Core Viewpoint - The report from Citigroup indicates that the Ministry of Commerce has implemented temporary anti-subsidy measures on specific dairy products imported from the EU, imposing tariffs ranging from 21.9% to 42.7% [1] Group 1: Industry Impact - The temporary tariffs primarily affect fresh cheese, curd, and cream products [1] - Citigroup estimates that the EU accounts for 20.7% of the import volume for these products, suggesting a significant market share [1] - The lower domestic production costs are expected to lead to a replacement of EU products by domestic solid dairy processing businesses, which may help alleviate the surplus of domestic raw milk supply [1] Group 2: Company Implications - The domestic solid dairy processing companies, particularly Yili, which is a major customer of Youran Dairy, are expected to benefit from this measure [1] - The initiative is anticipated to boost domestic raw milk demand, positively impacting Youran Dairy [1] - Citigroup has given a "buy" rating for Youran Dairy, projecting that its high-end and specialty dairy products will better meet the upgrading consumption needs of the downstream market, with a target price of HKD 5.4 [1]
大行评级｜花旗：商务部对原产欧盟进口乳制品实施临时反补贴措施 料优然牧业可受惠