研報掘金|中金:下調恆安國際目標價至25.5港元 維持“中性”評級
中金髮表研究報告,預計恆安國際今年上半年收入按年有所下滑,其中紙巾業務收入按年有所企穩,或有單位數增長,同時溼紙巾亦有良好表現;但衛生巾業務受315事件影響,行業整體受到較大沖擊,預估上半年收入或有低雙位數的下滑。考慮到市場競爭仍較激烈且公司需要新品投放,中金下調該公司2025年淨利潤預測26%至22.9億元,新引入2026年純利預測24.12億元,維持“中性”評級。考慮盈利預測調整及港股消費板塊估值有所提高,中金下調該股目標價15%至25.5港元,對應預測2025、2026年約12及11.3倍市盈率(P/E)。
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