Zhi Tong Cai Jing·2026-03-10 02:44Group 1 - The core viewpoint of the report indicates that Mengniu Dairy's (02319) sales and adjusted net profit for the previous year largely met investor expectations, but the market is more focused on its sales performance in 2026 and the potential for a rebound from a low base [1] - The report suggests that if fresh milk prices stabilize, liquid milk demand rebounds, and the Consumer Price Index (CPI) turns around, Mengniu's profit recovery will outperform its peers [1] - The target price set by the report is HKD 21.1, with a strong conviction of outperforming the market [1] Group 2 - Recent channel surveys conducted through distributors in Central China indicate that Mengniu's sales of ambient liquid milk for January-February 2026 have increased by approximately mid-single digits compared to the same period last year [1] - The report highlights that the market's attention is shifting towards the potential recovery in sales for 2026, reflecting a strategic focus on future growth [1]