康师傅控股：维持“持有”评级，升目标价至13.5港元-20260326

Investment Rating - The report maintains a "Hold" rating for the company 康师傅 (00322) despite adjusting the earnings forecast downwards by 6% and 5% for the next two years [1] Core Insights - The management expects revenue growth to be in the low to mid-single digits for the current year, with the first quarter performance meeting expectations [1] - Last year, the company's revenue decreased by 2% year-on-year, which was in line with expectations; however, the gross margin increased by 1.7 percentage points, and net profit rose by 20.5%, exceeding expectations [1] - The report forecasts a 2.7% year-on-year revenue growth for the company this year, with instant noodle revenue expected to grow by 2% and beverage business by 3% [1]