Lyon: Maintaining Haitian International's (01882) “Outperform the Market” rating, the target price was reduced to HK$22

The Zhitong Finance App learned that Lyon released a research report saying that Haitian International (01882)'s revenue in the first half of the year increased 0.9% year on year, but net profit fell 7.7%, and gross margin also fell 1.7 percentage points to 31.1%. Management expects a moderate increase in revenue for the whole year. Profit in the second half of the year was roughly the same as in the first half of the year, and gross margin remained at around 31%. The bank said that as overseas sales in the first half of the year fell short of expectations, the share of overseas revenue and continued pressure on gross margin, it lowered its adjusted earnings estimates for 2026 to 28 by 16.5%, 13.2% and 13.3%, and also lowered the target price from HK$25 to HK$22, maintaining a “outperforming the market” rating.