---
title: "Haitong International: NONGFU SPRING demonstrates resilience in competition, raising target price to 59.8 yuan"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/281490779.md"
description: "Haitong International released a research report, pointing out that NONGFU SPRING has shown resilience in competition, expecting to achieve high-quality performance growth in 2025, with revenue surpassing RMB 50 billion for the first time. The target price has been raised from HKD 55.9 to HKD 59.8, maintaining an \"outperform the market\" rating. Management expects double-digit revenue growth in 2026, and the expansion of overseas channels has already begun. Revenue is forecasted to be RMB 59.441 billion, RMB 66.8 billion, and RMB 74.97 billion for 2026 to 2028, with net profit after tax expected to be RMB 17.665 billion, RMB 20.126 billion, and RMB 22.975 billion respectively"
datetime: "2026-04-02T08:24:42.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/281490779.md)
  - [en](https://longbridge.com/en/news/281490779.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/281490779.md)
---

# Haitong International: NONGFU SPRING demonstrates resilience in competition, raising target price to 59.8 yuan

Haitong International published a research report stating that NONGFU SPRING (09633.HK) has demonstrated resilience in competition, achieving high-quality performance growth by 2025, with cost advantages and expense efficiency optimization driving profitability to new heights, and revenue surpassing RMB 50 billion for the first time. The firm raised the group's target price from the previous HKD 55.9 to HKD 59.8, maintaining an "outperform" rating, corresponding to a forecasted price-to-earnings ratio of 35 times for 2026.

The report pointed out that management guided for double-digit revenue growth in 2026, with the short-term goal of returning packaging drinking water scale to and exceeding 2023 levels. Overseas channel expansion has been initiated, with core products launched in Hong Kong and Singapore, laying the foundation for global growth. The firm forecasts revenues of RMB 59.441 billion, RMB 66.8 billion, and RMB 74.97 billion for 2026 to 2028, representing year-on-year increases of 13.1%, 12.4%, and 12.2%, respectively, with after-tax net profits of RMB 17.665 billion, RMB 20.126 billion, and RMB 22.975 billion, reflecting year-on-year growth of 11.3%, 13.9%, and 14.2%, respectively

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