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国泰君安(HK)8月22日发布公告。We maintain "Accumulate", and reduce TP to HK$21.10. As China"s economic recovery was relatively slow in1H23, domestic downstream demand is still weak. We reduce our Haitian International (the “Company”)2023-2025shareholders" net profit forecasts to RMB2,470mn (-3.4%) / RMB2,768mn (-2.2%) / RMB2,990mn (-3.3%), respectively. We forecast the Company"s earnings per share in2023/2024/2025to be RMB1.547, RMB1.734, and RMB1.873, respectively. Our TP represents12.0x/10.7x/9.9x2023-2025PE ratio and1.6x2023PB ratio.