Glonghui, April 3 | UBS released a report maintaining China's Feihe “buy” rating. The latest target price is HK$4.9. According to the research report, management is confident in 2024 operations. Because: 1) inventory removal is over; 2) the decline in the number of newborns is expected to slow down due to the support measures of the three-child policy; 3) the use of digital ecosystems and electronic monitoring systems to better manage market prices; 4) industry integration is accelerating. In terms of shareholder returns, the company announced a dividend payout rate of 70% in 2023, an increase of 25 percentage points over the previous year, and will continue to improve to better return shareholders.