摩根士丹利发布对H&H国际控股（1112.HK）的更新报告，维持"Equal-weight（持股观望）"评级，目标价由13.4港元上调至20.8港元（对应8倍2027年预期市盈率）。报告指出，尽管H&H年初至今股价上涨33%，估值仍具吸引力：2026/27年调整后市盈率为7.0x/6.3x，调整后EV/EBITDA为5.4x/5.1x，股息率为7.2%/8.0%。但受1H27高基数影响，预计短期股价将先盘整。分业务看，BNC在超高端婴配粉市场份额由2025年的17.1%升至1H26的20.6%，1+2阶段产品占其婴配粉销售60%（行业平均48%），但受高基数与出生率下滑影响，1H27增速料放缓至单位数；ANC自2Q26起增速放缓，1Q27存在同比持平或疲弱风险。
H&H's valuation remains compelling despite strong share performance. However, in a market where investors focus on catalysts rather than value, we think H&H's growth normalization off a high base will prevent the stock from going much higher in the near term. Awaiting a better entry point. H&H trades at 7.0x/6.3x 2026/27E adj. P/E and 5.4x/5.1x adj EV/EBITDA, with dividend yields of 7.2%/8.0%. However, we expect the shares to consolidate before entering a higher trading range, mainly due to tougher growth comps in 1H27. BNC continues to gain share in super-premium IMF (20.6% in 1H26 vs. 17.1% in 2025), while Stage 1+2 products account for 60% of IMF sales vs. the industry average of 48%, indicating solid new-customer acquisition. However, given the high 1H26 base and continued contracting birth rates, we expect BNC growth to moderate to SD% in 1H27 following >30% growth in 2026. Meanwhile, ANC has also decelerated since 2Q26 after external factors boosted 1Q, creating a risk of flat/sl