Lyon: Raise Nongfu Spring(09633) target price to HKD 59.6, reaffirm "High Conviction to Outperform the Market" rating

2026-03-27 10:25:01

The Zhitong Finance APP learned that Lyon released a research report stating that Nongfu Spring (09633) performed strongly last year, with sales and net profit in the second half of 2022 exceeding expectations. Management revealed that performance so far this year aligns with the goal of double-digit revenue growth for the year. The bank predicts that the company’s revenue and profit will grow by 14% year-on-year in 2023. The bank has raised its net profit forecasts for 2026 and 2027 by approximately 1% to reflect strong sales growth and margin expansion, increasing the target price from HKD 57.6 to HKD 59.6, and reaffirming the “high conviction outperform the market” rating.

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