CICC: Initiates Coverage on Haitian Flavoring and Food Company (03288.HK) with "Buy" Rating, Target Price of HK$39

According to the Wise Financial APP, CICC released a research report stating that it has initiated coverage on Haitian Flavouring & Food Co., Ltd. (03288.HK) with a "buy" rating for the first time, with a target price of 39 Hong Kong dollars. With the multiple drivers of recovery in the catering channel, product innovation, and overseas expansion, revenue from 2024 to 2027 is expected to achieve a compound annual growth rate of approximately 8%. At the same time, driven by the decline in raw material costs and efficiency improvement, there is also room for improvement in gross profit margin and operating profit margin, with expected net profit to maintain a growth rate of about 10%. In reference to the valuation of global peers, the bank gives Haitian Flavouring & Food Co., Ltd. a forecasted P/E ratio of 25 times for 2026.