花旗发表报告指，近期与颐海国际进行交流，预期2025年上半年收入及纯利将持平。虽然第三方销售预计可实现个位数增长，但将被关联方销售下滑所抵消，整体营收料维持平稳。由于产品组合变动及价格竞争加剧，第三方业务毛利率可能面临压力。尽管基本面表现平淡，但当前估值水平尚属合理，相当于预测市盈率15.6倍且股息率达5.7%。该行将颐海2025至2027年收入预测下调3%至7%，营业利润率微幅下调的影响被有效税率降低所抵消，故净利润调整幅度控制在正负1%以内。以现金流折现率计，该行将其目标价由13.7港元小幅下调至13.4港元，维持“中性”评级。
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