--- title: "《大行》大和料农夫山泉去年下半年增长动能加速 今年仍聚焦包装水及茶饮业务" description: "大和证券发布报告称，农夫山泉去年下半年增长加速，预计包装水和即饮茶饮品业务营收年增 25%。去年下半年营收年增 23%，净利润年增 28%。展望未来，预计净利润复合年均增长率将从 2025 年的 25% 放缓至 15%。今年将继续聚焦包装水与即饮茶饮品，预计即饮茶业务将维持超过 20% 的营收增长，但包装水业务增长将放缓至 5%。维持「买入」评级，目标价微调至 58 港元。" type: "news" locale: "zh-CN" url: "https://longbridge.com/zh-CN/news/272636378.md" published_at: "2026-01-15T03:06:13.000Z" --- # 《大行》大和料农夫山泉去年下半年增长动能加速 今年仍聚焦包装水及茶饮业务 > 大和证券发布报告称，农夫山泉去年下半年增长加速，预计包装水和即饮茶饮品业务营收年增 25%。去年下半年营收年增 23%，净利润年增 28%。展望未来，预计净利润复合年均增长率将从 2025 年的 25% 放缓至 15%。今年将继续聚焦包装水与即饮茶饮品，预计即饮茶业务将维持超过 20% 的营收增长，但包装水业务增长将放缓至 5%。维持「买入」评级，目标价微调至 58 港元。 大和发表研报指，与农夫山泉 (09633.HK) 的管理层会议中，公司强调其包装水业务市场份额快速复苏，且去年第四季即饮茶饮品的客户留存率表现强劲，预计上述两项业务营收均年增 25%，带动去年下半年营收年增 23%，净利润年增 28%。 展望未来，大和预计随着对比基数正常化情况下，农夫山泉今明两年的净利润复合年均增长率将从 2025 年的 25%，放缓至 15%。 展望今年，大和认为，农夫山泉将继续聚焦包装水与即饮茶饮品业务，以推动增长。随着新口味产品及 SKU 产品在全国范围展开，即饮茶业务今年或维持超过 20% 的营收增长；但预计包装水业务的营收增长将从去年的 18% 放缓至今年 5%，原因在於对比基数正常化以及竞争加剧。 大和基於去年下半年销量预测上调，将农夫山泉去年每股盈利预测上调 2%，但维持今明两年每股盈利预测不变；重申「买入」评级，但将 12 个月目标价从 59 港元微调至 58 港元，目标市盈率为 33 倍。 ### Related Stocks - [09633.HK - 农夫山泉](https://longbridge.com/zh-CN/quote/09633.HK.md) ## Related News & Research | Title | Description | URL | |-------|-------------|-----| | Nongfu Spring Co., Ltd. Class H (9633) Receives a Buy from Guotai Haitong | Guotai Haitong analyst maintained a Buy rating on Nongfu Spring Co., Ltd. Class H yesterday and set a price target of HK | [Link](https://longbridge.com/zh-CN/news/270573168.md) | | Nongfu Spring Renews Key Agreements for Continued Operations | Nongfu Spring Co., Ltd. has renewed its continuing connected transactions under the New Purchasing Framework Agreement a | [Link](https://longbridge.com/zh-CN/news/269882111.md) | | 2 red-hot growth stocks to buy in 2026 | These stocks have falling share prices, but rapidly appreciating top-line growth. | [Link](https://longbridge.com/zh-CN/news/277365709.md) | | 07:43 ETDutch Bros® Releases New Drink Trio to School Taste Buds | Dutch Bros has launched a new trio of childhood-inspired drinks, available at over 1,136 locations. The drinks include t | [Link](https://longbridge.com/zh-CN/news/277199503.md) | | South Korea Feb exports beat forecasts, up for ninth consecutive month | South Korea Feb exports beat forecasts, up for ninth consecutive month | [Link](https://longbridge.com/zh-CN/news/277329500.md) | --- > **免责声明**：本文内容仅供参考，不构成任何投资建议。