大和：重申农夫山泉(09633)“跑赢大市”评级 目标价升至48港元

Core Viewpoint - Daiwa has reiterated its "outperform" rating for Nongfu Spring (09633), believing the company can achieve high-quality growth at a reasonable price, with profit forecasts for the next two years raised by 5% to 7% and the target price increased from HKD 46 to HKD 48 [1] Financial Performance - The company reported a 33% year-on-year revenue growth in the second half of last year, reaching RMB 22 billion, with profits rising by 62% to RMB 6.3 billion, both exceeding market expectations [1] - The significant growth in revenue was primarily driven by a 105% increase in tea beverage sales [1] Management Guidance - Management expects double-digit revenue growth across all product categories this year, assuming no major fluctuations in raw material prices, with stable gross margins [1]