<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>

蒙牛乳業(ADR)

蒙牛乳業

<p>CFRA 對中國蒙牛乳業有限公司維持持有評級，將目標價上調至 18 港元。分析師預計儘管消費者情緒謹慎且競爭激烈，但長期收入增長潛力依然存在。預計收入增長將保持在低個位數，主要得益於市場滲透和海外擴張。預計到 2026-2027 年，淨利潤率將改善至約 6%。2026 年和 2027 年的每股收益預測分別為 1.28 元和 1.41 元。報告強調了文化因素和生鮮乳價格疲軟帶來的挑戰</p>

研究警報：CFRA 維持對中國蒙牛乳業有限公司股票的持有評級