CICC: Raises target price of CHINA FEIHE (06186) to 6.5 Hong Kong dollars. Rating "Outperform" compared to the market.

Bank of China International released a research report stating that CHINA FEIHE (06186) saw a year-on-year increase in net profit of 5% to 3.57 billion yuan last year. With the support of a strong product portfolio and sales channels, the group's sales growth in the infant formula milk powder business continued to improve last year, with market share steadily increasing. The bank expects revenue to increase by 7.5% to 22.308 billion yuan in the 2025 fiscal year, benefiting from its continued focus on the high-end infant formula milk powder market. Its target price has been raised from the original 4.5 Hong Kong dollars to 6.5 Hong Kong dollars, with a rating of "outperform".