<div id="readability-page-1"><p>03:25 AM EDT, 03/30/2026 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:</p><p>Our target price of HKD18 (up from HKD16) is 8.0x 2026 EV/EBITDA (five-year average: 13x), reflecting risks from cautious consumer sentiment and strong competition amid soft raw milk prices. We see long-term revenue growth potential for Mengniu, given China's low dairy product consumption, but cultural factors may constrain the pace of dairy adoption in China, in our view. This will likely cap Mengniu's revenue growth at low single digits, with support from higher penetration into lower-tier markets, B2B partnerships, and overseas expansion. While China's pro-birth policies may have limited success in lifting child births, they should still help slow the decline and support demand for infant milk formula, in our view. Meanwhile, we project net margin to improve to around 6% in 2026-2027 (2025: 1.9% including impairments and increased tax charges), aided by sales channel optimizations, supply chain improvements, and digitalization. We keep our 2026 EPS forecast at CNY1.28 and set 2027's at CNY1.41.</p> <p>MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.</p></div>

蒙牛乳业(ADR)

蒙牛乳业

<p>CFRA 对中国蒙牛乳业有限公司维持持有评级，将目标价上调至 18 港元。分析师预计尽管消费者情绪谨慎且竞争激烈，但长期收入增长潜力依然存在。预计收入增长将保持在低个位数，主要得益于市场渗透和海外扩张。预计到 2026-2027 年，净利润率将改善至约 6%。2026 年和 2027 年的每股收益预测分别为 1.28 元和 1.41 元。报告强调了文化因素和生鲜乳价格疲软带来的挑战</p>

研究警报：CFRA 维持对中国蒙牛乳业有限公司股票的持有评级