大行评级｜花旗：上调蒙牛目标价至21.1港元，维持“买入”评级

Core Viewpoint - Citigroup's report indicates that Mengniu Dairy is expected to experience a more significant cyclical profit recovery compared to its peers in the large consumer staples sector in China [1] Group 1: Sales and Growth Expectations - The group anticipates that Mengniu's sales will recover to high single-digit growth from January to February this year, with an overall expected growth of 5% for the year [1] Group 2: Profit Margin and Operational Efficiency - With raw milk prices expected to stabilize mid-year, combined with positive operating leverage and a lower comparative base, the company's operating profit margin is projected to expand again this year [1] Group 3: Target Price and Rating - Citigroup has raised its target price for Mengniu from HKD 18.8 to HKD 21.1, maintaining a "Buy" rating [1]