招银国际：升农夫山泉目标价至60.88港元 维持“买入”评级

Core Viewpoint - The report from CMB International indicates that Nongfu Spring (09633) is expected to achieve a revenue growth of 22.5% year-on-year to RMB 52.6 billion for the fiscal year 2025, exceeding market expectations by 4% [1][3] - The net profit is projected to grow by 30.9% year-on-year to RMB 15.9 billion, surpassing market forecasts by 6% [1][3] - The strong performance is attributed to the recovery of the bottled water business, better-than-expected results in tea and juice segments, and significant reductions in sales and administrative expenses following the Olympic year [1][3] Financial Projections - Nongfu Spring aims to maintain a double-digit revenue growth target for the fiscal year 2026 [1][5] - The firm forecasts a compound annual growth rate (CAGR) of approximately 11% for revenue and profit from 2026 to 2028 [1][5] Investment Rating - The report maintains a "Buy" rating for Nongfu Spring and raises the target price by 5% to HKD 60.88 [1][5]