Morgan Stanley released a research report stating that it gave Mengniu Dairy (02319.HK) an “additional” rating, with a target price of HK$26. Management remains conservative about the company's short-term growth. The company previously anticipated that sales in the 2024 fiscal year would achieve medium to low unit growth; the core operating margin would expand by 30 to 50 basis points; the operating expense ratio would increase slightly; and the non-operating income should be similar to last year.