CICC: Maintains outperform rating on Haitian International Holdings Ltd (01882) with a target price of HK$29.5

According to the Wisdom Financial APP, Zhongjin released a research report stating that it maintains its profit forecast for Haitian International (01882) for 2025/2026 at 36.40/40.67 billion yuan, and the current stock price corresponds to a 2025/2026 P/E ratio of 8.8x/7.8x. The target price remains at HK$29.5 and the outperform rating is unchanged, corresponding to a 2025/2026 P/E ratio of 11.8x/10.5x, with a potential upside of 35% from the current stock price. The company announced its 1H25 performance, with revenue of 9.018 billion yuan, an increase of 12.5% year-on-year; net profit attributable to equity holders was 1.712 billion yuan, an increase of 12.6% year-on-year. Against the background of a high base in 2024 in the domestic market, the company still achieved double-digit growth in the first half of 2025, driven by strong overseas demand; the performance of the company in 1H25 basically met the expectations of the bank.