Lyon: Raise NONGFU SPRING (09633) target price to 59.6 Hong Kong dollars, reiterate "high conviction outperform market" rating.

Lyon released a research report stating that NONGFU SPRING (09633) had a strong performance last year, with sales and net profit exceeding expectations in the second half of the year. Management revealed that the performance so far this year is in line with the annual double-digit revenue growth target. The bank predicts that the company's revenue and profit will increase by 14% year-on-year. The bank has respectively raised its net profit forecast for 2026 and 2027 by about 1% to reflect strong sales growth and profit margin expansion, raising the target price from 57.6 Hong Kong dollars to 59.6 Hong Kong dollars, and reiterating a "high conviction outperform the market" rating.