农夫山泉_买入_2025 年仍是获取市场份额的投资年

更多资料加入知识星球：水木调研纪要 关注公众号：水木Alpha Nongfu Spring (9633 HK) Buy: 2025 still an investment year to gain share Weaker-than-expected earnings in 2024: Nongfu's 2H24 revenue declined by 7% y-o-y, 15% below our estimate, due to widening in the y-o-y decline in its revenue from bottled water and decelerating growth in its beverage revenue over a much higher base. Its OP in 2H24 missed our estimate by 5%, due to weaker-than-expected margin for bottled water, partially offset by better-than-expected margin for its beve ...