Haitong International lowered the target price for AUSNUTRIA to 2.2 yuan, rating it "Outperform the Market."

Haitong International published a research report indicating that AUSNUTRIA (01717.HK) is expected to have a full-year revenue of RMB 7.49 billion in 2025, an increase of 1.2% year-on-year; the net profit attributable to the parent company is expected to be RMB 180 million, a decrease of 24.8% year-on-year, with earnings per share of RMB 0.1; in the second half of last year, revenue was RMB 3.6 billion, a year-on-year decrease of 3.2%, with a net loss attributable to the parent company of RMB 3 million, turning from profit to loss, and short-term performance under pressure, but clear signals of operational improvement.

The report forecasts AUSNUTRIA's revenue for 2026 to 2028 to be RMB 7.71 billion, RMB 7.99 billion, and RMB 8.31 billion, respectively, with net profits attributable to the parent company of RMB 240 million, RMB 280 million, and RMB 330 million, respectively, and earnings per share forecasts of RMB 0.13, RMB 0.16, and RMB 0.18, compared to previous expectations of RMB 0.19 and RMB 0.22 for the next two years.

The report lowered AUSNUTRIA's target price from RMB 3.1 to RMB 2.2, considering the company is a leader in goat milk powder with high growth in international business, improved operational efficiency and product strength, and a valuation with a margin of safety, maintaining an "outperform the market" rating