Core Viewpoint - Citigroup forecasts that Nongfu Spring's sales will grow by 22% in 2025, which is 7 percentage points higher than the management's guidance and 4 percentage points above market expectations, driven by a stronger-than-expected recovery in bottled water sales and better-than-expected performance in ready-to-drink tea beverages in the second half of the year [1] Group 1 - The expected net profit growth for 2025 is 25%, which is 3 percentage points higher than market expectations [1] - Citigroup has raised its net profit forecasts for Nongfu Spring for 2025 and 2026 by 4% and 3% respectively [1] - The target price for Nongfu Spring has been increased from HKD 53.3 to HKD 58.5, and a 30-day positive catalyst observation has been initiated [1] Group 2 - Citigroup maintains a "Buy" rating and lists Nongfu Spring alongside Dongpeng Beverage as the top picks in the Chinese food and beverage sector [1]
大行评级｜花旗：上调农夫山泉目标价至58.5港元 列为中国食品饮料板块首选之一