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<Research> Haitong International Raises TP of Yihai (01579.HK) to HKD19.8 as Last Year's Profit Exceeds Expectations
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Haitong International published a report stating that Yihai International's (01579.HK) 2025 profit exceeded expectations, achieving a total revenue of RMB6.61 billion (same below) for the year, representing a year-on-year increase of 1.1%. The net profit was RMB850 million, up 15.5% YoY. Revenue for the second half of last year was RMB3.69 billion, a YoY increase of 2%, and net profit was RMB550 million, up 22.9% YoY. The performance improved significantly quarter-on-quarter, basically meeting market expectations. The EPS for 2025 was RMB0.88, which was in line with the previous forecast by the firm. Haitong International expects Yihai International's total revenue for 2026-2028 to be RMB7 billion, RMB7.62 billion, and RMB8.21 billion, respectively, with net profits of RMB1.01 billion, RMB1.12 billion, and RMB1.22 billion, corresponding to EPS of RMB0.97, RMB1.08, and RMB1.18 for each year from 2026 to 2028. These are consistent with the firm's previous forecast for 2026, and the forecast for 2027 was previously RMB1.13. The target price has been raised from HKD16.6 to HKD19.8. Considering the high growth in the company's B-side and overseas business, as well as the recovery of related party business, the "Outperform" rating is maintained. (ha/da) Auto-translated by third-party software This translation was auto-generated by third-party software. 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. More Details
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