According to a research report published by HSBC research, the company’s revenue in the first half of the year increased by 1.4% year-on-year, and the net profit increased by 20.3%, exceeding market expectations. However, there are several points worthy of attention: the sales of sanitary napkins increased by 4.8%, higher than the average level of the industry, but the operating profit margin fell to 48.5%; in addition, in the first half of the industry, the e-commerce revenue of the company was falling. < p > < p > HSBC pointed out that the company’s mask sales accounted for only 1.8% of the sales in the first half of the year, accounting for 5% of the growth in gross profit in the first half of the year, but the company expects that the contribution of masks in the second half of the year will be less than that in the first half. < p > < p > at present, the net profit forecast of HengAn is basically unchanged. It is believed that the company’s revenue will maintain a compound annual growth rate of 4.2% in 2019-21, which is lower than the 7% forecast earlier. In addition, it is expected that the company’s operating gross margin will be improved to 32.1% in the second half of the year. HSBC believes that HengAn’s current dividend yield is good, and if the company can resume positive growth, it will have the opportunity to realize the company’s valuation rise.