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Express News | National Health Insurance Administration: Consolidate and expand maternity insurance coverage and strengthen coverage for maternity medical expenses
China Flying Crane: 2022 Report
Express News | National Work Conference on Population Monitoring and Family Development: Accelerating the Establishment and Improvement of the Maternity Support Policy System
Express News | Lyon: Lowering China's Flying Crane target price from HK$8.6 to HK$6.8 rating outperforming the market
Zheshang Securities: Maintaining the Feihe (06186) purchase rating, new products help improve fundamental trends
Recently, Zheshang Securities released a research report stating that it maintains Feihe's “buy” rating. It said that in 2023, Feihe's good channel inventory level will help drive the further release of production capacity. Meanwhile, Feihe launched new national standard products such as Starfeifan Zhuo Rui and Xingfeifan Zhuo Yao in the second half of last year. Among them, Starfeifan Zhuo Rui is expected to become the second major product, compounded by the continued strength of adult milk powder, and Feihe's fundamentals are improving.
Express News | China Dairy Industry Association: Last year, China's raw milk production exceeded 40 million tons, a record high
Guoyuan Securities: Maintains China's Feihe (06186) purchase rating
The Zhitong Finance App learned that Guoyuan Securities released a research report saying that China's Feihe (06186) has a wide moat. With the recovery of the industry, the implementation of new national standards, and the further increase in domestic investment share, the company's performance can be expected to improve and maintain the purchase rating. The report said that in 22H2, the company's infant formula returned to the growth channel, and revenue rebounded to 11.44 billion yuan. In terms of production capacity, as of the end of '22, the company designed a total annual production capacity of about 307,000 tons, an increase of 15% over the previous year. In addition, construction of a new plant in Qiqihar progressed in an orderly manner. The bank believes that fertility policies continue to be optimized, and the birth rate is expected to bottom out. Furthermore, a new country
Societe Generale Securities: Optimistic about Feihe's innovation and diversified development, maintaining the “increase in holdings” rating
Gelonghui, April 3 丨 Recently, Societe Generale Securities released a research report stating that it is optimistic about Feihe's scientific research and innovation-driven and diversified development strategies to maintain its “increase in holdings” rating. According to the research report, as one of the earliest infant formula companies in China, Feihe has closely followed the industry's frontiers over the years, continuously strengthened product research and innovation, and continued to promote the transformation of scientific research results into products, helping the company steadily increase the speed of iterative upgrading of the company's product formulations. At the same time, the company is actively promoting diversified product development. In addition to the regular infant formula series, there are also products such as adult and school milk to further meet the needs of more consumers.
China Feihe (06186.HK): Channel inventory optimization, revenue pressure, product structure changes, profit margins decline
Investment advice: Maintain the “increase in holdings” rating with a target price of HK$6.07. We expect the company's revenue to be 235.1/259.3/28.58 billion yuan in 2023/2024/2025, with a year-on-year ratio of +10.3%/+10.3%/+10.2%; the net profit of the mother is 53.7/61.0/6.95 billion yuan, +8.6%/+13.7%/+13.9%, respectively. The company's target price corresponds to 9 times P/E in 2023. Investors are advised to pay attention. Promoting a “fresh” strategy and optimizing channel inventory, the revenue growth rates of the three major businesses all declined: 2
China Feihe (6186.HK) increased its annual production capacity to 307,000 tons and built a new plant to continue to expand production capacity
Gelonghui, March 30 丨 China Feihe released its 2022 full-year performance report. The report shows that the company continues to optimize its production schedule to increase its production capacity and efficiency. At the end of the reporting period, it had ten production facilities to produce its products, with a total design capacity of about 307,000 tons per year. The company regularly upgrades and expands its production facilities to meet production needs. Additionally, the company is constructing a new production facility (Qiqihar factory).
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