CICC: Maintain outperform rating on L'Occitane (02273) with a target price of HK$52.8.

Zhitong Finance and Economics APP learned that CICC released a research report stating that it maintains its adjusted net profit forecast for Generations Health (02273) for 2025-2026 at 481 million and 602 million yuan respectively. The current stock price corresponds to a P/E ratio of 16.7/12.7x for 2025-2026 (based on adjusted net profit, the same below). The rating of "outperform the industry" and the target price of 52.8 Hong Kong dollars are maintained, corresponding to a P/E ratio of 26.3/21.0x for 2025-2026, with a potential upside of 62.5% from the current level. Generations Health announced its 1H25 performance, with revenue of 1.495 billion yuan, a year-on-year increase of 9.5%; adjusted net profit of 170 million yuan, a year-on-year increase of 24.4%; and an adjusted net profit margin of 11.4%, a year-on-year increase of 0.6 percentage points, and the performance basically meets the bank's expectations.