《大行》中金升H&H國際控股(01112.HK)目標價至17.7元 盈利水平有望延續改善
中金發表報告指,H&H國際控股(01112.HK)公布上半年業績,收入70.2億元人民幣(下同),按年增長4.9%;經調整淨利潤3.6億元,按年增長4.6%。業績基本符合市場預期。三大板塊均錄得正增長,奶粉收入止跌回正。EBITDA率維持健康區間,經調整淨利率水平實現提升。
報告指,公司全年收入有望實現按年高單增長,內生利潤有望延續改善。考慮奶粉業務修復,上調2025/2026年盈利預測5%/6%至6.4/7.6億元,公司當前估值14/11倍2025/2026年市盈率。考慮市場估值提升,上調目標價23%至17.7港元,對應16/14倍2025/2026年市盈率,維持「跑贏行業」評級。
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