《大行》中金降恆安國際(01044.HK)目標價至25.5元 維持「中性」評級
中金發表報告,預計恆安國際(01044.HK)上半年收入按年略有下滑,可比淨利潤(剔除匯兌損益)按年下降單位數,符合市場預期。該行預計上半年紙漿價格仍處低位,成本端壓力可控,由於競爭仍較激烈費用率略有提高。
考慮到市場競爭仍較激烈且公司需要新品投放,該行下調2025年淨利潤26%至22.9億元人民幣,新引入2026年利潤24.12億元人民幣。該行維持恆安國際「中性」評級,考慮盈利預測調整及H股消費板塊估值有所提高,下調目標價15%至25.5港元。
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