该行表示，集团在精简上游供应能力方面取得了一些进展，但仍等待更多刺激乳品消费的扶持政策。管理层继续预期原奶价格将于2025年第3季触底回升。同时，集团重申通过提高派息比率提高股东回报的目标，目标2025年达50%比率。该行仍预期蒙牛今年每股派息金额将不低于2023年。The management of MENGNIU DAIRY recently reiterated its commitment to achieve high-quality growth in the future.
According to Zhitong Financial APP, Goldman Sachs has released a research report reaffirming the "Buy" rating for MENGNIU DAIRY (02319), with a Target Price of 19.9 HKD.
The report stated that MENGNIU DAIRY's management recently reaffirmed its commitment to achieving high-quality growth in the future. The management indicated that the focus for the next three years is to improve gross margin and operational efficiency to achieve diversification of product categories and enhancement of profitability, aiming for a core gross margin expansion of 30-50 basis points annually from 2025 to 2027.
The bank stated that the group has made some progress in streamlining upstream supply capacity, but is still awaiting more supportive policies to stimulate Consumer demand for dairy products. The management continues to anticipate that raw milk prices will bottom out and rebound by the third quarter of 2025. At the same time, the group reiterates its goal of increasing Shareholder returns by raising the dividend payout ratio, targeting a 50% ratio by 2025. The bank still expects that MENGNIU will distribute dividends of no less than the amount in 2023.
