CICC: maintains Mengniu Dairy (02097) outperform industry rating, target price of HK$555.

According to the financial news app Zhitong Finance, Zhongjin Securities released a research report stating that next year, Miniso Group (02097) is still expected to achieve double-digit revenue growth by steadily expanding stores and strong control over profitability. The bank raised its forecast for the net profit attributable to shareholders for the years 2025-2026 by 9%/4% to 59.3/67.4 billion yuan. The current stock price corresponds to a P/E ratio of 27/23x for 2025-2026. The bank maintains an outperform industry rating. Considering the high base pressure due to this year's delivery subsidies, the target price is maintained at HK$555, corresponding to a P/E ratio of 33/28x for 2025-2026, with a potential upside of 21%.