瑞银发表报告指，恒安国际2025年下半年收入按年增长3.9%至110亿元，纯利按年上升31%至11亿元， 表现优于该行及市场预期。撇除汇兑损益影响，估计下半年纯利按年增长21%。 业务亮点方面，纸巾及卫生用品业务下半年销售按年增长8%，较上半年的3%增长有所加快。卫生用品 方面，销量下跌部分被均价上升所抵销。受惠原材料价格下跌及高毛利产品销售贡献增加，下半年整体 毛利率按年及按季分别改善4个百分点及3个百分点，至35.5%。 考虑到恒安去年下半年业绩强劲及高端产品表现胜预期，瑞银上调恒安国际2026至2028年盈利预测4% 至9%，目标价由32.5港元上调至34.9港元，相当于2026年预测市盈率14倍，维持"买入"评级。 ...

花旗发布研报称，微调恒安国际(01044)2026及2027年预测纯利约1%，基于分类加总估值法的目标价由 27港元升至28.2港元，维持"中性"评级。 恒安2025年下半年纯利同比反弹31%，受毛利率从低基数复苏带动，符合该行预期。2025下半年收入增 长4%，符合预测，纸巾及卫生用品销售改善抵销了其他业务销售下跌。2025下半年毛利率在所有业务 均强于预期，惟被较低的政府补助及较高的广告及推广开支所抵销，导致经营溢利及纯利符合预期。 尽管恒安2025下半年业绩稳健，管理层目标2026年销售及利润率保持稳定，因竞争激烈及原材料成本可 能面临压力。管理层计划透过改善产品组合及提升营运效率来应对潜在挑战。 ...

Core Viewpoint - Citigroup has adjusted its profit forecasts for Hengan International (01044) for 2026 and 2027, increasing the target price from HKD 27 to HKD 28.2 while maintaining a "Neutral" rating [1] Group 1: Financial Performance - Hengan's net profit for the second half of 2025 is expected to rebound by 31% year-on-year, driven by a recovery in gross margin from a low base, aligning with Citigroup's expectations [1] - Revenue growth for the second half of 2025 is projected at 4%, meeting forecasts, with improved sales in tissue and hygiene products offsetting declines in other business segments [1] - Gross margins across all business segments in the second half of 2025 are stronger than expected, although lower government subsidies and higher advertising and promotional expenses have offset this, resulting in operating profit and net profit meeting expectations [1] Group 2: Management Outlook - Despite the stable performance in the second half of 2025, management aims to maintain stable sales and profit margins in 2026 due to intense competition and potential pressure from raw material costs [1] - Management plans to address potential challenges by improving product mix and enhancing operational efficiency [1]