---
title: "《大行》里昂上调农夫山泉目标价至 57.6 元  料下半年增长加速"
description: "里昂上调农夫山泉目标价至 57.6 元，预计 2025 年下半年销售增速将加快至 26%。茶类产品预计增长 35%，瓶装水市场份额回升。毛利率和净利率将扩大，2025 年净利润预测高出市场一致预期 5%。该行维持「高度确信跑赢大市」评级，略微上调盈利预测。"
type: "news"
locale: "zh-CN"
url: "https://longbridge.com/zh-CN/news/272488587.md"
published_at: "2026-01-14T02:33:10.000Z"
---

# 《大行》里昂上调农夫山泉目标价至 57.6 元  料下半年增长加速

> 里昂上调农夫山泉目标价至 57.6 元，预计 2025 年下半年销售增速将加快至 26%。茶类产品预计增长 35%，瓶装水市场份额回升。毛利率和净利率将扩大，2025 年净利润预测高出市场一致预期 5%。该行维持「高度确信跑赢大市」评级，略微上调盈利预测。

里昂发表研究报告，预测农夫山泉 (09633.HK) 销售按年增速将从 2025 年上半年的 16%，加快至 2025 年下半年 26%。其中，茶类产品表现突出，预计按年增长达 35%，而其瓶装水市场份额也将持续回升。

该行估计，受益於更优的产品结构、更低的原材料价格，以及销售与管理费用 (SG&A) 的节省，毛利率和净利率将会扩大，预计 2025 年下半年净利率将略高於上半年。对 2025 年的净利润预测大约比市场一致预期高出 5%，而下半年强劲的业绩有望短期内推动股价上升。该行因而略微上调盈利预测，维持「高度确信跑赢大市」评级，并将目标价由 55 元上调至 57.6 元。

### Related Stocks

- [09633.HK - 农夫山泉](https://longbridge.com/zh-CN/quote/09633.HK.md)

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