s total assets are projected to reach 8.456 billion CNY by 2025E, with total liabilities of 1.936 billion CNY [11]. Market Performance - The stock has a 52-week price range of 39.34 CNY to 70.30 CNY, with a total market capitalization of 19.871 billion CNY [5][10]. - The stock has shown an absolute increase of 14% over the past 12 months, although it has underperformed relative to the index by 41% [9][10].

Investment Rating - The investment rating for the company is "Buy" [6][18] Core Insights - The company reported a steady growth in revenue and net profit for the first half of 2025, with year-on-year increases of 23% and 20% respectively, indicating strong performance and effective cost control [2][10] - The sales expense ratio has decreased year-on-year, highlighting improved operational efficiency [10] - The company is focusing on the performance of key products and new launches, which are expected to drive future growth [10] Financial Summary - Total revenue for 2023 is projected at 3,524 million RMB, with a growth forecast to 5,539 million RMB in 2024, and reaching 10,402 million RMB by 2027, reflecting a compound annual growth rate (CAGR) of 22.4% [4][12] - Net profit is expected to grow from 1,452 million RMB in 2023 to 3,795 million RMB by 2027, with a CAGR of 23.4% [4][12] - The company maintains a high gross profit margin, projected at 81.7% for the first half of 2025, despite a slight year-on-year decrease [10] Revenue Breakdown - For the first half of 2025, revenue from various channels showed significant growth: DTC online direct sales increased by 13%, e-commerce platform direct sales surged by 134%, and offline direct sales rose by 12% [10] - The main brand, "可复美," launched upgraded products that performed well in the market, indicating strong brand momentum [10] Product Development - The company continues to innovate with new product launches, including an upgraded collagen stick and a new skincare series, which are expected to enhance market presence and meet consumer demands [10]

Investment Rating - The investment rating for the company is "Accumulate" [5][22]. Core Views - The report highlights that existing product categories continue to show high growth trends, with 3D printing and lawn mower businesses expected to become new growth engines. Additionally, the stock incentive plan strengthens human capital advantages, leading to a positive outlook for future growth [2][12]. Financial Summary - Total revenue is projected to grow from 17,507 million in 2023 to 46,772 million by 2027, reflecting a compound annual growth rate (CAGR) of 20.5% [4][13]. - Net profit attributable to the parent company is expected to increase from 1,615 million in 2023 to 3,907 million in 2027, with a CAGR of 21.1% [4][13]. - Earnings per share (EPS) is forecasted to rise from 3.01 yuan in 2023 to 7.29 yuan in 2027 [4][13]. - The return on equity (ROE) is anticipated to improve from 20.2% in 2023 to 28.1% in 2027 [4][13]. Target Price and Valuation - The target price for the company is set at 159 yuan, based on a price-to-earnings (PE) ratio of 32 times the estimated EPS for 2025 [5][14]. - The report compares the company's valuation with peers in the cross-border e-commerce and electronics sectors, indicating a premium due to the company's innovative product structure and growth potential in 3D printing and lawn mower segments [14][15]. Market Performance - The stock has shown significant price movement, with a 52-week price range of 53.35 to 138.48 yuan and a total market capitalization of 73,990 million [6][12]. - The stock's absolute performance over the last 12 months has increased by 162%, outperforming the market index [10][12]. Product Development and Growth Drivers - The company has made strides in the 3D printing sector, launching the AnkerMake brand and achieving record crowdfunding for its products. The rebranding of AnkerMake to eufyMake is expected to enhance integration within the smart home ecosystem [12][14]. - The lawn mower business is also being developed, with the introduction of a robotic lawn mower that has seen strong initial sales [12][14]. Incentive Plans - A new stock incentive plan was announced, aiming to motivate employees and align their interests with the company's growth targets, with performance metrics tied to revenue growth from 2025 to 2027 [12][14].

Investment Rating - The investment rating for the company is "Accumulate" [3][17]. Core Views - The company demonstrates steady revenue growth, balancing product expansion and brand promotion, with significant R&D advantages expected to lead to innovative products in gynecology, hair care, and serious medical fields [1]. - The company has established a mature branding strategy and is building a global system for its products, with multiple patents approved in various regions [9]. Financial Summary - Total revenue is projected to grow from 780 million in 2023 to 3,534 million by 2027, reflecting a compound annual growth rate (CAGR) of 28.2% [2][10]. - Net profit attributable to the parent company is expected to increase from 300 million in 2023 to 1,814 million in 2027, with a CAGR of 29.4% [2][10]. - Earnings per share (EPS) is forecasted to rise from 2.61 yuan in 2023 to 15.77 yuan in 2027 [2][10]. - The return on equity (ROE) is projected to remain strong, starting at 31.4% in 2023 and declining to 34.2% by 2027 [2][10]. Market Data - The target price for the company's stock is set at 402.74 yuan [3]. - The stock has a 52-week price range of 151.90 to 577.50 yuan [4]. - The total market capitalization is approximately 34.86 billion yuan [4]. Business Segments - The medical device segment reported revenue of 708 million in the first half of 2025, a year-on-year increase of 33.41% [9]. - The functional skincare segment saw a significant revenue increase of 152.39%, reaching 121 million in the same period [9]. - The raw materials segment experienced a modest growth of 12.40%, with revenue of 27 million [9]. Operational Highlights - The company has successfully obtained patents for its collagen products in Brazil and FDA certifications for several skincare products in the U.S. [9]. - Marketing strategies include collaborations with leading medical institutions and participation in academic summits and international expos to enhance brand recognition [9].

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company has successfully addressed high operational costs in the industry, achieving both organic growth and external acquisitions to solidify its leading position. Its brand strength, channel network, and customer base advantages continue to be validated. Recently, major shareholder CPE has exited, leading to an ongoing optimization of the shareholder structure [2] Financial Summary - Current market capitalization is HKD 6,850 million [3] - Revenue projections show a growth trajectory from RMB 2,145.07 million in 2023 to RMB 3,590.85 million by 2027, reflecting a compound annual growth rate (CAGR) of approximately 8.4% [5][7] - Net profit is expected to increase from RMB 215.66 million in 2023 to RMB 417.03 million in 2027, indicating a significant growth rate of 93.4% over the period [5][7] - The company plans to increase its dividend payout ratio to at least 50% of annual net profit from 2025 to 2027, enhancing shareholder returns [6] Earnings Per Share (EPS) Forecast - The EPS estimates have been revised upwards for 2025-2027 to RMB 1.30, RMB 1.43, and RMB 1.77 respectively, reflecting a positive outlook on profitability [6] Shareholder Structure and Strategic Initiatives - The exit of CPE as a major shareholder has led to the introduction of high-quality institutional investors, improving market liquidity and trading activity. The company aims to build a healthier and more diversified shareholder ecosystem [6] - The company is implementing a long-term incentive plan for its core management team, aligning their performance with shareholder value growth [6] Business Model and Market Position - The company is enhancing its stake in Guangzhou Nairui'er by acquiring an additional 20%, increasing its ownership to 90%. This move is expected to significantly boost net profit and earnings per share [6] - The company leverages its strong brand and customer loyalty in the beauty and health management sectors, aiming to overcome high operational costs through a synergistic business model [6]