According to a research report published by Xiaomo, net profit of Haitian International in the first half of the year increased by 13%, which was higher than the market expectation. This was mainly due to the company’s gross profit margin exceeding expectations and the decrease in sales costs. As a result, Xiaomo raised its profit forecast from 2020 to 2022 by 2% to 9%, and the target price rose from HK $18 to HK $24. Xiaomo believes that the current share price of Haitian International is undervalued, and the current price is equivalent to 13 times of the predicted price earnings ratio in 2021. It is expected that the company’s business will recover in the second half of the year, so it maintains its “overweight” rating.