大行评级丨招银国际：上调农夫山泉目标价至60.88港元，维持“买入”评级

Core Viewpoint - The report from CMB International indicates that Nongfu Spring is expected to achieve a revenue growth of 22.5% year-on-year to 52.6 billion yuan for the fiscal year 2025, exceeding market forecasts by 4% [1] - The net profit is projected to grow by 30.9% year-on-year to 15.9 billion yuan, surpassing market expectations by 6% [1] Group 1 - The performance is attributed to the recovery in bottled water business, stronger-than-expected tea and juice segments, and significant reductions in sales and administrative expenses following the Olympic year [1] - Nongfu Spring maintains its target for double-digit revenue growth for the fiscal year 2026 but has not provided guidance on gross margin or net profit due to current environmental uncertainties [1] - The forecast for the compound annual growth rate of revenue and profit from 2026 to 2028 is approximately 11% [1] Group 2 - CMB International maintains a "Buy" rating on Nongfu Spring and raises the target price by 5% to 60.88 HKD [1]