CITIC Securities maintains a "buy" rating on Conch Venture (00586) with a target price of HK$14.

CITIC SEC released a research report stating that after the spin-off of CONCH VENTURE's hazardous waste business, the company will focus on its main business, with its superior cash flow generation gradually becoming more apparent. Although the company has pursued a differentiated competition route by expanding its production capacity in county-level markets, its operating results are better than the industry average, and it has strong operating capabilities. Looking forward to 2025, the company's capital expenditure intensity is expected to further decrease, and its dividend policy is expected to become more proactive. The bank predicts that the company's dividend yield will be 5.2%/6.7%/8.2% respectively for the years 2025-2027 (closing price as of October 13, 2025). The company's target price for 2025 is set at HK$14, maintaining a "buy" rating.