Goldman Sachs has released a research report indicating a reduction in the target price for Haitian International (01882) from HK$25.1 to HK$24.4, while maintaining a "Buy" rating. The firm notes that the company's first-half revenue, gross profit, operating profit, and net profit recorded year-on-year changes of +1%, -5%, -8%, and -8% respectively, broadly aligning with its expectations.

Following the earnings announcement, Goldman Sachs has trimmed its forecast for revenue and net profit for the 2026-2030 period by 1% to 2% and 3% to 5%, respectively, reflecting a lower proportion of overseas business. However, resilient demand from domestic new energy vehicles and large-tonnage automotive applications, alongside high-end 3C and AI-related motor demand, partially offsets the impact on the revenue side.

The medium-term internationalization thesis remains intact, though 2026 is more likely to be characterized by domestically-led growth, lower gross margins, and a gradual normalization of overseas operations.