Core Viewpoint - Citi's report indicates that YouRan Agriculture's mid-term loss narrowing aligns with expectations, while revenue growth of 2% falls short of projections, offset by better-than-expected improvement in gross margin [1] Financial Performance - Operating cash flow turned positive, primarily due to a decrease in feed costs and a lower proportion of calves and young cattle [1] - Management aims for a double-digit growth in production by 2025, targeting over 4 million tons [1] Future Outlook - Gross margin in the second half is expected to remain stable compared to the first half, with year-on-year improvement anticipated [1] - The company hopes to reduce fair value impairment losses on biological assets and enhance free cash flow [1] Analyst Adjustments - Citi has revised its net profit forecasts for YouRan Agriculture for 2025 to 2027 down by 15% to 37% [1] - Target price has been raised from HKD 3.3 to HKD 5.4, maintaining a "Buy" rating [1]
大行评级｜花旗：上调优然牧业目标价至5.4港元 维持“买入”评级