NONGFU SPRING(09633) 快讯·2025-04-22 04:16Core Viewpoint - Morgan Stanley has raised the target price for Nongfu Spring (09633.HK) to HKD 33 while lowering the earnings per share (EPS) forecast for 2025 to 2027 due to slower-than-expected recovery in market share for packaged drinking water [1] Group 1: Sales and Market Share - The market share recovery speed for Nongfu Spring's packaged drinking water is slower than anticipated, leading to a 7% to 8% reduction in sales forecasts for 2025 to 2027 [1] Group 2: Profit Margins and Operating Expenses - The gross margin forecast has been slightly increased by 0.3 percentage points for 2025 to 2027 due to a higher contribution from the tea beverage segment, which has a higher gross margin [1] - Operating expense ratio forecasts have been lowered by 0.9 percentage points for the same period due to operational leverage effects [1] Group 3: Earnings Per Share and Target Price - As a result of the above adjustments, Morgan Stanley has decreased the EPS forecast for Nongfu Spring by 2% for 2025 to 2027 [1] - The target price for Nongfu Spring has been raised by 3%, from HKD 32 to HKD 33, maintaining a rating of "in line with the market" [1]