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Haitong International Cuts CHINA FEIHE (06186.HK) TP to HKD4.5; Raw Material Self-sufficiency and Diversified Strategy to Support Recovery
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Haitong International said in a research report that CHINA FEIHE (06186.HK) recorded total revenue of RMB18.11 billion in 2025, down 12.7% YoY. Net profit attributable to shareholders was RMB1.94 billion, down 45.7% YoY, with full-year results missing market expectations. Since May last year, the company has proactively optimized channel inventory and controlled shipment pace. Coupled with reduced government subsidies and impairment of biological assets, short-term performance came under pressure. After inventory destocking, fundamentals have improved, laying the groundwork for earnings recovery. The broker forecast revenue of RMB18.73 billion, RMB19.47 billion and RMB20.36 billion for 20262028, respectively. Net profit attributable to shareholders is projected at RMB2.41 billion, RMB2.57 billion and RMB2.76 billion, with EPS of RMB0.27, RMB0.28 and RMB0.30, respectively. The broker assigned a 15x PE for 2026 and lowered the TP to HKD4.5 from HKD7. Taking into account the gradual recovery in industry demand and the completion of channel inventory optimization, it maintained an Outperform rating on the company. (hc/a) This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. Auto-translated by AI AASTOCKS Financial News |
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