Oriental Securities: Maintains its "buy" rating on the New Hope Group, expecting an improvement in the nutritional supplements industry outlook in 2026.

According to the research report of Orient Securities, Xinhua Group's 25-year sales growth is mainly driven by, and the nutritional product market is expected to improve in 2026. The company achieved a full-year operating income of 22.251 billion yuan in 2025, a year-on-year increase of 3.0%, and a net profit attributable to the mother of 6.764 billion yuan, a year-on-year increase of 15.3%. The nutritional product market has a good structure, and in the past, it has shown the characteristic of quickly rising and slowly falling when faced with sudden supply problems. Furthermore, these products do not face new production capacity impacts in the short term, and it is expected that the high prosperity will be maintained for a long time, which will significantly increase the company's nutritional product profit in 2026. The company's next stage of major investment is in the new materials sector. The nylon industrial chain project at the Tianjin base has obtained all necessary approvals for energy, land, and other resources, and construction has officially started during the reporting period, with various construction works steadily progressing. The PPS Phase IV project is being implemented in an orderly manner according to the established plan, and once completed, it will further expand the company's PPS product capacity and enhance the company's market competitiveness in the field of new materials. Based on a comparable company's 2026 average PE ratio of 17 times, the corresponding target price is 54.23 yuan, maintaining a "buy" rating.