《大行》高盛升农夫山泉目标价至 60 元 料去年净利润升 26%

Goldman Sachs expects NONGFU SPRING (09633.HK) to achieve sales of RMB 51.1 billion in the fiscal year 2025, with a net profit of RMB 15.2 billion, representing year-on-year growth of 19% and 26%, respectively, which is higher than the bank's previous expectations, mainly benefiting from better-than-expected growth in packaged water and tea beverages, as well as a moderate expansion in net profit margin.

Looking ahead to 2026, the bank expects the company's revenue to continue to grow, with the packaged water business competing for market share through promotional strategies, while tea beverages will benefit from the continuation of the "warm cabinet" measures and favorable costs for PET and sugar raw materials.

The bank has raised its revenue forecasts for 2025 to 2027 by 1% to 2% and its net profit forecast by about 2%; it expects sales and net profit to grow by 19% and 26% year-on-year in 2025, and by 14% and 16% in 2026. The target price has been raised from HKD 58.6 to HKD 60, reiterating a "Buy" rating