--- title: "《大行》里昂上調農夫山泉目標價至 57.6 元 料下半年增長加速" description: "里昂上調農夫山泉目標價至 57.6 元，預計 2025 年下半年銷售增速將加快至 26%。茶類產品預計增長 35%，瓶裝水市場份額回升。毛利率和淨利率將擴大，2025 年淨利潤預測高出市場一致預期 5%。該行維持「高度確信跑贏大市」評級，略微上調盈利預測。" type: "news" locale: "zh-HK" url: "https://longbridge.com/zh-HK/news/272488587.md" published_at: "2026-01-14T02:33:10.000Z" --- # 《大行》里昂上調農夫山泉目標價至 57.6 元 料下半年增長加速 > 里昂上調農夫山泉目標價至 57.6 元，預計 2025 年下半年銷售增速將加快至 26%。茶類產品預計增長 35%，瓶裝水市場份額回升。毛利率和淨利率將擴大，2025 年淨利潤預測高出市場一致預期 5%。該行維持「高度確信跑贏大市」評級，略微上調盈利預測。 里昂發表研究報告，預測農夫山泉 (09633.HK) 銷售按年增速將從 2025 年上半年的 16%，加快至 2025 年下半年 26%。其中，茶類產品表現突出，預計按年增長達 35%，而其瓶裝水市場份額也將持續回升。 該行估計，受益於更優的產品結構、更低的原材料價格，以及銷售與管理費用 (SG&A) 的節省，毛利率和淨利率將會擴大，預計 2025 年下半年淨利率將略高於上半年。對 2025 年的淨利潤預測大約比市場一致預期高出 5%，而下半年強勁的業績有望短期內推動股價上升。該行因而略微上調盈利預測，維持「高度確信跑贏大市」評級，並將目標價由 55 元上調至 57.6 元。 ### Related Stocks - [09633.HK - 農夫山泉](https://longbridge.com/zh-HK/quote/09633.HK.md) ## Related News & Research | Title | Description | URL | |-------|-------------|-----| | AB Inbev CEO: In December our Chinese market share was positive, we continue to invest and launch new packages | AB Inbev CEO: In December our Chinese market share was positive, we continue to invest and launch new packages | [Link](https://longbridge.com/zh-HK/news/275801199.md) | | Budweiser Brewing Company APAC Ltd. proposes final dividend of USD 0.0566 per share | Budweiser Brewing Company APAC Ltd. has proposed a final dividend of USD 0.0566 per share for the year ended December 31 | [Link](https://longbridge.com/zh-HK/news/275671760.md) | | Zelenskiy says he visited joint Ukrainian-German drone production | KYIV, Feb 13 (Reuters) - Ukrainian President Volodymyr Zelenskiy said on Friday he had visited a joint Ukrainian-German | [Link](https://longbridge.com/zh-HK/news/275896565.md) | | Karrie International Files Next Day Disclosure Return to HKEX for Share Capital Increase of (X) New Shares at (HK$X.XX) Each | Karrie International Holdings Ltd. has submitted a Next Day Disclosure Return to the Hong Kong Stock Exchange regarding | [Link](https://longbridge.com/zh-HK/news/275580437.md) | | China's Baidu adds OpenClaw AI into search app for 700 million users ahead of Lunar New Year | Baidu is set to integrate OpenClaw AI into its main smartphone app, allowing its 700 million users to directly interact | [Link](https://longbridge.com/zh-HK/news/275868006.md) | --- > **免責聲明**：本文內容僅供參考，不構成任何投資建議。