中国去年新生婴儿为954万名，按年增长6%，大致符合预期。里昂发表研究报告指，预期婴儿配方奶粉(IMF)市场会于短期内保持稳定，而中国飞鹤(06186.HK) 作为行业领导者，将最为受惠。不过，长远而言，该行相信目前的政策不足以提高中国生育意欲，而提升意欲正是减缓出生率下降的最关键因素。
里昂预期液态奶、营养补充品及宠物经济将受惠于人口日趋老化。该行将中国飞鹤2024至2026财年的净利润预测下调2至4%，维持其“跑赢大市”评级，惟将目标价由7.4元下调至7.27元。另外，该行予蒙牛(02319.HK) “跑赢大市”评级，目标价20.1元。(sl/w)(港股报价延迟最少十五分钟。沽空资料截至 2025-01-21 12:25。)
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