CITIC Lion Fund: Upgraded MENGNIU DAIRY (02319) rating to highly confident "outperforming the market", raised target price to 23.7 Hong Kong dollars.

CICC Citi Alpha released a research report stating that they have upgraded the rating of MENGNIU DAIRY (02319) from "outperform the market" to highly confident "outperform the market", with a target price raised from 20.1 Hong Kong dollars to 23.7 Hong Kong dollars. The bank pointed out that they expect the Chinese dairy industry to gradually improve. On the upstream side, they predict that the gap between supply and demand for raw milk products is narrowing, enhancing expectations for a rebound in raw milk prices in the coming seasons; on the downstream side, although demand has been tepid since the beginning of the year, the market expects that the base effect in the second quarter of 2025 will decrease.