---
title: "JP Morgan lowers NONGFU SPRING's target price to 55 yuan, maintains \"Overweight\" rating"
description: "JP Morgan has lowered the target price for NONGFU SPRING to 55 yuan, but maintains an \"Overweight\" rating. The stock price has performed poorly due to market adjustments to the company's profit expect"
type: "news"
locale: "en"
url: "https://longbridge.com/en/news/269662143.md"
published_at: "2025-12-15T03:49:39.000Z"
---

# JP Morgan lowers NONGFU SPRING's target price to 55 yuan, maintains "Overweight" rating

> JP Morgan has lowered the target price for NONGFU SPRING to 55 yuan, but maintains an "Overweight" rating. The stock price has performed poorly due to market adjustments to the company's profit expectations for the second half of the year and discrepancies in next year's profit forecasts. JP Morgan has slightly lowered the company's profit margin expectations for this year and reduced the earnings per share forecast for 2026 to 2027 by 2 to 3%. It is expected that bottled water and tea beverage revenues will grow by 10% and 15% respectively in 2026, with net profit reaching 17 billion yuan, an increase of 14%

JP Morgan published a research report indicating that the market has slightly lowered its profit expectations for NONGFU SPRING (09633.HK) in the second half of the year, coupled with a divergence in profit forecasts for next year, leading to a surge in profit-taking by investors, which has resulted in the stock's recent performance lagging behind the market.

As the end of the year approaches, the divergence in investor expectations for NONGFU SPRING's outlook for next year has intensified. The bank has slightly lowered the company's profit margin expectations for this year and reduced the earnings per share forecast for 2026 to 2027 by 2% to 3% to reflect a more conservative assessment of industry competition next year, maintaining the company's "Overweight" rating and lowering the target price from HKD 62.3 to HKD 55.

JP Morgan stated that in the basic forecast for 2026, NONGFU SPRING's revenue from bottled water and tea drinks is expected to grow by 10% and 15% year-on-year, respectively, with PET prices remaining stable, and gross margin and net profit margin remaining steady. The bank expects the company's net profit to reach RMB 17 billion, a year-on-year increase of 14%, with a net profit margin of 30%

### Related Stocks

- [09633.HK - NONGFU SPRING](https://longbridge.com/en/quote/09633.HK.md)

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> **Disclaimer**: This article is for reference only and does not constitute any investment advice.