Guotai Junan Securities: Maintains a "buy" rating on Nongfu Spring (09633.HK) with a target price of HK$51.92.

Intelligence Finance and Economics APP learned that Guotai Haitong released a research report saying that it maintains a target price of HKD 51.92 per share for Nongfu Spring (09633.HK) for 2025-2027 with EPS of 1.35/1.62/1.91 yuan and a PE ratio of 35 times (2025 estimate), with a "Buy" rating. Considering the peak season sales, low base effect, and favorable prices of PET bottle sheets, it continues to be optimistic about the good performance of the company in the second half of 2025.