受一季營收淨利雙降拖累，白酒板塊今日跌幅靠前
近期以來，白酒行業迎來季報期，而受疫情影響，古井貢酒、老白乾酒、迎駕貢酒等白酒企業今年一季度業績表現不佳，均出現了營收淨利雙降的局面。
或受一季度業績不佳影響，今日白酒概念股表現較弱。截止發稿，18中白酒股中僅有4只上漲，其中捨得酒業漲近4%領漲，貴州茅台則漲超1%。而順鑫農業則迅速跌停，水井坊、迎駕貢酒均跌超4%。
（行情來源：同花順）
據wind數據顯示，近20只白酒股中已有不少白酒股披露了2019年年度業績和一季度業績報告。其中，2019年絕大多數營收淨利呈同比增長的趨勢，而受疫情的影響，一季度則出現營收、淨利雙降的局面。
（資料來源：wind）
首先，我們來看看白酒股年度業績表現。
2019年，白酒行業營收最高的三家分別有“老大哥”茅台、洋河股份、順鑫農業。其中，茅台實現營業收入854.3億元，同比增長16%；實現淨利潤同比增長412.06億元，同比增長17.05%。而洋河股份實現營業收入231.1億元，同比下降4.34%；實現淨利潤73.41億元，同比下降9.53%。順鑫農業則實現營業收入149億元，同比增長23.4%；實現淨利潤8.73億元，同比增長8.09%。
除此之外，山西汾酒實現營業收入119.43億元，同比增長26.57%；實現淨利潤20.98億元，同比增長23.73%；而古井貢酒實現營業收入104.17億元，同比增長19.93%；實現淨利潤20.98億元，同比增長23.73%。
正如前文所提的那樣，受疫情的影響，相關白酒股今年一季度業績是受到不少衝擊的。
具體而言，今年一季度，古井貢酒實現營業收入32.81億元，同比下降10.55%；歸淨利潤6.36億元，同比下降15.15%；經營活動產生的現金流量淨額16.33億元，同比增長61.54%；而迎駕貢酒實現營業收入7.71億元，同比下降33.55%；歸母淨利潤2.33億元，同比下降34.07%。
此外，據水井坊一季報披露，該公司今年一季度實現營業收入7.29億元，同比減少21.63%；歸母淨利潤1.91億元，同比減少12.64%；老白乾酒則營收淨利同比下降的最為嚴重，今年一季度實現營業收入7.56億元，同比下降34.18%，實現淨利潤0.65億元，同比下降44.04%。
而針對上述一季報業績表現，大部分券商機構都是持積極的建議，皆認為“疫情短期擾動不改白酒長期趨勢”。
其中，川財證券表示，近兩週內白酒行業已迎來季報期，考慮到白酒板塊節後補庫存受影響、國內消費恢復較為緩慢，市場對酒企一季度業績預期應適當放低，預計一季度酒企業績分化將較為明顯，其中高端酒受疫情影響最小，業績確定性較高。
不過，本輪疫情也檢驗了各家酒企的綜合能力，落後產能的加速淘汰將提升行業集中度，而高端酒將受益於其正確、堅定的應對措施，增長確定性更高，短期擾動不改長期趨勢。近期隨着消費逐步復甦，白酒需求開始回暖，板塊迎來估值修復，貴州茅台股價再創新高，優質標的或迎配置良機，繼續看好白酒估值修復行情。
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