According to the Morgan Stanley research report, Nongfu Spring (09633.HK) management's goal for 2024 is to achieve double-digit sales growth in each beverage segment and maintain stable gross profit in the first half of the year. Management did not consider the high gross margin recorded in 2023 to be sustainable in the long term. The report said that the company sees huge room for growth in tea drinks and will continue to invest in more low-tier cities and increase sales points. The company emphasizes that it has no intention of participating in price wars, will maintain a stable price strategy, and provide discounts on specific platforms from time to time. The bank raised the company's target price to HK$50 (originally HK$49). The rating is in line with the market. It raised the earnings estimate per share by 11-12% for this year and next two years. It is expected that the company's earnings per share will reach RMB 1.57 in 2026.
摩根士丹利：农夫山泉稳步扩张 微升目标价至50港元
Morgan Stanley: Nongfu Springs expands steadily and slightly raises target price to HK$50
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