天風證券:恆順醋業拓展新型產業鏈 予“買入”評級
格隆匯12月16日丨天風證券發佈恆順醋業的研報指出,恆順自2014年開始剝離非主營業務,着力打造“A產品”和“高端產品”,持續推動“大單品””戰略。目前食醋行業集中度低,提升空間大,公司通過醋和料酒產品的高度聚焦,打造中高端產品、實現銷量與利潤的雙高速增長。近年來,恆順升級轉型步伐加快,公司已進行資源整合,加快食醋營養保健品的研發,推動恆順由傳統調味品向綠色健康營養牌升級,拓展新型產業鏈。其中料酒明顯發力,成為暨香醋後又一火爆單品,Q3增長39%,帶動主業重回9%的合理增速區間。給予2020年純調味品部分55倍估值,2020年整體目標價為20元,“買入”評級。
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