中国蒙牛乳业 2024 财年业绩符合初步预期；股息支付率提高至 45%

ab 27 March 2025 Global Research First Read The company will host its annual results conference at 9:30-10:50 on 27 March. We await more guidance from management. Valuation: reiterate Buy; PT up to HK$23.3 The company has entered the high quality growth stage with more disciplined cost control. The anticipated bottoming out of raw milk prices in H225 could enhance the market competitive landscape. We slightly increase 2025-26E EPS by 1-2% to reflect efficient cost management and our new DCF-based PT of HK$2 ...