花旗：料蒙牛乳业今年经营利润率重新扩张 目标价升至21.1港元

Group 1 - The core viewpoint of the report is that Mengniu Dairy (02319) is expected to experience a more significant cyclical profit recovery this year compared to its peers in the Chinese consumer staples sector [1] - The sales of the company are projected to return to high single-digit growth from January to February this year, with an overall expected growth of 5% for the year [1] - The operating profit margin is anticipated to expand this year due to the cyclical stabilization of raw milk prices, positive operating leverage, and a relatively low comparison base [1] Group 2 - The target price for Mengniu Dairy has been raised from HKD 18.8 to HKD 21.1, while maintaining a "Buy" rating [1]